L’evoluzione del principio di materialità nella rendicontazione di sostenibilità

Materiality is a cornerstone of sustainability reporting, guiding companies in determining which sustainability information to disclose. Despite its extensive discussion in the literature, practical application, and codification in major sustainability reporting standards, sustainability materiality remains an ambiguous concept, lacking a clear and consistent interpretation regarding its scope, content, and application methods. This article traces the evolution of the materiality principle within sustainability reporting, analyzing the various interpretations it has assumed over time in parallel with changes in the objectives and audiences of sustainability reporting. The analysis delves into the historical context and theoretical underpinnings of materiality, its codification in reporting standards, and the shift toward a more integrated and holistic approach. Methodologically, the study employs a multi-faceted approach to explore doctrinal developments, codifications in reporting standards, and the regulatory landscape at both European and Italian levels. First, the international and national literature on materiality in sustainability reporting was examined to outline its theoretical framework, highlighting five key perspectives: materiality as the strategic relevance of sustainability issues; materiality as the relevance of sustainability information for users; materiality as a tool to counteract washing-strategies; materiality as a mechanism to enhance corporate value; materiality as a subjective process. Next, the professional codifications of materiality within sustainability reporting standards were analyzed, focusing on widely adopted frameworks at national and international levels. This section distinguishes between two dominant approaches in practice: impact materiality, which focuses on the impacts of corporate activities on society and the environment (externality disclosure), and financial materiality, which addresses how sustainability issues affect a company’s financial performance and success (sustainability-related financial disclosure). Finally, the principle of materiality is examined within European and national regulatory frameworks, with a focus on Italy’s Legislative Decree 254/2016 (implementing Directive 2014/95/EU, NFRD) and the Legislative Decree 125/2024 (implementing Directive (EU) 2022/2464, CSRD). The CSRD introduce the double materiality principle, mandating companies to integrate impact and financial materiality. This dual approach requires disclosure of both the significant impacts of corporate activities on sustainability issues and the financial risks and opportunities stemming from these issues. The evolution of the materiality principle enhances the transparency and accountability of sustainability reporting, advancing towards an integrated model of corporate reporting that combines externality disclosure with sustainability-related financial disclosure. This transformation is crucial for fostering resilient, future-oriented business strategies that align economic interests with societal and environmental issues.