The significance of sustainability reporting is on the rise within organizational contexts due to its capability to enable organizations to effectively communicate their Environmental, Social, and Governance (ESG) performance to stakeholders. This reporting approach aids organizations in the recognition and handling of risks and opportunities related to sustainability, while also allowing stakeholders to ensure organizational accountability for sustainability performance. As per the definition provided by the Global Reporting Initiative (GRI) in 2021, sustainability reporting refers to the practice of quantifying, revealing, and assuming responsibility for an organization's economic, environmental, and social performance. (GRI, 2021). The approval of the Corporate Sustainability Reporting Directive (CSRD) by the European Commission on November 28th, 2022 serves as evidence of the significance attributed to sustainability reporting. The introduction of the CSRD marks a significant milestone in the realm of sustainability reporting, as it is projected to expand the scope of reporting organizations to encompass all large companies and companies listed on regulated markets (with the exception of listed micro-enterprises). This expansion is expected to increase the number of reporting entities from approximately 10,000, as stipulated by the Non-Financial Reporting Directive, to around 50,000 (NFRD) (KPMG, 2022). In compliance with the Corporate Sustainability Reporting Directive, companies are mandated to adopt recognized sustainability reporting standards, such as the Global Reporting Initiative (GRI) Standards or the Sustainability Accounting Standards Board (SASB) Standards. To facilitate this requirement, the European Financial Reporting Advisory Group (EFRAG), an independent organization that provides guidance to the European Commission on financial reporting matters, has developed the European Sustainability Reporting Standards (ESRS). The ESRS encompasses a comprehensive set of guidelines for sustainability reporting, establishing a framework that enables companies to consistently and comparably report on their sustainability performance. Unlike the GRI approach, which necessitates companies to report on non-financial information that is material to their business based on a single-materiality perspective, the ESRS adheres to the principle of double materiality. This implies that companies are obligated to report on both financial and non-financial information that is material to their business, ensuring a comprehensive and holistic portrayal of their sustainability performance. (EFRAG, 2022). Further investigation is required to advance our understanding of how ecological and social materiality are conceptualized and put into practice, as well as how various stakeholder groups utilize this information [50]. Due to the escalating regulations surrounding sustainability matters, organizations are compelled to ensure compliance with heightened standards. The objective of this dissertation is to assess the potential impact of implementing the double materiality principle, as introduced by the ESRS, on the perceived importance of sustainability topics by both companies and stakeholders. To conduct the materiality analysis, an online questionnaire will be administered to a panel of 27 experts specializing in sustainability. The obtained results will be thoroughly examined, consolidated, presented, and discussed to demonstrate their relevance within the framework established by the CSRD.
La rilevanza della rendicontazione sulla sostenibilità è in crescita nei contesti organizzativi grazie alla sua capacità di consentire alle organizzazioni di comunicare efficacemente le loro performance Ambientali, Sociali e di Governance (ESG) agli stakeholder. Questo approccio alla rendicontazione aiuta le organizzazioni nel riconoscimento e nella gestione dei rischi e delle opportunità legati alla sostenibilità, consentendo anche agli stakeholder di assicurarsi della responsabilità organizzativa per le performance in materia di sostenibilità. Secondo la definizione fornita dall'Global Reporting Initiative (GRI) nel 2021, la rendicontazione sulla sostenibilità si riferisce alla pratica di quantificare, rivelare e assumersi la responsabilità delle performance economiche, ambientali e sociali di un'organizzazione (GRI, 2021). L'approvazione della Corporate Sustainability Reporting Directive (CSRD) da parte della Commissione Europea il 28 novembre 2022 costituisce una prova della rilevanza attribuita alla rendicontazione sulla sostenibilità. L'introduzione della CSRD segna una pietra miliare significativa nel campo della rendicontazione sulla sostenibilità, poiché è previsto che espanderà la portata delle organizzazioni che rendono conto per includere tutte le grandi aziende e le società quotate nei mercati regolamentati (ad eccezione delle microimprese quotate). Ci si aspetta che questa espansione aumenterà il numero di entità che rendono conto da circa 10.000, come stabilito dalla Non-Financial Reporting Directive, a circa 50.000 (NFRD) (KPMG, 2022). In conformità con la Corporate Sustainability Reporting Directive, le aziende sono obbligate ad adottare standard riconosciuti di rendicontazione sulla sostenibilità, come i Global Reporting Initiative (GRI) Standards o i Sustainability Accounting Standards Board (SASB) Standards. Per facilitare questo requisito, l'European Financial Reporting Advisory Group (EFRAG), un'organizzazione indipendente che fornisce orientamenti alla Commissione Europea in materia di rendicontazione finanziaria, ha sviluppato gli European Sustainability Reporting Standards (ESRS). Gli ESRS comprendono un insieme completo di linee guida per la rendicontazione sulla sostenibilità, stabilendo un quadro che consente alle aziende di rendere conto in modo coerente e comparabile delle loro performance in materia di sostenibilità. A differenza dell'approccio del GRI, che richiede alle aziende di rendere conto delle informazioni non finanziarie rilevanti per la loro attività basandosi su una prospettiva di materialità singola, gli ESRS aderiscono al principio della doppia materialità. Ciò implica che le aziende sono obbligate a rendere conto sia delle informazioni finanziarie che non finanziarie rilevanti per la loro attività, garantendo una rappresentazione completa e olistica delle loro performance in materia di sostenibilità (EFRAG, 2022). È necessaria un'ulteriore indagine per approfondire la comprensione di come la materialità ecologica e sociale sia concepita e messa in pratica, nonché come vari gruppi di stakeholder utilizzino queste informazioni. A causa dell'incremento delle normative in materia di sostenibilità, le organizzazioni sono costrette a garantire la conformità a standard più elevati. L'obiettivo di questa tesi è valutare l'impatto potenziale dell'implementazione del principio della doppia materialità, introdotto dagli ESRS, sull'importanza percepita dei temi legati alla sostenibilità sia da parte delle aziende che degli stakeholder. Per condurre l'analisi di materialità, verrà somministrato un questionario online a un panel di 27 esperti specializzati in sostenibilità. I risultati ottenuti saranno esaminati attentamente, consolidati, presentati e discussi per dimostrarne la rilevanza all'interno del quadro stabilito dalla CSRD
ANALISI DI MATERIALITÀ: UNA PANORAMICA DEI PRINCIPALI SVILUPPI PER VALUTARNE L'EFFICACIA
PIATTI, MATTEO
2022/2023
Abstract
The significance of sustainability reporting is on the rise within organizational contexts due to its capability to enable organizations to effectively communicate their Environmental, Social, and Governance (ESG) performance to stakeholders. This reporting approach aids organizations in the recognition and handling of risks and opportunities related to sustainability, while also allowing stakeholders to ensure organizational accountability for sustainability performance. As per the definition provided by the Global Reporting Initiative (GRI) in 2021, sustainability reporting refers to the practice of quantifying, revealing, and assuming responsibility for an organization's economic, environmental, and social performance. (GRI, 2021). The approval of the Corporate Sustainability Reporting Directive (CSRD) by the European Commission on November 28th, 2022 serves as evidence of the significance attributed to sustainability reporting. The introduction of the CSRD marks a significant milestone in the realm of sustainability reporting, as it is projected to expand the scope of reporting organizations to encompass all large companies and companies listed on regulated markets (with the exception of listed micro-enterprises). This expansion is expected to increase the number of reporting entities from approximately 10,000, as stipulated by the Non-Financial Reporting Directive, to around 50,000 (NFRD) (KPMG, 2022). In compliance with the Corporate Sustainability Reporting Directive, companies are mandated to adopt recognized sustainability reporting standards, such as the Global Reporting Initiative (GRI) Standards or the Sustainability Accounting Standards Board (SASB) Standards. To facilitate this requirement, the European Financial Reporting Advisory Group (EFRAG), an independent organization that provides guidance to the European Commission on financial reporting matters, has developed the European Sustainability Reporting Standards (ESRS). The ESRS encompasses a comprehensive set of guidelines for sustainability reporting, establishing a framework that enables companies to consistently and comparably report on their sustainability performance. Unlike the GRI approach, which necessitates companies to report on non-financial information that is material to their business based on a single-materiality perspective, the ESRS adheres to the principle of double materiality. This implies that companies are obligated to report on both financial and non-financial information that is material to their business, ensuring a comprehensive and holistic portrayal of their sustainability performance. (EFRAG, 2022). Further investigation is required to advance our understanding of how ecological and social materiality are conceptualized and put into practice, as well as how various stakeholder groups utilize this information [50]. Due to the escalating regulations surrounding sustainability matters, organizations are compelled to ensure compliance with heightened standards. The objective of this dissertation is to assess the potential impact of implementing the double materiality principle, as introduced by the ESRS, on the perceived importance of sustainability topics by both companies and stakeholders. To conduct the materiality analysis, an online questionnaire will be administered to a panel of 27 experts specializing in sustainability. The obtained results will be thoroughly examined, consolidated, presented, and discussed to demonstrate their relevance within the framework established by the CSRD.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
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https://hdl.handle.net/20.500.14239/3674