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Sustainability Reporting: Is Convergence Possible?

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  • Hervé Stolowy
  • Luc Paugam

Abstract

In this essay, we discuss the factors influencing the likelihood of convergence in corporate sustainability reporting. We identify several factors that negatively influence the probability of convergence in the short term. The first factor is the heterogeneity of concepts and definitions surrounding sustainability (e.g. ESG, CSR). This heterogeneity of definitions is pervasive at three levels: (1) across organizations claiming legitimacy in sustainability reporting standard-setting, (2) within standard-setting organizations over time, and (3) across firms reporting about their activities. A second factor is the large number of organizations claiming legitimacy in sustainability reporting. A third factor is related to a diversity of reporting requirements among three influential international standard setters (i.e. EFRAG, ISSB, SEC), leading to various corporate reporting choices. A fourth factor is the diversity in the objectives of standard-setting organizations. Overall, we believe that due to these sources of diversity, the probability of convergence in sustainability reporting appears limited, at least in the short term, although we identify progress in carbon emissions reporting.

Suggested Citation

  • Hervé Stolowy & Luc Paugam, 2023. "Sustainability Reporting: Is Convergence Possible?," Accounting in Europe, Taylor & Francis Journals, vol. 20(2), pages 139-165, May.
    • Handle: RePEc:taf:acceur:v:20:y:2023:i:2:p:139-165
    DOI: 10.1080/17449480.2023.2189016
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    Cited by:

    1. Francesca Francioli & Alessandra Lardo & Raffaele Fiume, 2023. "Dialogue with standard setters. The creation of the International Sustainability Standards Board: Evidence from the steps undertaken by the IFRS Foundation for Sustainability Reporting," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2023(2), pages 123-136.

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