The Spanish Securities Commission (CNMV) has published its annual report on supervision of listed companies’ sustainability information for the 2024 reporting period, summarising supervisory work and setting out areas where disclosures need improvement. It also identifies priority areas for the CNMV’s review of 2025 Non-Financial Information Statements or sustainability reports (EINF/IS), reflecting European Securities and Markets Authority (ESMA) priorities and adding a specific focus on climate transition plans. Of the 123 issuers that published a consolidated annual financial report, 99 included the EINF in the management report and 87 provided information on the EU environmental taxonomy. All EINF were subject to review, with a deeper substantive review of a selected set of companies, resulting in requests for additional information from 17 entities and recommendations to 16 for future sustainability reports; no issuer received a qualified verification report. While issuer responses generally completed required disclosures, the CNMV points to remaining gaps in business model and value-chain descriptions, materiality assessment processes and resulting impacts, risks and opportunities, confirmation that report scope matches the consolidated financial statements, ESRS-aligned structure and readability, KPI comparatives and methodologies, climate disclosures (including Scope 3 emissions) and transition-plan reporting, Taxonomy Regulation Article 8 disclosures, and internal control systems for sustainability information (SCIIS). In supervising 2025 reports, ESMA and European national supervisors will focus on materiality under the European Sustainability Reporting Standards (ESRS) and on the scope and structure of sustainability reports, alongside continued emphasis on connectivity between financial and sustainability information. The CNMV indicates that during 2026 it will pay particular attention to these areas and to climate transition plan disclosures.

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