Interview with Stanislav Tanushev - Director of Investor Relations and Sustainability at Sirma Group Holding JSC on Voluntary Sustainability Reporting and ESG Strategy


Oxygen Q: Mr. Tanushev, what motivated Sirma Group Holding JSC to prepare a sustainability report voluntarily?

Stanislav Tanushev:

Voluntary sustainability reporting is not new to Sirma Group Holding JSC. Two years ago, we published a Non-Financial Statement in accordance with the then-applicable Non-Financial Reporting Directive (NFRD), also on a voluntary basis.

Our approach is guided by a clear strategic rationale. Sustainability issues are deeply integrated into our business operations, financial planning, and long-term strategy. These are not peripheral concerns—they are central to our success. For example, the social dimension of being a “preferred employer” directly affects our ability to attract, develop, and retain top-tier professionals. This investment in human capital is essential to our competitiveness.

It is entirely reasonable that our shareholders and stakeholders are informed of such strategic commitments, regardless of regulatory mandates. The transition from NFRD to the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) has helped us structure our disclosures more effectively. By publishing our reports ahead of mandatory deadlines, we gain valuable time to refine internal processes and improve data quality.

Oxygen Q: Do ESG reports bring direct benefits to your business?

Stanislav Tanushev:

The most significant impact comes from ESG practices themselves—not merely the reporting. Managing energy consumption, enhancing employee motivation, and maintaining shareholder satisfaction are tangible outcomes of our ESG strategy.

That said, ESG reporting is an essential tool for investor communication. It provides transparency, explains the rationale behind specific expenditures, outlines risk exposures, and highlights the opportunities we are actively pursuing. It enables stakeholders to understand the broader context of our decisions and long-term commitments.

Oxygen Q: What are the key steps in preparing a sustainability report?

Stanislav Tanushev:

The CSRD and its standards offer a comprehensive framework, but there are three foundational steps that are indispensable to the process:

Materiality Assessment

The first step is identifying which sustainability topics are materially relevant to Sirma. EFRAG has outlined a wide range of topics across all sectors, and each company must determine which apply to its operations. This is followed by a double materiality analysis—evaluating both the impact of these topics on our business and our business’s impact on them. For Sirma, we have identified seven material topics.

Stakeholder Identification

ESG activities are not fully centralized, so stakeholder mapping is essential. This ensures meaningful engagement in both ESG initiatives and reporting. Through this process, we have identified eleven stakeholder groups relevant to Sirma.

Data Source and Accountability Mapping

It is critical to determine the sources of ESG-related data, assign responsibility for maintaining it, and verify supporting documentation. This step supports both the integrity of the Sustainability Report and the ongoing evaluation of ESG performance. After publishing two Non-Financial Statements and one comprehensive Sustainability Report, we now have three established data points that allow us to monitor trends and assess the effectiveness of our ESG efforts.

Oxygen Q: Final thoughts

Stanislav Tanushev:

Sustainability is not a compliance exercise—it is a strategic imperative. Reporting is one part of the journey, but the true value lies in the practices we embed across our organization. Our goal is to ensure that ESG principles are not only documented but actively lived throughout Sirma Group Holding JSC.