KPMG's Summit: "Are We Ready to Accelerate Our Sustainability Journey?" Held
At the "Are We Ready to Accelerate on the Sustainability Journey?" summit, leading sustainability leaders from prominent companies in Turkey gathered to discuss the significant transformation companies are facing in the sustainability field and their strategic roles in this transformation.
Organized by KPMG, the event took place at the Wyndham Grand Istanbul Levent, bringing together sustainability leaders from Turkey's foremost companies. The discussions focused on the major transformation companies are encountering in sustainability and the strategic roles they are assuming in this context. Throughout the event, sustainability leaders debated how companies could create value beyond compliance and what steps they need to take for the future.
The event also detailed the key elements of the internationally recognized TSRS (IFRS S1 and S2) standards in sustainability reporting, providing information on the requirements of these standards. In this framework, the International Sustainability Standards Board (ISSB) shared the latest updates regarding the implementation of the standards. Presentations by KPMG Netherlands officials revealed current data illustrating the maturity of sustainability reporting both in Turkey and worldwide. This enabled participants to find answers to frequently asked questions during compliance processes while learning about the challenges faced in practice and steps for good practices. As one of the first countries to implement TSRS standards in its 2024 reporting, Turkey will serve as a model for companies worldwide by creating reports that exemplify these standards.
In the panel section of the event, the application of TSRS (IFRS S1 and S2) standards in companies was emphasized, along with how this new reporting framework can be utilized to achieve strategic value and the long-term benefits it provides beyond compliance. Experiences and insights regarding the strategic roadmap for the future of sustainability reporting and the next steps were shared during the panel.
The event presented a rich content both theoretically and practically for companies looking to progress in the field of sustainability, offering important opportunities to better understand the strategic steps that need to be taken in the sustainability transformation.
“Reporting standards for sustainability are becoming a transformative power” In an evaluation of the topic, Şirin Soysal, KPMG Turkey's Audit and Assurance Partner and Sustainability Assurance Leader, stated that this event provided a unique opportunity to discuss how sustainability reporting standards have become a transformative power in the business world. Soysal remarked, “One of the most important focal points of the event was the internationally accepted TSRS sustainability reporting standards. These standards enable companies to report their sustainability performance in a more transparent, reliable, and comparable manner while also enhancing their long-term strategic value.”
“The number of companies reporting sustainability in Turkey is increasing” Soysal noted, “In the panel, we also addressed best practices in the sustainability reporting process, challenges faced during this transformation, and how companies can accelerate their compliance processes.” She emphasized the importance of participants understanding that sustainability reporting standards are not only a tool for compliance but also a significant opportunity to be integrated into companies' business strategies. Indeed, when examining sustainability reporting in Turkey in 2024, we see that the number of reporting companies among the top 100 increased from 44 to 57, and in limited auditing areas, the number rose from 11 to 25. This event made significant contributions for companies in Turkey to reevaluate their sustainability strategies, enhance existing practices, adopt good practices for the future, and accelerate their compliance processes.”