Sustainability reporting in Switzerland: insights from the SMI

Tags Sustainability Reporting & assurance Environmental, social and governance Study

Forvis Mazars in Switzerland analysed the sustainability reports of the 20 companies in the Swiss Market Index (SMI) to assess current reporting practices and maturity. Our analysis covers reporting frameworks, materiality assessments and environmental and social disclosures, while also comparing financial and non-financial companies. The findings show where some of Switzerland’s largest listed companies stand today and where reporting practices continue to differ.

Key findings on sustainability reporting in Switzerland

All SMI companies report under Swiss sustainability reporting requirements, while 95% refer to or apply at least one additional international reporting framework, such as the Global Reporting Initiative (GRI) or the European Sustainability Reporting Standards (ESRS).
All SMI companies obtain external assurance, although for most companies the scope is limited to selected sustainability indicators.
Climate reporting is the most mature area: disclosures on GHG emissions, emissions reduction targets, climate commitments and transition plans are widespread.
Biodiversity indicators (25%) and gender pay gap information (30%) are disclosed considerably less frequently than climate-related information.
Sustainability is increasingly linked to remuneration: 80% of SMI companies link sustainability objectives to management remuneration.

The Swiss sustainability reporting requirements are set out in Articles 964a–c of the Swiss Code of Obligations (SCO). In-scope companies are required to report on environmental, social and employee-related matters, human rights and anti-corruption, including relevant policies, measures, risks and key performance indicators. Climate-related disclosures are further specified by the Swiss Ordinance on Climate Disclosures, which is based on the TCFD recommendations. The Ordinance further includes requirements relating to climate transition plans and the publication of climate disclosures in both human-readable and machine-readable electronic formats.

80Link sustainability objectives to management remuneration
30Disclose gender pay gap information
25Disclose biodiversity indicators

Key areas of sustainability reporting analysed

The analysis examines four key areas of sustainability reporting across the 20 SMI companies:

Sustainability reporting readiness. Which Swiss and international standards SMI companies refer to or apply, how they combine frameworks and how far assurance practices have developed across the index.
Materiality assessment. Climate change and business conduct are identified as material by all companies, while topics such as water, biodiversity, resource use and circular economy vary more strongly by sector. Overall, 60% of SMI companies disclose material impacts, 60% disclose material risks and 50% disclose material opportunities.
Environmental disclosures. Climate-related reporting dominates: 80% disclose at least six Scope 3 emissions categories, while more than 75% disclose physical and transition risks. Only 25% disclose biodiversity indicators.
Social disclosures. Core workforce data is widely disclosed, while quantitative and comparable social KPIs remain less common. Only 30% disclose gender pay gap information and 10% disclose the CEO pay ratio, while approaches to human rights due diligence across the value chain vary considerably.

Each area includes the underlying data and, where relevant, the comparison between financial and non-financial companies.

Sustainability reporting in Switzerland: key insights and challenges

All 20 SMI companies report according to the Swiss sustainability reporting requirements. However, reporting maturity varies considerably across topics. Climate-related reporting is the most developed area, while social and biodiversity disclosures remain less mature. Looking ahead, our analysis suggests that the next stage of reporting will be less characterised by the volume of information disclosed and more by its quality, consistency, connectivity, traceability and reliability.

Obtain external assurance

100%

Refer to or apply at least one additional international reporting framework

95%

Have defined measures as part of their climate transition plan

85%

Have GHG reduction targets based on or validated by SBTi

50%

Disclose gender pay gap information

30%

Disclose biodiversity indicators

25%

Disclose the CEO pay ratio

10%

«Swiss sustainability reporting is moving from compliance to accountability. Stakeholders increasingly focus on whether companies can demonstrate measurable progress against their sustainability commitments.»

Carla Reiss
Sustainability reporting expert
Forvis Mazars in Switzerland

Two professionals reviewing sustainability and business performance data in an office.

The future of Swiss sustainability reporting

Regulatory expectations will continue to evolve. In April 2026, the Swiss Federal Council opened the consultation on the Federal Act on Sustainable Corporate Governance, which could reshape sustainability reporting and assurance requirements in Switzerland. Developments in the EU continue to influence expectations for Swiss companies with European operations.

Our full report provides the detailed analysis behind these findings, including results across all areas examined and comparisons between financial and non-financial companies. It shows what some of Switzerland’s largest listed companies disclose today and where reporting practices continue to differ.

Download SMI sustainability reporting analysis

FAQs about sustainability reporting in Switzerland

What is sustainability reporting?

Sustainability reporting is the disclosure of a company's environmental, social and governance (ESG) information, including its policies, actions, metrics and targets.

Is sustainability reporting mandatory in Switzerland?

Yes, for companies that fall within the scope of the Swiss sustainability reporting requirements. Articles 964a–c SCO set out the scope, content and publication requirements for non-financial reporting. Climate-related disclosures are further specified by the Swiss Ordinance on Climate Disclosures, which is based on the TCFD recommendations. All 20 SMI companies analysed in our study report under the applicable Swiss sustainability reporting requirements.

Which additional reporting frameworks are used across the SMI?

In addition to Swiss requirements, 75% of SMI companies refer to or apply GRI, 55% refer to or apply ESRS and 40% refer to or apply the International Sustainability Standards Board (ISSB) framework.

Does the CSRD apply to Swiss companies?

Potentially. Although the Corporate Sustainability Reporting Directive (CSRD) forms part of EU law, certain Swiss companies and groups may fall within its scope depending on their activities and corporate structure in the EU. In addition, EU reporting requirements can also affect Swiss companies indirectly through EU subsidiaries and through expectations from their customers, investors and supply chains. Our analysis shows that 55% of SMI companies already refer to or apply the ESRS.

What is changing in Swiss sustainability reporting?

In April 2026, the Swiss Federal Council launched the consultation on the proposed Federal Act on Sustainable Corporate Governance. If enacted, the legislation would reshape Swiss sustainability reporting requirements, align them more closely with relevant international developments and introduce mandatory external assurance for in-scope sustainability reports.

The sustainability team at Forvis Mazars in Switzerland supports organisations throughout this transition, from reporting advisory to audit and assurance.

Contact our sustainability experts

Want to know more?

Gaby Lurie Executive Director, Consulting - Zurich

Detailed profile

Florian Berlinger Senior Manager - Zurich