AmCham Slovakia

BACK TO ISSUES connection2024_04.jpg

Download PDF

Pillars of Good Society

The Role of Governance in Achieving ESG Goals

(by Erika Vitálošová)

ESG and Sustainability have become increasingly important, now complementing traditional financial metrics like revenue or profit. The business community plays a key role in shaping the climate’s future and societal prosperity. Therefore, companies must proactively set and achieve Environmental, Social, and Governance (ESG) goals by creating comprehensive strategies and action plans.

Embracing the Circular Economy

(by KPMG )

The circular economy is becoming an integral part of sustainability efforts, reshaping the way businesses operate globally. It offers a game-changing approach that combines environmental responsibility with financial benefits. With growing awareness and support, the circular economy models can hold the potential to drive sustainable future. But how prepared are businesses for this shift? What challenges must they overcome, and where do the greatest opportunities lie? 

Circularity in Service of Biodiversity Protection

(by EY )

Biodiversity loss, along with other critical sustainability issues such as water depletion and climate-neutral energy production, represents one of the greatest challenges facing humanity. These issues directly impact our ability to survive and continue advancing our culture and its achievements. The circular economy is a key tool for reversing these negative trends and protecting our unique natural and cultural heritage. At the same time, it presents an opportunity that remains vastly underutilized.

Supporting Female-Led Businesses

(by Visa )

Despite improvements in the entrepreneurial landscape, business opportunities in Slovakia declined in 2023 due to economic uncertainty and rising inflation1. Currently, there is a notable gender gap, with only 30% of all businesses in Slovakia being owned by women, a number which has not changed significantly in more than a decade2. 

Investing Locally Pays Back

(by Michal Nešpor)

Limited funding remains a key challenge for Slovak companies, from startups to scale-ups, seeking growth or market expansion. Crowdberry, a unique investment platform, helps solve this by offering companies capital and individuals the chance to invest in local businesses. We interviewed Michal Nešpor, Managing Partner, about the platform’s development and future goals.

Innovative Methods to Reduce Waste

(by Zuzana Szalaiova)

The Shine Program by Swiss Re Foundation supports early-stage social entrepreneurs with grants and business expertise, focusing on innovative solutions for natural hazards, climate risk, and healthcare access. It’s an opportunity for founders to realize their visions and achieve impactful, sustainable change while growing professionally and personally.

Funding the Net Zero Transition

(by Elizabeth Curmi)

In recent years, energy transition investment has soared: from $212 billion in 2013 to more than $1.7 trillion in 2023. Most of that investment has been in electrified transport and clean electricity. This should be celebrated. But further investment is needed in other technologies and sectors to reach net zero.

Current ESG Challenges

(by Dagmar Yoder, Katarína Mikovínyová)

The Carbon Border Adjustment Mechanism (CBAM) is part of the Fit for 55 Package and serves as a tool to achieve the goal of a climate-neutral EU by 2050. The CBAM, together with the EUDR, has a significant impact on businesses importing goods into the EU from third countries.

Committed to the Green Transition

(by Martin Urban)

In an insightful conversation with Martin Urban, Country Manager of ING Bank in Slovakia, we delve into the bank’s commitment to sustainability. Martin Urban shares how ING is leveraging its global influence to drive the green transition, balancing urgent climate action with the realities of today’s economy. He highlights the bank’s approaches and the crucial role of financial institutions in fostering a sustainable future.

Businesses & Consumers: Your Turn!

(by Sona Hankova, Ronald Filipčić)

New EU rules on greenwashing and green claims are changing the way companies market and promote their products, enhancing consumers’ rights.

Work and Life Connections

(by Andrea Olejarova, Slavomír Martoš)

Achieving professional success often involves navigating many challenges.The responsibility towards their families and their employees makes business leaders carefully consider each minute of their day. We want to know how they like to spend their time out of work, what inspires them and motivates
them.

Driving Sustainable Innovation

(by Peter Benkovič)

Organizations, teams and individuals are under increasing pressure to innovate. Innovate or perish. The good news is that if you want your people to take a proactive approach to innovation in your organization, you have a solution in your hands.

Leading With A Purpose

(by Igor Šulík)

Environmental and social responsibilities have been a feature of the business landscape for a surprisingly long time. For over a century now, investors have been considering a company’s track record in making their decisions. And yet the place of sustainability on the corporate agenda, how it is addressed, and by whom, is in a state of revolution.

Space Sector: Legal Insights

(by Michaela Stessl)

Driven by a strategic location, a robust industrial base, and active participation in international space programs, Slovakia is steadily growing its space sector. As the industry expands, there is a pressing need for a comprehensive legal framework to regulate space activities and support sustainable development.

Navigating DEI and Business Metrics

(by Marek Frecer)

How do organizations determine the KPIs for their performance, and the performance of their staff? There are many theories and approaches which have much to say about the most efficient method to develop an organization’s key performance indicators (KPIs). 

Don’t Ignore Diversity & Inclusion

(by Lucia Timkova)

Diversity, Equity, and Inclusion (DEI) are no longer optional considerations for businesses aiming for long-term growth and relevance. Ignoring DEI may provide short-term gains, but the consequences are significant and far-reaching, from missing out on innovation to alienating key user groups. In today’s market, companies must decide whether to embrace DEI or risk falling behind.

Early Action, Lasting Impact

(by Veri Osvald)

As EU ESG reporting requirements expand, along with rising market standards and customer expectations, companies can no longer ignore corporate sustainability reporting. Veri Osvald, co-founder and CEO of SmartHead, discusses how businesses are adapting and the long-term benefits of embracing these changes.

The ESG Compliance Maze

(by Katarína Pecnová)

The issue of ESG compliance fosters respect for individual businesses. Given that businesses confront a number of substantial risks associated with their ESG compliance duties, respect is due.

ESG Reporting with Mandatory Audit

(by Filip Tichý)

Companies required to provide an ESG report from 2025 will have to have it audited by an independent auditor. This is stipulated by the European CSRD on Sustainability Reporting, which is being transposed into Slovak legislation through an amendment to the Accounting Act. What does this mean for companies? 

Reflections on the Rule of Law in Slovakia

(by Zuzana Serinová)

The rule of law is a cornerstone of any thriving democracy and essential for a stable, predictable business environment. In Slovakia, recent developments prompt us to consider how best to strengthen these foundational principles. As a member of the Rule of Law Initiative, AmCham Slovakia remains committed to supporting transparency, predictability, and responsible governance in line with both national and European standards.