With Directive (EU) 2026/470 of 26 February 2026, the European legislator has once again intervened in the corporate sustainability framework, amending, amongst other things, the rules on corporate sustainability reporting.
The Directive forms part of the process of simplifying disclosure requirements and reviewing the scope of sustainability reporting, whilst at the same time confirming the growing importance of a structured and proportionate system of ESG information.
In this context, the issue of voluntary reporting takes on particular significance. The reduction in the scope of mandatory reporting does not, in fact, imply a reduction in the economic relevance of sustainability information.
On the contrary, for many companies, ESG disclosure continues to represent a useful tool for dialogue with banks, investors, customers, business partners and other stakeholders, even in the absence of a specific legal obligation.
This approach is also consistent with the stance already set out in the previous RLVT circular on the subject, which emphasised that sustainability should not be viewed merely as a regulatory constraint, but also as a factor in risk management, competitiveness and value creation.
