The aim of this study is to evaluate the disclosure effectiveness of Italian listed companies in environmentally sensitive industries, using the Corporate Sustainability Reporting Directive (CSRD) as a benchmark. This analysis examines the evolution of sustainability reporting from the earlier Non-Financial Reporting Directive (NFRD), covering the period from 2017 to 2023 to capture the regulatory shift and the increasing focus on sustainability in corporate governance and reporting. A comparative approach is used to identify leading companies in sustainability reporting, highlighting best practices and innovative strategies for integrating Environmental, Social, and Governance (ESG) factors into decision-making. The study also explores the key challenges companies face in meeting new reporting requirements and the pressures to ensure transparency and accountability to stakeholders. The research focuses on an in-depth analysis of sustainability reports, examining the ESG issues most important to these companies, how they assess and disclose environmental, social, and governance risks, and how these priorities have evolved in response to changing societal concerns and stricter regulations. A central theme of this evolution is the increasing importance of climate-related risks, social impact assessments, and governance practices. Particular attention is given to the concept of double materiality, which requires companies to report both on how sustainability issues affect financial performance and how their activities impact society and the environment. This principle is central to the CSRD and demands companies provide a comprehensive, transparent disclosure. The study explores the challenges of implementing double materiality, including ensuring consistency and alignment with the CSRD’s requirements, and the difficulties companies face in balancing financial and non-financial effects and impacts.
L’obiettivo di questo studio è valutare l’efficacia dei processi di reporting di sostenibilità delle società italiane quotate appartenenti a settori ad alta sensibilità ambientale, utilizzando la Corporate Sustainability Reporting Directive (CSRD) come standard di riferimento. L’analisi approfondisce l’evoluzione della rendicontazione di sostenibilità, partendo dalla direttiva vigente (Non-Financial Reporting Directive, NFRD) e coprendo il periodo dal 2017 al 2023, per evidenziare i cambiamenti dovuti al passaggio normativo e alla crescente attenzione verso la sostenibilità nella governance aziendale. Lo studio adotta un approccio comparativo per identificare le aziende con i processi più avanzati, evidenziando le migliori pratiche e strategie per integrare i fattori ESG nel processo decisionale. Vengono inoltre esaminate le sfide che le imprese affrontano per soddisfare i nuovi requisiti di rendicontazione e per rispondere alla crescente pressione verso trasparenza e responsabilità nei confronti degli stakeholder. Il progetto analizza in dettaglio i rapporti di sostenibilità delle aziende prese in esame, valutando le questioni ESG più rilevanti per ciascuna, il modo in cui comunicano i relativi rischi, e l’evoluzione delle priorità in risposta ai cambiamenti normativi e alle crescenti aspettative della società. Un tema centrale di questa evoluzione è l’importanza crescente dei rischi legati al cambiamento climatico, delle valutazioni di impatto sociale e delle pratiche di governance. Particolare attenzione è rivolta al concetto di doppia materialità, che impone alle aziende di rendicontare sia l’impatto delle questioni di sostenibilità sulla propria performance finanziaria, sia come le loro attività influenzino la società e l’ambiente. Questo principio, fondamentale nella CSRD, richiede alle imprese una comunicazione esaustiva e trasparente. Lo studio esplora infine le sfide nell’implementazione della doppia materialità, come la coerenza con i requisiti della CSRD e le difficoltà nel rendicontare efficacemente l’impatto finanziario degli aspetti di sostenibilità
Corporate sustainability reporting: the evolution of materiality analysis among italian environmentally sensitive industries
SALVI, GIACOMO
2023/2024
Abstract
The aim of this study is to evaluate the disclosure effectiveness of Italian listed companies in environmentally sensitive industries, using the Corporate Sustainability Reporting Directive (CSRD) as a benchmark. This analysis examines the evolution of sustainability reporting from the earlier Non-Financial Reporting Directive (NFRD), covering the period from 2017 to 2023 to capture the regulatory shift and the increasing focus on sustainability in corporate governance and reporting. A comparative approach is used to identify leading companies in sustainability reporting, highlighting best practices and innovative strategies for integrating Environmental, Social, and Governance (ESG) factors into decision-making. The study also explores the key challenges companies face in meeting new reporting requirements and the pressures to ensure transparency and accountability to stakeholders. The research focuses on an in-depth analysis of sustainability reports, examining the ESG issues most important to these companies, how they assess and disclose environmental, social, and governance risks, and how these priorities have evolved in response to changing societal concerns and stricter regulations. A central theme of this evolution is the increasing importance of climate-related risks, social impact assessments, and governance practices. Particular attention is given to the concept of double materiality, which requires companies to report both on how sustainability issues affect financial performance and how their activities impact society and the environment. This principle is central to the CSRD and demands companies provide a comprehensive, transparent disclosure. The study explores the challenges of implementing double materiality, including ensuring consistency and alignment with the CSRD’s requirements, and the difficulties companies face in balancing financial and non-financial effects and impacts.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/230623