The world is at a critical juncture in the transition to a sustainable future. In this context, it has become more important than ever for businesses to fulfill their environmental and social responsibilities and report transparently. Turkey has also adapted to this change by implementing Turkey's Sustainability Reporting Standards (TSRS) starting from 2024 for businesses that meet certain criteria.

In this content, we will examine what TSRS is, which businesses it covers, and what benefits compliance with Turkish standards provides for businesses. We will also discuss the steps involved in preparing a sustainability report in accordance with TSRS.

What is TSRS?

Turkey's Sustainability Reporting Standards (TSRS) is a national framework established for businesses to evaluate and report their sustainability performance. These standards enable businesses in Turkey to transparently report their environmental, social, and economic impacts.

The Importance of Sustainability Reporting in Turkey

Sustainability reporting helps businesses understand and improve the environmental and social impacts of their activities. In Turkey, sustainability reporting is increasingly gaining importance both in terms of legal compliance and providing a competitive advantage.

Fundamental Principles of TSRS (Turkey's Sustainability Reporting)

TSRS Reporting is based on the principles of transparency, inclusivity, and completeness;

Transparency

Transparency is one of the most important principles of TSRS. Businesses should report the environmental, social, and economic impacts of their activities in a clear and understandable manner.

Inclusivity

Inclusivity refers to considering the views and expectations of all stakeholders. TSRS encourages stakeholder participation and enables businesses to communicate effectively with their stakeholders.

Completeness

The principle of completeness requires reports to be full and comprehensive. Businesses should include all significant information and data in their reports.

TSRS Sustainability Reporting Standards

TSRS Reporting includes economic, environmental, and social standards;

Economic Standards

TSRS provides specific criteria for businesses to evaluate their economic performance. These criteria include not only financial performance but also contributions to the local economy.

Environmental Standards

Environmental standards assess how businesses use natural resources and manage their environmental impacts. Issues such as energy consumption, water use, and waste management are examined under these standards.

Social Standards

Social standards evaluate businesses' performance in employee rights, occupational health and safety, social contributions, and human rights.

TSRS Reporting Process

The TSRS Reporting process can be examined in three stages: data collection, analysis - evaluation, and report writing. 

Data Collection

Businesses must collect a wide range of data sets to evaluate their sustainability performance. This data set should include economic, environmental, and social indicators.

Analysis and Evaluation

The collected data is analyzed, and the business's sustainability performance is evaluated. This stage is critical for identifying areas for improvement.

Report Writing

The analyzed data should be presented in a transparent and understandable report. The report must be prepared in accordance with TSRS standards and should be accessible to all stakeholders.

Differences Between TSRS and Global Standards: A Comparison of GRI and TSRS

GRI (Global Reporting Initiative) and TSRS are two important frameworks for sustainability reporting. GRI is a global standard that is widely used around the world, while TSRS is specific to Turkey and provides solutions that are more suitable for local needs.

Global Compatibility of TSRS

TSRS is designed to be compatible with global standards. Thus, businesses in Turkey can meet both national and international sustainability requirements.

Benefits of TSRS for Businesses

While TSRS imposes obligations on businesses, it also provides benefits,

Reputation Improvement

Businesses that prepare reports in accordance with TSRS standards can enhance their reputation by demonstrating a transparent and responsible image.

Legal Compliance

TSRS helps businesses ensure compliance with legal regulations. This is a significant advantage in terms of both risk management and avoiding legal issues.

Investor Relations

TSRS helps businesses ensure compliance with legal regulations. This is a significant advantage in terms of both risk management and avoiding legal issues.

TSRS sustainability reporting offers a great opportunity for businesses in Turkey. By preparing reports in accordance with TSRS standards, businesses can ensure legal compliance and gain a competitive advantage. Sustainability is not only an environmental and social responsibility but also a critical factor for long-term business success.

CarbonSmart can help you complete the TSRS Reporting process more effectively and comfortably, allowing you to fulfill your business obligations.