Sustainability Insights

The Evolution of CSRD Reporting: Early Evidence from the first 100 2nd Year Reports

• Sustainability reporting
• ESRS
• Corporate Disclosure

We find that reports are getting slightly shorter, with reductions concentrated outside environmental and social topics in general disclosures. Reporting volume reductions are driven by longer reports, while reports that were already short in the previous year change little. Firms also appear to streamline their reporting by cutting redundancies and increasing incorporations by reference. About a third of firms significantly restructure their reports and mentions of restatements increase, which often reflect methodological changes.

Our findings suggest that firms are entering a consolidation phase following the initial ramp-up in their first CSRD-year. While avoiding major changes, firms appear to refine and improve their reporting. These patterns are consistent with more targeted reporting and learning effects, as expected by participants in our SRN Pulse Check.

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