VSME - The Voluntary Standard for non-listed Micro, Small, and Medium-sized Enterprises

VSME - The Voluntary Standard for non-listed Micro, Small, and Medium-sized Enterprises

VSME (Voluntary Reporting Standard for SMEs) is a sustainability reporting standard. It has been developed by the European Financial Reporting Advisory Group (EFRAG) at the request of the European Commission

The standard is designed to clarify and harmonize sustainability reporting for SMEs.

VSME is compatible with the CSRD and ESRS, making it particularly suitable for companies whose customers or other stakeholders require sustainability data from members of their value chain.

Developed by EFRAG at the request of the European Commission, published on 17 December 2024.
Simplifies ESG reporting for SMEs facing growing data requests from banks, investors, and large clients.
Aims to unify ESG requests and cut compliance costs.
Non-mandatory and designed to be a practical, easy-to-use standard for non-listed SMEs.

The VSME standard consists of two modules: the Basic Module and the Comprehensive Module. The Basic Module sets a minimum goal for companies' sustainability reporting and is a good place to start if ESG reporting has not been done before. It focuses on numerical data and simple questions. The Comprehensive Module deepens the reporting with narrative, or descriptive, responses.

Basic Module

Focuses on numerical data and facts
Suitable for companies that want to produce a concise yet essential sustainability report

Comprehensive Module

Deepens the reporting with narrative (descriptive) answers
Provides an opportunity to analyze ESG themes more thoroughly

Both modules cover the three ESG areas:
E = Environment,
S = Social Responsibility,
G = Good Governance.

In addition, both modules include general questions about the company’s basic information, structure, and operations.

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