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The context:

ESG (environmental-social-governance) reporting will become common market practice in the coming years. Almost all large companies in the Nordic countries and Western Europe disclose ESG information in their annual reports anyway. With the new requirements of the European Union, it also becomes an obligation for Estonian, Latvian, and Lithuanian companies with more than 250 employees.

However, the obligation of banks and larger companies to report creates a wider demand, causing smaller companies to disclose their ESG information as well - for better access to finance and state subsidies, supply chains of B2B customers. A uniform standard will emerge for ESG reporting - the form, topics and metrics that must be disclosed.

But what is the situation among Estonia, Latvia, and Lithuania companies when it comes to public reporting on ESG and sustainability matters? Where are the gaps?

What is the study about:

Since 2017,  we analyze each year the annual reports of the companies with the largest impact on the society. We have done so in Estonia, Latvia, and Lithuania (100 companies in each country, 300 in total).

We evaluate the quality of the reporting, and the amount of ESG and sustainability
topics covered. We investigate the alignment and gaps to EU requirements and international good practice of ESG and sustainability reporting.

Results reveal the transparency and maturity of disclosures on environmental and social impacts, responsible business conduct practices, sustainable development matters, and wider role in the society.

Major findings based on 2021 annual reports of 300 largest companies in the Baltics:

  • Around 1/5 of the largest companies report systematically and comprehensively
  • Listed and state-owned companies are ahead, locally owned large firms lag behind
  • Around 1/3 of the disclosed topics is provided with data disclosures
  • Only a few reports have ESG disclosures audited by 3rd party
  • Every 10th report is prepared according to any recognized standard
  • Bottomline conclusion: the level of fulfilling EU sustainability reporting directive`s (CSRD) requirements is around 20% of an ideal - a gap to overcome in upcoming few years.
  • + many more in more detailed summary reports (download below)

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If you want to get an overview of the detailed results of your company, benchmark with others, and suggestions for improving your report - click here

NB! Such individual diagnostics is available also for these companies that were not included in the sample - we will do a separate analysis for you.


Marko Siller, marko(at), +372 5621 2898

Feel free to invite us to introduce the results, trends and suggestions for good reporting practice.