Things lying in store for small and medium businesses, given the new requirements and regulations on sustainable development information disclosures, was the topic, discussed by experts and attendees at the consecutive conference, jointly organized by 24 Chasa - the daily newspaper with national coverage - and the leader on the banking market in Bulgaria - UBB. The event was held on 30 May 2024, in Sofia Tech Park, involving representatives of EFRAG, the Faculty of Economics at Sofia University, IDES, the Bulgarian Industrial Association, UBB, Devin, Shelly Group, Billboard and others with their viewpoints, exposes and presentations.

„This event differs from the previous three that we organized, as they were thematically dedicated to separate economic sectors. Today we are discussing issues, linked to an entire segment of this country’s economy – small and medium-sized enterprises (SMEs). This segment is a key one for UBB and we have assumed the commitment to keep its representatives informed about all risks and opportunities, relating to the green transformation. “, said Ms. Desislava Simeonova, Executive Director SME Banking at UBB and Leader of the KBC Group’s Sustainable Funding Programme in her address to the attendees. She distinguished sustainable development and green transformation as strategic priorities to the bank and emphasized that: „KBC Group in Bulgaria is going to report in accordance with the provisions of the Corporate Sustainability Reporting Directive as early as from 2025. We know it from our own experience that it takes time, efforts, and knowledge to collect the required data and to prepare such reporting and that is why it is important to inform stakeholders on a timely basis, as well as promote the elaborated specific standards for SME reporting. It will be crucial for these companies to find their way through and to obtain timely information about the requirements to them, but to also be equipped with the proper arguments as to the boundaries of the regulation scope. We do hope that at this event you will be able to get information from the source and to ask your questions directly to the representatives of EFRAG.“ As regards financial incentives for the transition, Desislava Simeonova clarified that: „It is over BGN 1.5 billion that KBC Group in Bulgaria can provide under the form of financing through guarantee instruments from the European Investment Fund under the Invest EU and Recovery and Resilience Facility programmes, as over one billion of those are intended for green transformation projects and investments. Every project that has obtained financing will be secured with a 80% guarantee by the European Investment Fund, while the fees will be covered by UBB “.

The event presented the anticipated novelties in the field of reporting and disclosing of information, relating to the sustainable development and the green transformation, relevant to both exchange-listed small and medium-sized enterprises, and to those, which are not. At the beginning of his address Mr. Kiril Yanchev, Head of Marketing, Credit Products and Sustainable Development at UBB stated that on the bank’s website there is already the new UBB 2023 Report to Society published, in which we provide further details at country level about our strategy, values and objectives relating to sustainability. UBB is the only financial institution in this country that has been publishing such a report for years, without being explicitly obliged to do so by regulators.

The event began with a minute of silence in memory of Borislav Zyumbyulev - longtime Editor-in-Chief of 24 Chasa Daily. The conference participants were greeted by Assoc. Prof. Atanas Georgiev, PhD, Dean of the Faculty of Economics at Sofia University St. Kliment Ohridski.

The speakers involved Mr. Dimitris Katsagounos and Mr. Mathias Mingazzini from the EFRAG Secretariat, Ms. Maria Alexiou, business consultant on sustainability and human rights; Ms. Evgeniya Kyuchukova – Troanska from the Sustainability Reporting Work Group at IDES; Assoc. Prof. Marina Stefanova, PhD, Deputy Dean of the Faculty of Economics at Sofia University St. Kliment Ohridski, Mr. Borislav Ivanov, Deputy Director of Shelly Group; Mr. Kalin Genchev, Commercial Director at Billboard AD; Ms. Silviya Todorova, Entrepreneurship Centre Director at the Bulgarian Industrial Association; Ms. Petya Manastirska, Sustainable Development and Quality Manager at Devin AD; Ms. Teodora Borisova, Government Affairs, PR and Communications Manager at Solvey Bulgaria AD and others. The conference registered high level of interest and many questions from the participants to the panelists and speakers.