Walk the talk : report of sustainability reporting performance in Finnish companies

Over the decades, sustainability reporting has become a well-established practice. However, there are concerns about sustainability disclosure being a mere talk – a means of strategic marketing disconnected from the actual practices. The purpose of this study is to outline the current stage of sustainability reporting for Finnish-listed companies and offer insights for future improvements. By examining 177 companies listed on the Helsinki Stock Exchange, we find that companies’ sustainability performance is disconnected from their sustainability commitments, with 89% of companies in the sample talking more than they walk.

Breakdown by size, Large Cap companies and Mid Cap companies outperform above the average in Talk and Walk dimensions while Small Cap companies and First North listings underperform below the average. We also identify the lack of assurance, the absence of sustainability-related policy follow-ups, few female presences in the Boardroom and executive management team, and the underrepresentation of sustainability executive in leadership.