The Italian Securities Commission (Consob) published its 2025 report on sustainability reporting by Italian listed companies, describing 2025 as a transition year and the first reporting year under the Corporate Sustainability Reporting Directive (CSRD) and mandatory European Sustainability Reporting Standards (ESRS). The report finds a continued strengthening of ESG integration into business models and governance, building on a trend observed since 2018. In 2025, 136 Italian companies listed on Euronext Milan published the new sustainability report, representing 69.4% of listed issuers and 97.1% by market capitalisation, compared with 150 companies publishing a non-financial statement in 2024 (72% of issuers and 97.2% by capitalisation). Based on a sample of 60 companies, the analysis is set against an evolving EU framework recently amended by the Omnibus I Directive, which reduced disclosure obligations and narrowed the scope of application. Companies expected to remain subject to the requirements from financial year 2027 show more structured reporting arrangements than those that may no longer be required, including wider use of internal procedures (57% vs 43%) and ESG or sustainability plans (73% vs 53%), alongside more frequent ESG integration in strategy (25% vs 18%) and executive remuneration policies (90% vs 67%). Stakeholder involvement in double materiality assessments is widespread (80% of the sample), with frequent participation by suppliers, employees and customers, and board involvement in over 93% of cases; while climate change is a priority for all sampled companies, only 13% report having a climate transition plan in place and 17% expect to adopt one. ESG-linked remuneration is also prevalent, with 78% of the sample integrating ESG factors into CEOs’ variable pay (90% among companies expected to remain within scope). Consob also added an annex reconstructing 2018–2024 trends using earlier reports on non-financial statements, highlighting increasing stakeholder and board involvement in materiality assessments, growth in sustainability committees, and a marked rise in ESG objectives within executive remuneration systems.
Italian Securities Commission (Consob) 2026-04-20
Italian Securities Commission reports 136 Euronext Milan issuers published CSRD-aligned sustainability reports in 2025
The Italian Securities Commission (Consob) published its 2025 report on sustainability reporting by Italian listed companies, calling 2025 a transition year and the first under the Corporate Sustainability Reporting Directive and mandatory European Sustainability Reporting Standards. The report notes broad uptake of the new reports, more structured ESG governance and remuneration practices among companies expected to remain in scope from 2027, and widespread stakeholder and board involvement in double materiality assessments, although climate transition plans remain limited. An annex covering 2018–2024 shows rising stakeholder and board engagement, more sustainability committees and greater integration of ESG objectives into executive pay.