'Companies take their financial reporting very seriously and they’ll have to take this just as seriously'

Small and medium-sized companies that fit within the supply chain operations of larger companies will be on the hook to comply with EU mandatory sustainability regulation as well.

Madeleine Murray and Tara Shine, co-founders of consultancy firm Change by Degrees that works with companies in various different sectors including retail, hospitality, life sciences and health.

Ireland provides a base for some of the largest companies in Europe and, especially being an island economy, the relationships they maintain with firms within their supply chain are vital for operations.

However, these relationships will come under pressure as these firms will eventually have to comply with mandatory EU regulations that will shine a light on corporate sustainability standards across their entire business, including their supply chain.