Materiality in sustainability reporting: multiple standards and looking for common principles and measurement. The case of the seven biggest groups in Spain

This paper is an approach to new definitions of materiality as applied to corporate performance and disclosure practices. Over time, the materiality lens will have implications for multiple operating areas. They will range from; risk and compliance to strategy setting, corporate policy and governance, management practices including stakeholder engagement, and even human resource management. In the second part there is a presentation of the definitions, scope and perspectives of materiality according to six relevant standard-setters in the field of sustainability reporting. Finally there is the presentation of how materiality is reported according to the six biggest groups of quoted companies in Spain. Purpose: The purpose of this paper is to synthesize what is the emerging field of materiality in sustainability reporting. Design/methodology/approach: The approach is to outline a presentation of approaches and significant practices about materiality in sustainability reporting. Findings: The need for quality researchers to address a number of pressing challenges posed by the rapid development of materiality in sustainability reporting practices. Research limitations/implications: The paper provide insights into issues and aspects that need further development and need robust evidence to help inform improvements in policy and practice. Practical implications: Highlight how companies may benefit from sustainability reporting in response to stakeholders’ calls for enhanced disclosure of environmental, social, governance and other nonfinancial information. Social implications: The main social implication is to promote the wider public interest of improving the relevance of information for decision-making, for all stakeholders, and allow greater efficiency in the allocation of financial and other resources and in adding public value.