28.11.2025
On 12 November 2025, the Faculty of Economics and Business Administration at Sofia University “St. Kliment Ohridski” hosted the international conference “Sustainability as a Strategy for the Future”, dedicated to the role of small and medium-sized enterprises (SMEs) in the context of the twin transition and the introduction of the new sustainability reporting standards. The event brought together representatives of European and national institutions, experts from EFRAG, business leaders, banks, NGOs, and the academic community, who discussed current regulatory developments, the challenges facing SMEs, and opportunities for support in the coming years.
The opening session was led by Assoc. Prof. Dr. Marina Stefanova, Vice-Dean of the Faculty, who emphasized the importance of SME engagement in sustainability in the run-up to COP30.
Hristina Pendicheva from the Ministry of Finance, Ilka Kiselova from the Bulgarian Stock Exchange, and Evgeniya Kyuchukova from the Institute of Certified Public Accountants in Bulgaria presented the latest developments related to the Corporate Sustainability Reporting Directive (CSRD), the Omnibus process, and the SME relief package. The discussion focused on the impact of these changes on local businesses and the need for a proportionate approach in applying European requirements.
During the training session, Elisa Bevilacqua from EFRAG introduced the voluntary VSME standard and its place within the European sustainability reporting ecosystem. Participants received practical guidance on implementing the standard, as well as information about upcoming ESRS changes aimed at reducing the administrative burden for SMEs. In the following working session, representatives from the banking sector, large companies, and business associations discussed how the VSME ESRS can facilitate access to financing and strengthen SME integration into value chains.
The programme continued with data and analysis presented by David Nemecek Slonim, Senior Expert in Sustainable Finance at Frank Bold Society, who shared the results of a review of the first 100 CSRD reports in Europe. He outlined key trends and challenges—from double materiality and ESG risk management to climate targets, emissions reporting, and the quality of transition plans. Emphasis was placed on the need for reliable ESG data as a foundation for informed business decision-making.
The final part of the event was dedicated to a practical training session led by Luke Hendricks, a long-standing SME policy expert and member of the EFRAG SR TEG. He presented good practices for preparing SMEs for sustainability reporting, ways to manage risks, how to use available data effectively, and the role of sector organisations in supporting businesses. Participants actively engaged in a discussion on priorities in the twin transition process and opportunities to enhance the maturity of sustainable business practices in Bulgaria.
The event concluded with a summary of the key insights and a reaffirmation of the Faculty’s commitment to being a leading centre of knowledge, expertise, and support in the fields of sustainable development, corporate responsibility, and sustainable finance.