November 15, 2023
2023 Sustainability Reporting In Focus
New Research Shows Mid-Cap U.S. Public Companies Closing Sustainability Reporting Gap in 2022
82% of Smallest Half of Russell 1000® Published ESG Reports; Record 98% of S&P 500® Companies and 90% of Total Russell 1000 Companies
Governance & Accountability Institute, Inc. (G&A) is pleased to share the 12th annual edition of our research series tracking sustainability reporting trends among the largest U.S. publicly traded companies. This year’s findings reveal strong growth in reporting across both large-cap and mid-cap companies, underscoring the continued mainstreaming of ESG disclosure in the U.S. capital markets.
Key Findings
Large-cap companies in the S&P 500 approached 100% reporting, with a record 98% publishing sustainability reports in 2022.
Mid-cap companies, which make up the smallest half by market cap of the Russell 1000, continue to close the reporting gap with 82% publishing reports in 2022, up from 68% in 2021.
Companies in the total Russell 1000 Index had a record 90% publishing reports in 2022, up from 81% in 2021.
Alignment with TCFD continued to grow rapidly, now utilized by 50% of Russell 1000 reporters in 2022 compared to just 4% in 2019.
SASB remained the most widely-used sustainability standard among the Russell 1000, utilized by 78% of reporters in 2022, while alignment with GRI remained consistent at 54%.
Summary
G&A’s 2023 Sustainability Reporting in Focus research shows a narrowing of the sustainability reporting gap between mid-cap and large-cap companies. Mid-cap firms in the Russell 1000 made major strides in 2022, with more than four in five now publishing ESG reports. Large-cap firms in the S&P 500 remain nearly universal reporters, while the Russell 1000 overall reached 90% reporting. Standards adoption also continued to advance, with SASB leading, TCFD adoption accelerating, and GRI reporting holding steady. These results provide a clear picture of the rapid expansion and normalization of sustainability reporting across U.S. public companies.
What You’ll Learn
This Trends Report equips readers with an understanding of how sustainability reporting practices are evolving across the Russell 1000 and S&P 500. You’ll learn how reporting rates differ by company size, which disclosure frameworks are being most widely adopted, and how alignment with global standards like TCFD and SASB is growing. You’ll also gain insight into sector-level behavior and assurance practices, helping you benchmark your company’s progress against peers and prepare for rising investor and regulatory expectations.
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