IRF Publishes ESG Monitor Switzerland 2025: Swiss Companies Between Regulatory Pressure and Regression
10.07.2025
- 93% of the companies analysed publish a sustainability report - the use of voluntary standards remains selective among small and mid-caps
- GRI remains the leader: 91% of the largest and 80% of small and medium-sized Swiss companies use the GRI Standards
- SBTi is gaining in importance: two thirds of the largest Swiss companies have joined with validated climate targets or a corresponding commitment
- SASB, UNGC, SDGs and CDP show significant declines among the largest companies
- Two thirds of the largest and over half of small and medium-sized companies integrate their report into the annual report; a large proportion have it audited externally
- Companies are prioritising more specifically which ESG frameworks are relevant and are thus responding to the increasing complexity of regulatory requirements
A recent study by IRF, a leading Swiss consultancy for strategic communication, shows that small to large listed Swiss companies are further developing their sustainability reporting. While the vast majority now publish a sustainability report, the breadth of frameworks applied is decreasing. The results point to a stronger strategic focus against the backdrop of increasing regulatory requirements in Europe and Switzerland.
Voluntary reporting standards and guidelines continue to play a central role in sustainability reporting. They serve as a guide for companies to define sustainability goals, set priorities and measure and communicate progress. For the 2024 financial year, 176 of the 190 companies surveyed - including the 47 largest (SMI Expanded) and, for the first time, 143 small and medium-sized (SPI Extra) companies - published a sustainability report. All large companies apply at least one of the six international frameworks analysed, with two thirds (68%) even applying four or more. Compared to the previous year, however, the number of companies using all six frameworks analysed has fallen significantly (from 43% to 21%).
The most common voluntary standards and their prevalence in the SMI Expanded and SPI Extra
The standards of the Global Reporting Initiative (GRI) remain by far the most widely used framework: 91% of the companies in the SMI Expanded and 80% in the SPI Extra applied them - around two thirds of them in full and one third in referenced form. The Science Based Targets initiative (SBTi) is also gaining in importance. Two thirds of the largest companies (64%) and 22% of small and medium-sized companies have joined the initiative. Most of them have defined specific climate targets, while others have committed to developing such targets.
In contrast, the other frameworks analysed show a decline for the first time: the use of the standards of the Sustainability Accounting Standards Board (SASB), the ten principles of the UN Global Compact (UNGC), the Sustainable Development Goals (SDGs) and the Carbon Disclosure Project (CDP) has decreased noticeably in the SMI Expanded (see Figure 1). The use of voluntary standards is significantly less widespread in the SPI Extra: Around half of the companies use only one or two frameworks, while twelve companies do not apply any of them.
Figure 1: Number of SMI Expanded companies reporting according to each standard
Report integration and external assurance continue to increase
The trend towards integrating the sustainability report into the annual report is continuing: 64% of the largest and 54% of small and medium-sized companies are pursuing this approach. This means that sustainability issues are increasingly seen as part of overall financial and strategic reporting.
The external verification of sustainability information is also becoming increasingly important. 81% of companies in the SMI Expanded and 38% of companies in the SPI Extra have all or part of their report audited. This strengthens credibility and creates trust among investors, authorities and other stakeholder groups.
This year, the online presentation was methodically narrowed down: Only reports published completely online with an interactive structure were taken into account. On this basis, 32% of the companies in the SMI Expanded and 26% of the companies in the SPI Extra make their reports available digitally. Digital formats facilitate access, improve findability and enable flexible linking with other ESG content.
Figure 2: Number of SMI Expanded companies with integrated reporting, online format (fully online from 2025), and external assurance
Increasing regulatory requirements
The requirements for ESG reporting are constantly increasing. With the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), the European Union has created a binding set of rules that obliges significantly more companies to disclose - including many listed SMEs from the 2025 financial year.
Switzerland is also gradually adapting its requirements. A planned reduction in the threshold values would significantly increase the number of companies subject to reporting requirements. As a result, small and medium-sized companies in particular will come under greater scrutiny and face new content-related, organisational and regulatory requirements.
Method
The ESG Monitor Switzerland 2025 is based on IRF’s fifth comprehensive analysis of sustainability reporting by listed Swiss companies. In June 2025, 190 companies from the SMI Expanded and the SPI Extra were analysed on the basis of their sustainability reports for the 2024 financial year published by 31 May 2025. For eight companies, the report for the 2023 financial year was included, as their reports for the 2024 financial year had not yet been published by the reporting date.
The focus was on a content analysis of those sections in which the reporting procedure is presented. The results were compared with the online databases of the respective standards and initiatives. The application of six of the most common voluntary ESG frameworks and the form of reporting were analysed. The findings were compared with the studies from 2024, 2023 and 2021.
About IRF
In recent years, IRF has established itself as one of the leading Swiss consulting firms for economic issues. IRF counts around 40 Swiss and international companies among its regular clients. In addition, IRF has made a name for itself in crisis communication and in accompanying capital market transactions.
Contact
Laura Berkes, Consultant
+41 43 244 81 44
