Appendix Our activities in 2025 List of companies reviewed Resources Acronyms & abbreviations Glossary Acknowledgments View more View more View more View more View more View more View more View more View more View more View more View more 1 Criteria updates While the assessment framework remained largely the same this year, we have refined our internal methodology for evaluating criteria based on insights from previous years and feedback from our members and Global Network partners: Materiality – provided more specifics on indicators for outward and inward impacts and risk integration; Balance – added more detail to the evaluation of visual disclosures; Sustainability governance – provided more specifics on board expertise and training and on remuneration; Targets and commitments – revised to align with the enhanced Membership Criteria on Climate and Nature; Impact – was not assessed this year due to inconclusive results. We are revisiting the application of the criterion as part of a wider framework review for the coming years. 2 Advisory Group We continued to work with an Advisory Group of members to guide and support us in the development of the annual publication and to provide strategic direction for the evolution of Reporting Matters in the future (see more on page 7). 3 Research We invited all members to submit their fullest source of sustainability information for this year’s assessment cycle. In total, we systematically reviewed 185 sustainability reports, combined reports and self-declared integrated reports against our framework. We include the results and findings in this publication. Each review underwent a quality assurance process to ensure completeness, objectivity, fairness and consistency. 4 Analysis This year’s publication draws out insights, trends and developments from these reviews and features examples of good practice for each indicator assessed. In selecting good practice examples, we aim to showcase companies from diverse geographies and sectors and to avoid repeating companies previously used to enhance the relatability of the examples. 5 Publication This edition of Reporting Matters offers an overview of reporting trends in the WBCSD membership, highlighting areas of progress and improvement. We have designed our recommendations to inspire companies to enhance their reporting processes by showcasing examples of good practices and identifying notable trends. In consideration of the shift to mandatory requirements and wide variations in reporting requirements that companies are adjusting to, we decided not to feature top performers in this year’s publication. We will reconsider this in the future. 6 Engagement We complement this publication by providing all assessed member companies with confidential, personalized dashboards. These dashboards include scores, analysis and comparisons by region and super-sector. We also offer personalized, virtual feedback sessions from July through mid-December. These sessions aim to explain the underlying criteria and provide targeted feedback to members. Additionally, we occasionally share anonymous aggregated data with partner organizations to support the development of white papers, research and policy initiatives. About the team → The development of Reporting Matters is a joint effort between WBCSD and Radley Yeldar, with colleagues based in the Netherlands, Switzerland and the UK. Report → As in the previous three years, we are continuing to produce a digital-only version of the publication with enhanced interactivity features. → More recently, we have innovated to also produce an interactive online experience separate from the PDF. Global Network → We have continued our work with Global Network partners to use and apply the Reporting Matters framework and have provided both in-person and online training sessions. About the team → The development of Reporting Matters is a joint effort between WBCSD and Radley Yeldar, with colleagues based in the Netherlands, Switzerland and the UK. Report → As in the previous three years, we are continuing to produce a digital-only version of the publication with enhanced interactivity features. → More recently, we have innovated to also produce an interactive online experience separate from the PDF. Global Network → We have continued our work with Global Network partners to use and apply the Reporting Matters framework and have provided both in-person and online training sessions. About the team → The development of Reporting Matters is a joint effort between WBCSD and Radley Yeldar, with colleagues based in the Netherlands, Switzerland and the UK. Report → As in the previous three years, we are continuing to produce a digital-only version of the publication with enhanced interactivity features. → More recently, we have innovated to also produce an interactive online experience separate from the PDF. Global Network → We have continued our work with Global Network partners to use and apply the Reporting Matters framework and have provided both in-person and online training sessions. A.P. Moeller – Maersk AB InBev ABB Ltd. Accenture Plc Aditya Birla Group ADM ADNOC AIB Ajinomoto Co., Inc. Alibaba Group Amazon Apple Inc. APRIL Aptar Group Inc. Arcadis Arup Group Ltd. APP Group Autodesk Avery Dennison Corporation Ayala Corporation Bain & Company Inc. Baker McKenzie BASF SE Bayer A.G. BCG BMW AG BP International Bridgestone Corporation Brisa Group Buhler AG Bunge Limited Cargill Incorporated CEZ a.s. CF Industries Chevron Corporation Chevron Phillips Chemical CISCO Systems Inc. Clariant International Ltd. Clean Energy Fuels Climeworks AG CLP Group COFCO International CP Group CRH plc Croda International DAIKIN Industries Ltd Danone Group DBS Bank Deloitte Dentsu Group Inc. Diageo plc. DNV Dow Inc. Drax Group plc. dsm-firmenich DuPont de Nemours, Inc. Eaton Corporation EDP, S.A Empresas CMPC S.A. Enel Eni S.p.A ERM Equinor Evonik EY F. Hoffmann-La Roche AG Flora Food Group Fujitsu Limited Givaudan International SA Godrej Industries Limited Golden Agri-Resources Goodyear Tire & Rubber Company Google Inc. Griffith Foods Grupo UNACEM GSK Hankook Tire & Technology Heidelberg Materials AG Henkel AG & Co. KGaA Hilti Group Hitachi Ltd. Holcim Honda Motor Co. Ltd. Iberdrola SA Indigo Ag Ingka Group (Ikea Retail) Inter IKEA Group International Paper Company J.M. Huber Corporation JA Solar Technology Co. Ltd Jardine Matheson Johnson Controls, Inc. JSW Group Kao Corporation KDD Komatsu Ltd KONE Oyj KPMG Kumho Tire Co. Inc. Lanxess AG LG Chem Lloyds Banking Group Louis Dreyfus Company LyondellBasell ManpowerGroup Manulife Investment Management MasterCard McDonald's Corporation McKinsey & Company Inc. Meta Platforms Inc. Michelin Microsoft Corporation Mitsubishi Corporation Mondi Group National Grid Plc Natura Navigator Company Neste Oyj Nestlé SA NIKE Inc. Nomura Research Institute Norsk Hydro ASA Novartis Nufarm Nutrien NYK Line Olam Agri Pernod Ricard PETRONAS Philip Morris International Inc. Pirelli & C. S.p.A. Port of Rotterdam PTT Public Company Limited Rabobank Group ROCKWOOL Group Royal Philips N.V. Sabanci Holding SABIC Sage Earth Saint-Gobain Santander Group SAP SE Sappi Limited SCG Schindler Holding SA Schneider Electric Shell plc. SHV Energy Sika Group Skanska Ab SLB Smurfit Westrock Limited Sonae SGPS SA South Pole Stora Enso Oyj Sumitomo Chemical Sumitomo Forestry Sumitomo Rubber Industries Suzano SWCA Sweco Sweden AB Swire Pacific Limited Swiss Re SYENSQO Syngenta Group Takeda Pharmaceuticals Tetra Pak International SA Timberland Investment Group Total Energies Toyo Tire Corporation Toyota Motor Corporation Trane Technologies Trivium Packaging UL Solutions Unilever UPL Limited Vale International S.A. VELUX Group VF Corporation Vinci WE Soda Ltd Yara International ASA Yokogawa Electric Corporation Yokohama Rubber Co. Ltd. We hope these resources provide some interesting starting points for further research into the various sustainability reporting concepts. Reporting landscape Deloitte, WBCSD (2024). Harnessing taxonomies to help deliver sustainable development ESG Book. The Reporting Exchange European Commission (2024). EU taxonomy for sustainable activities International Financial Reporting Standards (IFRS) (2024). Interoperability considerations for GHG emissions when applying GRI standards and ISSB standards International Financial Reporting Standards (IFRS) (2024). Using the SASB Standards to meet the requirements in IFRS S1 Radley Yeldar (RY) (2024). ESG: An illusion of change. Why the distinction between sustainability and ESG really matters — and what it means for business Radley Yeldar (RY) (2024). How not to lose your sh*t with ESRS United States Securities and Exchange Commission (SEC) rule (2024). Final Rules to Enhance and Standardize Climate-Related Disclosures for Investors WBCSD. Implementation guidance for ISSB Standards and ESRS Standards and frameworks European Commission (2023). European Sustainability Reporting Standards in full European Financial Reporting Advisory Group (2024). EFRAG IG 2: Value Chain Implementation Guidance Global Reporting Initiative (GRI). GRI Standards Integrated Reporting as part of IFRS Foundation Framework (2021). International Framework International Financial Reporting Standards (IFRS) (2023), IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information International Financial Reporting Standards (IFRS) (2023). IFRS S2 Climate-related Disclosures SASB Standards as part of IFRS Foundation. SASB Standards and other ESG frameworks Materiality Deloitte (2024). Unpacking the Double Materiality Assessment Under the E.U. Corporate Sustainability Reporting Directive European Financial Reporting Advisory Group (2024). EFRAG IG 1: Materiality assessment implementation guidance PwC (2024). Double Materiality Assessment Process Radley Yeldar (RY) (2022). Double and Dynamic Materiality Corporate performance, accountability, risk management Association of International Certified Professional Accountants (AICPA & CIMA), WBCSD (2023). Integrated Performance Management Framework Taskforce on Nature-related Financial Disclosures (TNFD). Knowledge Hub WBCSD (2023). Corporate Performance and Accountability System (CPAS) WBCSD (2024). Building the Business Case for Sustainability WBCSD (2024). Climate-related financial impact guide WBCSD (2024). Fostering long-term resilience through a dynamic approach to ESG risk management WBCSD (2025). Managing uncertainty in sustainability disclosure WBCSD and BCG (2025). Getting Ahead of Physical Risk WBCSD. Preparer Forum for Sustainability Disclosure (PFSD) Commitments and targets Science Based Targets initiative (SBTi) (2020). Foundations for science-based target setting in the corporate sector Science Based Targets Network (SBTN) and Taskforce on Nature-related Financial Disclosure (TNFD) (2023). Guidance for Corporates on Science-Based Targets for Nature WBCSD. The Climate Drive and Roadmaps to Nature Positive Greenwashing ERM (2024). Paint it Green: Strategies for Detecting and Combatting Greenwashing in ESG Ratings Radley Yeldar (RY) (2024). Behind the green. A guide to avoid greenwashing Effectiveness Radley Yeldar (RY) (2021). Words that work. How to deliver effective sustainability communications Radley Yeldar (RY) (2024). Why is Scientific Communication Important? – Getting the chemistry right Radley Yeldar (RY) (2025). The art of the strapline. Say more by saying less International Integrated Reporting Framework APAC Asia-Pacific BCSD Business Council for Sustainable Development CBD Convention on Biological Diversity CSRD Corporate Sustainability Reporting Directive DEI diversity, equity and inclusion DMA double materiality assessment EFRAG European Financial Reporting Advisory Group EMEA Europe, the Middle East and Africa ESRS European Sustainability Reporting Standards ESG environmental, social and governance EU European Union RoHs Restriction of Hazardous Substances in Electrical and Electronic Equipment RY Radley Yeldar SASB Sustainability Accounting Standards Board SBTN Science Based Targets Network SBTi Science Based Targets initiative SDGs Sustainable Development Goals SMART specific, measurable, achievable, realistic and time-bound TCFD Task Force on Climate-related Financial Disclosures TNFD Taskforce on Nature-related Financial Disclosures UN United Nations UN GP United Nations Guiding Principles on Business and Human Rights WBCSD World Business Council for Sustainable Development EU ETS EU Emissions Trading System GHG greenhouse gas GRI Global Reporting Initiative IIRC International Integrated Reporting Council IFRS International Financial Reporting Standards ISAE International Standard on Assurance Engagements ISO International Organization for Standardization ISSB International Sustainability Standards Board IUCN International Union for Conservation of Nature KPI key performance indicator NGO non-governmental organization REACH Registration, Evaluation, Authorisation and Restriction of Chemicals Artificial intelligence (AI) A field and a technology that enables computer systems to perform tasks typically requiring human intelligence, such as learning, problem-solving, decision-making, and perception. It involves using algorithms and data to simulate reasoning, allowing machines to adapt and improve their performance over time without explicit programming for every scenario. Key components include machine learning, language understanding, and reasoning to generate outputs like predictions, content or decisions. Areas of public concern Areas of negative press coverage or topics representing a reputational risk to the company based on their region, sector or activities. Assurance The methods and processes employed by an assurance provider to evaluate an organization’s public disclosures about its performance, underlying systems, data and processes against suitable criteria and standards. Assurance includes the communication of the results of the assurance process in an assurance statement to increase the credibility of public disclosure. External assurance Assurance performed by a person from an organization independent of the company. Limited assurance A level of assurance that provides the user of the report with a lower level of comfort (compared to reasonable assurance) that the subject matter is not materially misstated. Reasonable assurance A level of assurance that provides the user of the report with as high a degree of comfort as is possible for an assurance provider to provide that the subject matter is not materially misstated, in line with financial auditing standards. Case study In the context of a sustainability report, a narrative description (that quantified evidence may support) of an aspect of the sustainability strategy in action to allow the reader to understand the impacts and effects of the strategy. Combined report A report that merges the contents of a sustainability report (i.e., environmental and social disclosure) with a traditional annual report (i.e., financial disclosure); sustainability information is generally only part of a designated chapter of the combined report. Design concept Overall approach governing design of the report and reflecting the report content. Double materiality / Double materiality assessment (DMA) A process used by organizations to determine the financial materiality (or “inward” impact, i.e., impact on the business) and the impact materiality (or “outward” impact, i.e., the impact a business has on society and the environment) of sustainability-related topics. A topic is material from either an impact materiality or financial materiality perspective, or both. Dynamic materiality The “dynamic” aspect of materiality means that topics can become more or less material over time. Furthermore, a topic can move from being financially material to impact material, and vice versa. Enterprise risk management The consideration of risk from the overall organizational perspective. With enterprise risk management, a company considers all types of uncertainty from all parts of the organization. The objective of consolidating information on risks is to allow consistent decision-making across all risk categories. Regulators are increasingly expecting organizations to take an integrated approach to governance, risk and compliance. External environment Trends within the wider social, environmental, regulatory or economic context that might affect future strategy or performance. Megatrends Social, environmental and economic trends that go beyond specific industries. Examples might include climate change, demographic change, shifts in economics and politics, technological shifts, trust in globalization, consumption and values, water scarcity, land-use change and urbanization. Industry-specific trends Common trends in a specific industry. Examples might include customer requirements and preferences, issues affecting supply and demand. Regulatory trends Trends related to local, national or regional shifts in the regulatory context. Examples might be general – such as nutrition or package labeling, reporting requirements, workplace safety or well-being, human rights – or tied to specific legislation, such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), EU Emissions Trading System (ETS), Restriction of Hazardous Substances in Electrical and Electronic Equipment (RoHS), US Dodd-Frank Conflict Minerals, UK Modern Slavery Act, EU Non-Financial Reporting Directive, or the Indian Companies Act 2013 revisions. Formal engagement mechanisms Engagement mechanisms with stakeholders that go beyond the normal execution of standard functional operations within an organization. Examples include external expert panels, stakeholder forums or working groups, etc. Global Reporting Initiative (GRI) Standards Launched in October 2016, these replaced the G4 Guidelines and are the first global standards for sustainability reporting featuring a modular, interrelated structure. Historical context A description of how and why various initiatives came about and why they are important. This does not always mean specific dates – it can be narrative and based on factors that have led to different programs or activities. Impacts Direct Impacts arising from or at sources owned or controlled by the reporting entity. Indirect Impacts that are the consequence of the activities of the reporting entity but that arise from or at sources owned or controlled by another entity, e.g., further along in the supply chain or downstream in the value chain. Integrated report A concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to value creation in the short, medium and long term. An integrated report is prepared in accordance with the International Integrated Reporting Council (IIRC) International Integrated Reporting Framework. Internal audit The system of policies and procedures implemented by an organization to ensure its operations run effectively and that it complies with the law and all relevant regulations. International Integrated Reporting () Framework A framework developed by the International Integrated Reporting Council (IIRC) that applies principles and concepts focused on bringing greater cohesion and efficiency to the reporting process and adopting “integrated thinking” as a way of breaking down internal silos and reducing duplication. Key performance indicator (KPI) A quantifiable indicator that a company uses to measure and compare its performance on the material issues identified in terms of meeting specific targets and goals. Examples of indicator types: Input indicators: e.g., resources or people characteristics Output indicators: e.g., quantities and efficiency Process indicators: e.g., errors, non-compliances, audits Outcome indicators: e.g., behavior change or program outcomes Context indicators: e.g., relating to ecological boundaries/limits. Line of sight A description of the consistency and clarity of content presentation throughout the report. A clear line of sight should make a report easy to read and tie detailed content to the wider report narrative. Materiality assessment Different frameworks and jurisdictions have different interpretations of this concept. For our purposes, we look for an explanation of how an organization uses internal and external stakeholder input to determine key topics to address in their report. (see also ‘double materiality’ on page 53) Scope and boundaries Scope The range of material topics and reporting period covered by the report. Boundary The range of entities (e.g., subsidiaries, joint ventures, subcontracted operations, etc.) whose performance the report highlights. In setting the boundary for the report, an organization must consider the range of entities over which it exercises control (often referred to as the “organizational boundary” and usually linked to definitions used in financial reporting) and over which it exercises influence (often called the “operational boundary”). Targets Forward-looking, publicly disclosed goals, objectives or aspirations that an organization has committed to. Context-based targets A target framed in the wider social or environmental context. These most commonly link to science-based climate change targets aligned with the Paris Agreement. Other examples could include water targets based on local watersheds or biodiversity targets based on the International Union for Conservation of Nature (IUCN) red zones. Operational targets A target focused on incremental gains that an organization can achieve by working a little harder or a little smarter. These are typically year-on-year or medium-term targets. SMART targets Specific, measurable, achievable, relevant and time-bound targets. Stretch targets (long term) A target that an organization cannot achieve simply by working a little harder or a little smarter. To achieve a stretch target, people must invent new strategies, new incentives or entirely new ways of achieving their purpose. Tone of voice The communication style of the organization, i.e., formal or casual. Value chain The processes or activities carried out by a company that create value, e.g., production, input efficiencies, marketing, sales. Upstream Involves the early stages in the operations of a business or industry. It includes searching for and extracting raw materials. For example, sourcing raw materials characterizes the upstream process. Operations Involves processing the materials collected during the upstream stage into a finished or semi-finished product. Downstream Involves the sale and distribution of products made in the operations process of finished or semi-finished goods. Wireframe Also known as page schematics, is a skeletal framework for a report page or website. The wireframe should be consistent for similar pages in the report. About the research partners This project is a collaboration between WBCSD and Radley Yeldar. About WBCSD The World Business Council for Sustainable Development (WBCSD) is a global community of over 250 of the world’s leading businesses driving systems transformation for a better world in which 9+ billion people can live well, within planetary boundaries, by mid-century. Together, we transform the systems we work in to limit the impact of the climate crisis, restore nature and tackle inequality. We accelerate value chain transformation across key sectors and reshape the financial system to reward sustainable leadership and action through a lower cost of capital. Through the exchange of best practices, improving performance, accessing education, forming partnerships, and shaping the policy agenda, we drive progress in businesses and sharpen the accountability of their performance. Follow us on LinkedIn | wbcsd.org About Radley Yeldar We are an independent creative consultancy working to create a world that believes in business. For more than 35 years, our team of 180 experts has worked with multinationals, start-ups and public bodies to solve complex challenges through a unique blend of technical expertise, compelling communications and standout creative. As an integrated communications agency with leading sustainability expertise, we combine inspiration with evidence to create belief among all audiences. We help our clients define their strategy, bring it to life and report credibly. www.ry.com Follow us on X and LinkedIn Project team WBCSD team Lead authorsClaire KruyshaarGiuliana De RosaKatia Bonga Research and analysis Julien PeracinMin ZhangRyan de VilliersStefan RotsTimothy TrumblyUmang Sodhi Project oversightEmily GradyUta Jungermann Radley Yeldar team Sustainability Strategist Luke Davies Sustainability Analyst Anouk Gochard Lezebot Sustainability Project Managers Kat CampbellElla Gibbon Graphic Designers Jamie GormanHeather Chandler ArtworkerSophie McDonald We would like to thank RepRisk, a Swiss-based data science company that serves clients worldwide, helping them identify and monitor environmental, social and governance (ESG) and business conduct risks in their day-to-day business relationships, investments and operations. They provided us with complimentary access to their RepRisk ESG Risk Platform to help us more consistently flag issues of public concern for our members. Disclaimer This publication is released in the name of WBCSD. It does not, however, necessarily mean that every member company agrees with every word. This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this publication and, to the extent permitted by law, WBCSD, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this. Copyright © WBCSD November 2025. 1 Criteria updates While the assessment framework remained largely the same this year, we have refined our internal methodology for evaluating criteria based on insights from previous years and feedback from our members and Global Network partners: Materiality – provided more specifics on indicators for outward and inward impacts and risk integration; Balance – added more detail to the evaluation of visual disclosures; Sustainability governance – provided more specifics on board expertise and training and on remuneration; Targets and commitments – revised to align with the enhanced Membership Criteria on Climate and Nature; Impact – was not assessed this year due to inconclusive results. We are revisiting the application of the criterion as part of a wider framework review for the coming years. 2 Advisory Group We continued to work with an Advisory Group of members to guide and support us in the development of the annual publication and to provide strategic direction for the evolution of Reporting Matters in the future (see more on page 7). 3 Research We invited all members to submit their fullest source of sustainability information for this year’s assessment cycle. In total, we systematically reviewed 185 sustainability reports, combined reports and self-declared integrated reports against our framework. We include the results and findings in this publication. Each review underwent a quality assurance process to ensure completeness, objectivity, fairness and consistency. 4 Analysis This year’s publication draws out insights, trends and developments from these reviews and features examples of good practice for each indicator assessed. In selecting good practice examples, we aim to showcase companies from diverse geographies and sectors and to avoid repeating companies previously used to enhance the relatability of the examples. 5 Publication This edition of Reporting Matters offers an overview of reporting trends in the WBCSD membership, highlighting areas of progress and improvement. We have designed our recommendations to inspire companies to enhance their reporting processes by showcasing examples of good practices and identifying notable trends. In consideration of the shift to mandatory requirements and wide variations in reporting requirements that companies are adjusting to, we decided not to feature top performers in this year’s publication. We will reconsider this in the future. 6 Engagement We complement this publication by providing all assessed member companies with confidential, personalized dashboards. These dashboards include scores, analysis and comparisons by region and super-sector. We also offer personalized, virtual feedback sessions from July through mid-December. These sessions aim to explain the underlying criteria and provide targeted feedback to members. Additionally, we occasionally share anonymousaggregated data with partner organizations to support the development of white papers, research and policy initiatives. About the team The development of Reporting Matters is a joint effort between WBCSD and Radley Yeldar, with colleagues based in the Netherlands, Switzerland and the UK. Report As in the previous three years, we are continuing to produce a digital-only version of the publication with enhanced interactivity features. More recently, we have innovated to also produce an interactive online experience separate from the PDF. Global Network We have continued our work with Global Network partners to use and apply the Reporting Matters framework and have provided both in-person and online training sessions. About the team The development of Reporting Matters is a joint effort between WBCSD and Radley Yeldar, with colleagues based in the Netherlands, Switzerland and the UK. Report As in the previous three years, we are continuing to produce a digital-only version of the publication with enhanced interactivity features. More recently, we have innovated to also produce an interactive online experience separate from the PDF. Global Network We have continued our work with Global Network partners to use and apply the Reporting Matters framework and have provided both in-person and online training sessions. About the team The development of Reporting Matters is a joint effort between WBCSD and Radley Yeldar, with colleagues based in the Netherlands, Switzerland and the UK. Report As in the previous three years, we are continuing to produce a digital-only version of the publication with enhanced interactivity features. More recently, we have innovated to also produce an interactive online experience separate from the PDF. Global Network We have continued our work with Global Network partners to use and apply the Reporting Matters framework and have provided both in-person and online training sessions.