In 2024, the Corporate Sustainability Reporting Directive (CSRD) and the associated European Sustainability Reporting Standards (ESRS) were applied for the first time to large public interest entities within the European Union.

In this study, observations have been compiled from Deloitte’s review of CSRD reports, covering 22 large Finnish listed entities, leveraging our expertise in identifying common issues within the reporting framework. Additionally, insights and recommendations on the highlighted topics have been included in this report, with the aim of assisting companies in their next reporting cycle in 2025.

The objective was to observe how the new standards have been adopted by the first wave of adopters in Finland and to identify differences, trends, and similarities in the reports.

The ESRS consists of 2 cross-cutting and 10 topical standards, with the cross-cutting standards being mandatory for all companies. The other topics are reported based on the outcome of the company’s double materiality assessment.

Key findings  

• Companies are reporting in accordance with the CSRD and ESRS for the first time, and we are pleased to see high-quality and well-structured reports.
• As anticipated, all companies assessed in this benchmark have identified E1 and S1 as material topics. Only one company did not consider G1 to be material. E5 (Resource Use and Circularity) was assessed as material by more than 90% of the companies.
• In general, phase-ins are widely utilised, allowing for even higher quality reporting and additional information to support the decision-making of report users in the coming years.
• It is evident that CSRD reports are providing stakeholders with greater access to the real actions of companies driving their strategic sustainability vision and more comprehensive sustainability data. Increased transparency due to CSRD reporting is crucial to prevent greenwashing, ensuring that companies provide accurate information about their sustainability practices and impacts.

Next steps

• While this is a promising start for CSRD reporting, several areas require further development in the coming years.
• Firstly, multiple specific datapoints need to be addressed in future reporting years, especially as phase-ins are widely used. Overall, work towards a more sustainable future requires broader actions.

If you would like to discuss how these findings could apply to your organisation, let us know.