Consequences of sustainability reporting mandates: evidence from the EU taxonomy regulation

Figures & data

Table 1. Sample description of the interviews.

Interviewee	Role	Industry	Interview type and duration	No. of pages of interview transcript
A: Companies subject to the EU Taxonomy
A1	Finance Expert and Sustainability Expert	Consumer Goods	Online, 56 min	21
A2	Sustainability Expert	Transportation	Online, 40 min	15
A3	Finance Expert	Information Technology	Face to face, 39 min	19
A4	Sustainability Expert	Construction	Online, 45 min	18
A5	Finance Expert	Energy	Online, 40 min	15
A6	Sustainability Expert	Energy	Online, 39 min	13
B: Financial companies
B1	Sustainability Expert		Online, 33 min	16
B2	Sustainability Expert		Online, 29 min	13
B3	Sustainable Finance		Online, 46 min	17
B4	Member on the board of directors		Online, 42 min	16
C: Auditing companies
C1	Sustainability & Tax Partner		Online, 42 min	17
C2	Senior Associate CSR		Face to face, 36 min	16
C3	Senior Manager		Online, 50 min	22
C4	Managing Partner		Online, 39 min	15
D: NGOs
D1	Policy Advisor (Sustainable Finance)		Online, 44 min	17
D2	Sustainability Management		Online, 34 min	11
D3	Campaigner for Climate Protection and Energy		Online, 20 min	8
D4	Green Investment, Gender and Diversity		Online, 24 min	10
D5	Policy Officer		Online, 47 min	18

Table 2. Disclosure index with scoring and reference.

Disclosure item	Scoring	Description Scoring	Reference*
1. Key performance indicators
1.1 Turnover	0; 1	0: KPI not disclosed 1: KPI disclosed	1.1.1
1.2 CapEx	0; 1		1.1.2
1.3 OpEx	0; 1		1.1.3
2. Description of numerator
2.1 Turnover	0; 0.5; 1	0: Numerator not described 0.5: Numerator only verbally described 1: Numerator verbally and quantitatively described	1.1.1
2.2 CapEx	0; 0.5; 1		1.1.2.2
2.3 OpEx	0; 0.5; 1		1.1.3.2
3. Description of denominator
3.1 Turnover	0; 0.5; 1	0: Denominator not described 0.5: Denominator only verbally described 1: Denominator verbally and quantitatively described	1.1.1
3.2 CapEx	0; 0.5; 1		1.1.2.1
3.3 OpEx	0; 0.5; 1		1.1.3.1
4. Description of economic activities
4.1 Turnover	0; 0.5; 1	0: Economic activities not described 0.5: Economic activities only verbally described 1: Economic activities verbally and quantitatively described	1.2.2.1.b
4.2 CapEx	0; 0.5; 1		1.2.2.1.b
4.3 OpEx	0; 0.5; 1		1.2.2.1.b
5. Reference to financial reporting
5.1 Turnover	0; 0.5; 1	0: No reference to financial reporting 0.5: General reference to financial reporting 1: Specific reference to financial reporting	1.2.1
5.2 CapEx	0; 0.5; 1		1.2.1
5.3 OpEx	0; 0.5; 1		1.2.1
6. Double counting
6.1 Avoidance of double counting	0; 0.5; 1	0: No information 0.5: General statement that double counting was avoided 1: Description of the methodology to ensure the avoidance of double counting	1.2.2.1.c

* Appendix I of delegated regulation (EU) 2021/2178 (European Commission, 2021b).

Figure 1. Overview of taxonomy-related disclosure rates.

Table 3. Results of the quantitative content analysis.

		Disclosure rate				Number of companies
		Mean	MD	SD	n	Score of "0"	Score of "0.5"	Score of "1"
Total disclosure rate		63%	59%	18%	45
By disclosure items:
1. Key performance indicators
1.1	Turnover	100%	100%	0%	45	0	0	45
1.2	CapEx	100%	100%	0%	45	0	0	45
1.3	OpEx	98%	100%	15%	45	1	0	44
2. Description of numerator
2.1	Turnover	55%	50%	37%	40	9	18	13
2.2	CapEx	48%	50%	36%	45	13	21	11
2.3	OpEx	48%	50%	36%	42	12	20	10
3. Description of denominator
3.1	Turnover	46%	50%	41%	40	15	13	12
3.2	CapEx	60%	50%	27%	45	3	30	12
3.3	OpEx	48%	50%	27%	42	7	30	5
4. Description of economic activities
4.1	Turnover	64%	100%	42%	40	10	9	21
4.2	CapEx	50%	50%	45%	45	18	9	18
4.3	OpEx	49%	50%	44%	42	17	9	16
5. Reference to financial reporting
5.1	Turnover	84%	100%	32%	40	4	5	31
5.2	CapEx	69%	100%	40%	45	9	10	26
5.3	OpEx	44%	25%	47%	42	21	5	16
6. Double counting
6.1	Avoidance of double counting	40%	50%	43%	45	22	10	13

This table provides an overview of the results from the quantitative content analysis for the reporting year 2021. The results relate to taxonomy eligibility (not taxonomy alignment).

European Commission. (2021b). Commission Delegated Regulation (EU) of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation. Delegated Regulation (EU) 2021/2178. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri = CELEX:32021R2178.

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