20.500.12556/DKUM-98782 Nefinančni kazalniki v največjih slovenskih borznih podjetjih: primerjalna analiza ESG poročanja Non-Financial indicators in slovenia's largest listed companies: a comparative analysis of ESG reporting Magistrska naloga obravnava ESG-poročanje izbranih največjih slovenskih podjetij, ki kotirajo na Ljubljanski borzi. Analizirana so nefinančna oziroma trajnostna razkritja za leto 2024, pri čemer je poudarek na okoljskih, družbenih in upravljavskih dejavnikih (ESG), ki jih podjetja vključujejo v letna poročila. Namen naloge je ugotoviti, kako natančno, pregledno, celovito in primerljivo podjetja poročajo o ESG-kazalnikih. V teoretičnem delu so predstavljeni osnovni pojmi finančnega, nefinančnega in trajnostnega poročanja ter pomen ESG-dejavnikov, ki omogočajo celovitejši vpogled v poslovanje podjetij. Ker finančni kazalniki sami ne prikazujejo vseh vplivov poslovanja, postaja nefinančno poročanje vse pomembnejše. Podjetja morajo poleg finančnih rezultatov razkrivati tudi vplive na okolje, zaposlene, človekove pravice, lokalno skupnost in način upravljanja. Predstavljen je tudi pravni in standardni okvir trajnostnega poročanja s poudarkom na direktivi CSRD, evropskih standardih trajnostnega poročanja ESRS ter Uredbi (EU) 2020/852 o taksonomiji. Ti določajo obseg in način razkrivanja trajnostnih informacij ter prispevajo k večji preglednosti, primerljivosti in zanesljivosti poročanja. Analitični del temelji na pregledu letnih poročil osmih podjetij prve kotacije Ljubljanske borze: Krke d. d., NLB d. d., Petrola d. d., Zavarovalnice Triglav d. d., Luke Koper d. d., Zavarovalne skupine Sava, Cinkarne Celje d. d. in Telekoma Slovenije d. d. Analiza zajema okoljske, družbene in upravljavske vidike poročanja, podjetja pa so primerjana tudi glede na dejavnost. Za sistematično primerjavo je bila oblikovana ocenjevalna matrika ESG-poročanja, s katero so bila ocenjena glede na preglednost, merljivost in podrobnost razkritij. Rezultati kažejo, da podjetja trajnostno poročanje pripravljajo skladno z evropskimi zahtevami, zato postaja poročanje vse bolj enotno in strukturirano. Kljub temu med podjetji ostajajo razlike, ki izhajajo predvsem iz njihove dejavnosti, poslovnega modela ter okoljskih in regulativnih zahtev posamezne panoge. Ugotovitve kažejo, da je ESG-poročanje izbranih slovenskih borznih podjetij že dobro razvito in vse tesneje povezano s strategijo, poslovnim modelom ter upravljanjem tveganj. Kljub temu poročila niso povsod enako pregledna, natančna in primerljiva, saj se razlikujejo po merljivosti ciljev, podrobnosti kazalnikov, strukturi razkritij in prikazu napredka. Sklep naloge je, da evropski standardi pomembno prispevajo k večji primerljivosti ESG-poročanja, vendar njegova vsebina še vedno ostaja odvisna od dejavnosti posameznega podjetja. This master's thesis examines ESG reporting by selected large Slovenian companies listed on the Ljubljana Stock Exchange. The analysis focuses on non-financial, or sustainability, disclosures for the year 2024, with particular emphasis on environmental, social, and governance (ESG) factors included in the companies' annual reports. The aim of the thesis is to determine how accurately, transparently, comprehensively, and comparably companies report ESG indicators. The theoretical part presents the fundamental concepts of financial, non-financial, and sustainability reporting, as well as the significance of ESG factors, which provide a more comprehensive insight into corporate performance. Since financial indicators alone do not reflect all aspects of business operations, non-financial reporting has become increasingly important. In addition to financial results, companies are expected to disclose their impacts on the environment, employees, human rights, local communities, and corporate governance. The thesis also presents the legal and regulatory framework for sustainability reporting, with particular emphasis on the Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS), and Regulation (EU) 2020/852 on the EU Taxonomy. These frameworks define the scope and manner of sustainability disclosures and contribute to greater transparency, comparability, and reliability of reported information. The empirical part is based on an analysis of the annual reports of eight companies listed in the Prime Market of the Ljubljana Stock Exchange: Krka d. d., NLB d. d., Petrol d. d., Zavarovalnica Triglav d. d., Luka Koper d. d., Sava Insurance Group, Cinkarna Celje d. d., and Telekom Slovenije d. d. The analysis covers environmental, social, and governance aspects of reporting, while the companies are also compared according to their industry. To enable a systematic comparison, an ESG reporting evaluation matrix was developed, assessing companies based on the transparency, measurability, and level of detail of their disclosures. The results indicate that most companies prepare sustainability reports in accordance with European requirements, making ESG reporting increasingly consistent and structured. Nevertheless, significant differences remain, primarily due to the companies' industries, business models, and the environmental and regulatory requirements of individual sectors. The findings show that ESG reporting among the selected Slovenian listed companies is already well developed and increasingly integrated into corporate strategy, business models, and risk management. However, the reports still differ in terms of transparency, accuracy, and comparability, particularly regarding the measurability of objectives, the level of detail of reported indicators, the structure of disclosures, and the presentation of progress. The thesis concludes that European standards significantly contribute to improving the comparability of ESG reporting, although the content of sustainability reports continues to depend largely on the nature of each company's business activities. ESG-poročanje trajnostno poročanje ESRS-standardi EU-taksonomija nefinančni kazalniki ESG reporting sustainability reporting ESRS standards EU taxonomy non-financial indicators true true false L. Hribar Resnik] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2026-07-07 19:38:29 2026-09-15 14:10:09 2026-09-16 03:11:24 0000-00-00 00:00:00 2026 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 657.375:336.76 291178243 MAG_Hribar_Kresnik_Lara_2026.pdf MAG_Hribar_Kresnik_Lara_2026.pdf 1 A5959F77E3EC02B818CFCA6488CE6143 24a9e5f1bae75443c854abd7a2fc3220101484f7bb6c89d03c28ac2f7656d90d c796fa13-a5d9-11f1-9be0-00155d0001be https://dk.um.si/Dokument.php?lang=slv&id=211132 Ekonomsko-poslovna fakulteta 0 0 0