| Criterion | Annual report | Integrated report | Sustainability report |
|---|---|---|---|
| Purpose | The year’s activity and results | Value creation over time | Sustainability impacts, risks and opportunities |
| Obligation | Depends on legal status | Voluntary | CSRD for companies in scope |
| Framework | Free | Integrated Reporting Framework | ESRS standards, or VSME if voluntary |
| Audiences | Broad | Investors, partners, executives | Investors, regulators, rating agencies |
| Format | Narrative, key figures, visuals | Concise and strategic | Standardised and detailed |
How to link them
The sustainability report provides compliance and data. The integrated report draws the strategic narrative from it. The annual or activity report speaks to the widest audience. One editorial line can tie the three documents together.
In the corpus of 125 reports studied by O’communication, 31% of the narrative reports for 2022–2024 already mention the CSRD or the ESRS standards. See the study