September 2024
2024 Sustainability Reporting In Focus
New Research Shows 2023 Sustainability Reporting at Record Levels as U.S. Public Companies Prepare for Mandated Disclosure
Increases Continue in Both Large-Cap and Mid-Cap Companies; 87% of Smaller Half of Russell 1000® Report and S&P 500® Companies Approach 100%
Governance & Accountability Institute, Inc. (G&A) is pleased to share the 13th annual edition of our research series tracking sustainability reporting trends among the largest U.S. publicly traded companies. This year’s study highlights significant increases in reporting across both large-cap and mid-cap companies, as the U.S. regulatory landscape continues to evolve in response to global ESG reporting requirements.
Key Findings
A record 93% of Russell 1000 companies published a sustainability report in 2023 – an increase from 90% in 2022.
The smaller half by market cap of the Russell 1000 (mid-cap companies with approximately $2 billion-$4 billion in market cap) had the greatest increase in reporting in 2023, reaching 87% compared to 82% in 2022.
The larger half by market cap of the Russell 1000 (i.e., the S&P 500) are nearing 100% reporters with 98.6% publishing a report in 2023 – a slight increase from 98.2% in 2022.
SASB continued to be the most widely used sustainability standard, with 81% of Russell 1000 reporters aligning with SASB in 2023 – up from 78% in 2022.
GRI reporters remained fairly consistent among the Russell 1000 with an overall annual increase from 54% to 55% in 2023, with the increase being led by the smallest half of the Russell 1000 moving from 40% to 42% in 2023.
Alignment with TCFD continued to increase, with 60% of Russell 1000 reporters following TCFD recommendations in 2023, compared to 50% in 2022 and only 4% in 2019.
Summary
G&A’s 2024 Sustainability Reporting in Focus report confirms that U.S. companies are rapidly advancing their disclosure practices, with reporting nearing universality among large-cap firms and accelerating among mid-cap companies. Framework adoption continues to evolve, with SASB and TCFD seeing the fastest growth in alignment, while GRI reporting remains steady. For the first time, this year’s research also provides sector-specific analysis across all 11 GICS® sectors, offering deeper insight into industry-level reporting behavior. These findings underscore the strong momentum in ESG reporting and the importance of preparation as U.S. companies face forthcoming mandated disclosure requirements.
What You’ll Learn
This Trends Report provides critical insights into the state of sustainability reporting among U.S. public companies. You’ll learn how reporting rates differ across company sizes, which frameworks are most widely adopted, and how alignment with global standards is growing year over year. You’ll also gain an understanding of sector-specific reporting trends, equipping you with the knowledge needed to benchmark your company’s practices and prepare for the next wave of regulatory expectations.
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