The future of corporate reporting

For most of the twentieth century, an annual report was a printed book. It had a cover, a chairman’s letter, a set of audited financial statements, and a fixed audience: shareholders and regulators. That model seems to be nearing retirement. What most probably will be replacing it is something more trustworthy and useful: a continuously updated, multi-stakeholder, multi-format, structured data product that happens to take the visual form of a report once a year.

From a printed book to a continuous, structured data flow

EVOLUTION Reporting has moved from print to PDF to structured data. Each transition changed the audience and the production process.

The transition from print to PDF in the mid-1990s preserved the underlying logic of the report: a static, paginated artefact designed for human visual consumption. ⁴

The current transition is different. Structured digital reporting changes the annual report from a document designed primarily for reading into information that can also be easily accessed and processed by digital systems.

This means that the annual report is no longer just a single document published once a year. The same underlying information can be used across different formats and channels, for different audiences. Investors, regulators, ESG data providers and, increasingly, AI systems can access and analyse this information alongside the people who read the report itself.

The human report still matters: design, storytelling and data visualisation

STORYTELLING Structure serves the machine. Design, narrative and data visualisation are how the report still earns a human audience.

The shift to structured, machine-readable data can make it sound as though the designed report is becoming obsolete. The opposite is closer to the truth. As filings turn into commodified data, the parts that remain distinctively human: a clear narrative, a well-chosen chart, an honest photograph willbecome more, not less, valuable. The first year of CSRD reporting is a cautionary example: across 200 first-time reports the average sustainability statement ran to 123 pages, yet reviewers concluded that many fulfil compliance requirements rather than communicate meaningfully. ²⁰

Research covering three decades of corporate reporting shows that visuals such as graphs, infographics, diagrams and photographs have become an important way to explain complex information and show how a company creates value. At the same time, visuals need to be used carefully. They can make information clearer, but can also emphasise positive messages or distract from less favourable information. This is why researchers argue that visual communication should be considered more explicitly in reporting guidance. ¹⁹

Annual report design has also evolved significantly over the past two decades. Reports are increasingly designed for digital use, with greater emphasis on clear storytelling, visualisation, accessibility and interactive content. ²¹

However, there is still considerable room for improvement. A European study found that while 98% of large companies published their sustainability strategy online, only 59% supported it with concrete case studies. This contrasts with the 84% of investors who consider such examples important when assessing a company. Similarly, only one third of first time CSRD reporters used visuals to explain their materiality process. ²²

Structured data and effective communication can reinforce each other. The same structured information can be used in an interactive online report, with features such as charts, trends and content tailored to different audiences. This makes information easier to access and explore than in a static PDF.

A well designed digital report therefore serves both machines and people. It provides structured information that can be processed by AI systems, regulators and analysts, while presenting the same information in a clear and engaging way for investors, employees and other stakeholders.

   “Structured data answers the machine. Design and story are still how the report answers the human.”    

Financial and non-financial reporting are converging

CONVERGENCE ESG used to sit beside the financial statements. It is now being absorbed into the same legal, technical and assurance infrastructure.

Sustainability reporting was once a voluntary exercise structured by frameworks like the Global Reporting Initiative (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD). ⁶

That world is rapidly disappearing. In the European Union, the Corporate Sustainability Reporting Directive (CSRD), operationalised through twelve European Sustainability Reporting Standards (ESRS), now imposes detailed sustainability disclosure on thousands of public interest entities. ²

This shift is also becoming visible in regulatory oversight. Sustainability reporting is increasingly subject to the same scrutiny as financial reporting. By the end of 2025, the sustainability statements of around 2,000 issuers were within the scope of European enforcement. ¹

Globally, the same trend is visible. Sustainability information is increasingly becoming part of mainstream corporate reporting, although the pace and regulatory approach differ by jurisdiction.

The International Sustainability Standards Board (ISSB) was established by the IFRS Foundation and strengthened through the consolidation of the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation (VRF) in 2022. The ISSB has since issued IFRS S1 and IFRS S2, creating a global baseline for sustainability related financial disclosures.

The consolidation also brought the Integrated Reporting (<IR>) Framework under the IFRS Foundation. The framework promotes integrated thinking and encourages companies to explain how sustainability related risks and opportunities connect with governance, strategy, performance and long term value creation.

Together, the ISSB standards and the <IR> Framework support a more connected approach to corporate reporting. At the same time, collaboration with the European Sustainability Reporting Standards (ESRS) and the Global Reporting Initiative (GRI) aims to improve interoperability between the main reporting frameworks.

While approaches differ across jurisdictions, the overall direction is clear: financial and sustainability reporting are becoming increasingly connected.

This convergence also reshapes who will use the report. Investors are demanding granular carbon-emissions data; customers and suppliers want supply-chain and product-footprint information; employees increasingly treat sustainability as a differentiator in choosing employers. ²

The overall trend is clear. Financial and sustainability reporting are increasingly becoming part of the same corporate reporting landscape, driven by regulation, global standards and growing stakeholder expectations. But bringing both types of information into the same report is only the first step. Research on integrated reporting shows that meaningful integration requires the underlying systems, processes and governance to connect financial and sustainability information. Without that connection, reporting may look integrated without providing a truly coherent picture of the company. ⁸

“Sustainability information is being pulled out of the marketing brochure and into the audited corporate report.”

Key developments shaping corporate re⁠porting

Several developments are shaping the future of corporate reporting. Together, they show how reporting is becoming more integrated, digital, structured and accessible to a broader range of users. The key developments are summarised below.