¿ Qué es EFRAG (VSME)?
The EFRAG – VSME (Voluntary Sustainability Reporting Standard for SMEs) standard clearly and systematically defines the sustainability information that SMEs must report, aligning their practices with ESG (Environmental, Social and Governance) criteria and CSRD requirements, but in a proportionate, flexible and voluntary manner.
It includes key aspects of sustainability, ESG, CSR, social and governance issues, consistent with other integrated management systems already used by companies.
Sustainability information required under EFRAG-VSME
The VSME framework establishes a minimum and expanded set of ESG data, designed to respond to the demands of customers, financial institutions, investors and supply chains, without creating an excessive administrative burden.
In the environmental (E) area:
In the environmental area (E), information is required on:
- Energy consumption and energy efficiency.
- Greenhouse gas emissions (scopes 1 and 2, and gradually scope 3), in accordance with the GHG Protocol or ISO 14064.
- Use of natural resources, water and raw materials.
- Waste management and circular economy.
- Significant environmental impacts and mitigation measures.
In the social (S) area
In the social sphere (S), information related to workers and the value chain is required. This covers:
- working conditions, health and safety, equality,
- diversity,
- training,
- human rights,
- social dialogue,
- impact on local communities and
- responsible practices with suppliers.
Indicators on wellbeing, turnover, absenteeism and social improvement measures are also included. Ecovadis and SMETA certification assess the social sphere.
The governance (G) area takes into account
In the area of governance (G), EFRAG requests information on governance structure, business ethics and internal control.
Anti-corruption policies, regulatory compliance systems, codes of ethics, risk management, reporting channels, decision-making, ESG performance monitoring and the link between sustainability and business strategy must be reported.
In addition, EFRAG incorporates the principle of double materiality, requiring analysis of both how the company impacts sustainability and how ESG risks and opportunities affect its business.
VSME - EFRAG FAQs
What is EFRAG's VSME and why was it created?
The VSME (Voluntary Sustainability Reporting Standard for SMEs) is a voluntary sustainability reporting standard designed by EFRAG to help SMEs communicate ESG/CSR information in a simple, proportionate manner that is aligned with European frameworks. It responds to the increasing demand for data from large companies, banks and investors and forms part of the European Commission’s SME Relief Package.
What type of companies is it aimed at and is it mandatory?
Applicable to all types of companies: micro, small and medium-sized enterprises that are not required to report under the CSRD. It is a voluntary standard, but the EU recommends its use to standardise sustainability information across the value chain.
As ISO consultants, it is a perfect fit for companies that already work with ISO 9001 quality management, ISO 14001 or EMAS environmental management, ISO 45001 occupational health and safety, or quality and continuous improvement tools.
# How does it differ from the CSRD and ESRS?
The difference between CSRD and VSME is:
- CSRD: mandatory, audited, for large companies and some listed SMEs, based on ESRS.
- VSME: voluntary, proportional, no mandatory audit, thematically aligned with ESRS but simplified for unlisted SMEs.
Therefore, VSME is ideal for SMEs that already manage risks and opportunities with ISO 14001, EMAS, ISO 9001 or Compliance, and need a simpler sustainability framework than CSRD.
What benefits does it bring to an SME that already has ISO, EMAS or management systems?
The benefits of VSME are:
- It unifies all ESG information requests from customers and banks.
- It easily integrates data that the company already collects in its environmental management, quality management or safety management, CSR, including compliance, systems.
- It improves access to sustainable financing (alignment with bank and investor requirements).
- It reduces the documentation burden associated with multiple ESG questionnaires, such as the Ecovadis questionnaire.
- It improves corporate social responsibility, business reputation and competitiveness.