The year 2025 marked a turning point in corporate transparency with the introduction of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). Unlike previous frameworks, CSRD introduces a limited assurance requirement and mandates detailed, standardised sustainability disclosures integrated into annual reports.
This PwC analysis examines how companies based in Greece and/or listed on the Athens Stock Exchange are adapting to this new regulatory environment. It highlights current sustainability reporting practices and provides key insights into challenging areas encountered by the first wave of CSRD reporters, drawing attention to notable disclosures and emerging trends. All the CSRD reports, which have been reviewed for this analysis, are based on the financial period ended on 31 December 2024, filed for the first time in 2025.
Scope & Objective
This publication analyses the information and data disclosed in 46 CSRD reports issued by public interest entities either listed or incorporated in Greece, covering 5 different industries.
The study on CSRD reports aims to identify divergences and commonalities and provide useful insights into sustainability reporting for the financial year ended on 31 December 2024.
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Insights from the first CSRD reports issued by Greek companies
Sustainability disclosures gaining prominence in corporate reporting
Sustainability has become a defining priority for corporate organisations, with disclosures now occupying a significant portion of annual reports.
The distribution of content within the sustainability reports is heavily weighted towards Environmental topics, which account for 50%
Double Materiality Assessment Outcomes
A key focus in sustainability reporting is the Double Materiality Assessment, where “Own Workforce” and “Climate Change” emerge as the most frequently disclosed topics.
A high proportion of entities directly engaging with external stakeholders underscores their importance in conducting the Double Materiality Assessment
On average 70% of companies reported direct engagement with external stakeholders
Emission reduction targets have become central to corporate strategies
In alignment with the broader European efforts toward a carbon-neutral economy, most reporters (~60%) include emission reduction targets in their climate-related disclosures.
Approximately 9% of reporters have disclosed targets that are externally validated by the Science Based Targets initiative (SBTi) with long-term goals aimed at achieving carbon neutrality (net zero).
Despite growing transparency on gender pay gaps, boardrooms remain male-dominated
While gender pay gap reporting is improving, with 76% of the companies now disclosing their gender pay gap ratio, boardrooms remain male-dominated underscoring the need for further diversity initiatives.
Board composition across all companies remains male-dominated, with an average of 70% of board members being men and 30% women
Human rights in focus: policy adoption accelerates under regulatory pressure
Encouragingly, human rights considerations are gaining momentum, as regulatory pressure accelerates policy adoption.
The oversight of the preparation of the Sustainability Statement is assigned to the Audit Committees
Audit Committees are leading the charge in overseeing the preparation of Sustainability Statements. Beyond compliance, businesses are integrating sustainability into their broader strategic direction—forming dedicated Sustainability Committees and embedding sustainability-linked performance in incentive schemes to reinforce corporate responsibility.
Sustainability is extending beyond company walls, with ESG criteria increasingly shaping supplier selection
Meanwhile, ESG considerations influencing business beyond corporate walls, shaping supplier selection decisions, with the majority of reporters (which disclosed information on supplier relationships) incorporating sustainability principles into procurement decisions.
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Insights from the first CSRD reports issued by Greek companies
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Opportunities to enhance alignment of EU Taxonomy eligible activities
Despite progress, organisations face hurdles in meeting EU Taxonomy criteria. Some of the industries, such as Energy, utilities & resources and Industrial & services, are actively investing in sustainable activities. For non-financial undertakings, there are differences in the reported eligibility and alignment levels that vary across sectors and industries. However, in the banking sector, a more consistent level of reported eligibility and alignment is observed.
Non FS - EU Taxonomy
Banks - EU Taxonomy
Average eligibility of turnover-based KPI
Average eligibility of CapEx-based KPI
Average alignment of turnover-based KPI (GAR)
Average alignment of CapEx-based KPI (GAR)