The Spanish Securities Commission (CNMV) issued its annual report on supervision of issuers’ 2023 Non-Financial Information Statements (EINF), summarising review work and highlighting recurring areas where disclosures need to improve. It also sets out the priority topics it will focus on when supervising EINF and sustainability reporting for the next cycle. The report covers EINF filed by issuers with securities admitted to trading on EU regulated markets. Of 124 issuers that published a consolidated annual financial report, 99 included an EINF in the management report and 85 provided information on the EU environmental taxonomy. CNMV applies a two-tier approach, with a formal review of all EINF and deeper substantive reviews for selected companies; this led to requests for additional information from 17 entities and recommendations to 15 for future sustainability reports. Most assurance providers limited their work to legally required information, and only one issuer’s verification report included qualifications. Key improvement areas identified include describing strategy, business model and value chain to contextualise impacts, risks and opportunities; explaining the materiality assessment process; clarifying the EINF reporting perimeter and any value-chain coverage; showing KPI evolution and linkage to targets; strengthening climate disclosures (including Scope 3 carbon footprint, climate targets and consistency across the EINF and IFRS financial statements); and improving disclosures under Article 8 of the EU Taxonomy Regulation, which generated the most CNMV supervisory actions. For the upcoming review of 2024 sustainability reports, ESMA and national European supervisors will prioritise materiality under the European Sustainability Reporting Standards (ESRS), the scope and structure of sustainability reports, and Article 8 taxonomy disclosures, alongside consistency between financial and sustainability information. CNMV adds a further priority on disclosures about internal control systems and sustainability risk management.
Spanish Securities Commission (CNMV) 2025-04-07
Spanish Securities Commission publishes 2023 non-financial reporting supervision report and sets priorities for reviewing 2024 sustainability disclosures
The Spanish Securities Commission (CNMV) released its annual report on the supervision of 2023 Non-Financial Information Statements (EINF), highlighting disclosure improvement areas and future supervision priorities. The report reviewed 124 issuers, with 99 including an EINF and 85 providing EU environmental taxonomy information, leading to additional information requests from 17 entities. Key improvement areas include strategy description, materiality assessment, climate disclosures, and Article 8 of the EU Taxonomy Regulation.