A review of leading UK companies in the FTSE 350

Excellence in sustainability reporting

2024 - the 16th year in which we have conducted our sustainability reporting review of FTSE 350 companies - may come to be considered the last year of voluntary based reporting. We stand on a launch pad that will transform ESG reporting over the next few reporting cycles.

89%

Describe how their key business activities link to sustainability
69%

Feature sustainability as a key pillar of their corporate strategy
28%

Reference new environmental regulations/standards including CSRD and ISSB
25%

Have considered double materiality in their materiality assessment

The impact of the Corporate Sustainability Reporting Directive (CSRD) will not only drive the reporting requirements - and wider business transformation - for those directly impacted, but it will also create a new bar in the level and depth of what good, materiality-based, performance-driven and independently assured reporting will look like. Reporting leaders are embracing this change, taking a more strategic approach to their sustainability reporting and seeking innovative solutions to new reporting challenges.

“With sustainability reporting set to become even more voluminous, zeroing in on the things that really matter has never been more important.”

_{Alan McGill

Global Sustainability Reporting and Assurance Partner, PwC UK}

Key themes shaping sustainability reporting in 2024

Double Materiality Assessment (DMA): from talking the talk to walking the walk

A number of organisations mention the concept of Double Materiality, but there are only a few examples where the process and output have been well described in this year’s reporting. We will expect to see much more of this over the next reporting cycle. Furthermore it will be interesting to see how this impacts on any changes in companies’ performance reporting.

Nature: an emerging area of focus

The application of the Taskforce on Nature-related Financial Disclosures (TNFD) in this years’ reports was relatively light, but we expect this to expand over the next few years. The ISSB recently announced that their future priorities will include disclosures over risks and opportunities associated with biodiversity, ecosystems and ecosystem services so we should expect to see further development in this area over the medium term.

Net Zero Transition Plans: the gold standard

Leading reporters are disclosing transition plans aligned to the UK’s Transition Plan Task-force’s (TPT) Disclosure Framework, and we expect this to substantially increase over the next few reporting cycles. The TPT’s disclosure framework compliments and builds upon the four pillars and 11 recommendations from the Task force on Climate-related Financial Disclosures (TCFD).

“Taking a strategic approach to sustainability reporting is critical so you can tap into your potential, understand risks, and create value.”

_{Sam Preece

Sustainability Reporting Partner, PwC UK}

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Contact us

Alan McGill

Partner, PwC United Kingdom

Tel: +44 (0)7711 915663