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Report 2022 on non-financial reporting of Italian listed companies


Report 2022 on non-financial reporting of Italian listed companies

The Report analyses the evidence on the implementation of the Directive 2014/95/EU, transposed in Italy by the Legislative Decree no. 254/2016, also with the aim of highlighting the progressive cultural change triggered by the consideration of sustainability into the corporate decision-making process. ... more




Compliance with obligations on non-financial reporting can trigger a cultural transformation of corporate decision-making process that can be traced back to three phases: Awareness, Capabilities, Engagement. In this Report, the first two phases are identified through the analysis of NFSs, corporate governance reports, guidelines for board renewal and reports on remuneration policy and remuneration paid, while the third stage is appraised through the examination of the abstracts of Strategic plans. ... more


The Report includes an Addendum in Section 4 with the results of the analysis about the first year of application of the disclosure requirements under Article 8 of the Taxonomy Regulation, based on the NFSs published in 2022 by the 145 Italian companies with listed ordinary and savings shares. ... more


The Report was prepared by:
Nadia Linciano (coordinator) - CONSOB, Head of the Research Department (
Angela Ciavarella - CONSOB, Corporate Governance Department (
Giovanna Di Stefano - CONSOB, Research Department (
Ilaria Fabbiani - CONSOB, Corporate Governance Department (
Lucia Pierantoni - CONSOB, Research Department (

The authors wish to thank Livia Piermattei (Senior Advisor Methodos; Board Advisor for a Sustainable Success; Nedcommunity) for her methodological hints and Susanna Gruttadauria and Alessio Mastroianni for their assistance in the analysis of the data.

The opinions expressed in this Report are the authors’ personal views and are in no way binding on Consob. All rights reserved. Reproduction for scholarly and non-commercial use permitted on condition that the source is cited.


Full text [PDF format]
Time series of data [excel format]


ISSN 2784-8809 [online]