Business reports already play an important regulatory role in the context of ESG. Rather than detailing information about how sustainability risks impact the company, they set out the role that business activities play in contributing to sustainability.

The new European Directive on Corporate Social Responsibility Disclosure (CSRD) imposes significantly broader non-financial reporting obligations. The obligation to prepare non-financial reports not only affects capital market-oriented companies, banks and insurance companies with more than 500 employees, but also stock corporations of all sizes. From 2026 onwards it will also apply to capital market-oriented small and medium-sized enterprises (SMEs). Non-financial reports also contribute to shaping investor and asset manager opinions.

Institutional investors and asset managers are already required to proactively manage investment-related ESG risks and to take ESG into account in all investment decisions.