The 2024 EY Global Corporate Reporting Survey reveals significant concerns among finance leaders and investors about the integrity and reliability of corporate nonfinancial reporting data. Nearly all finance leaders (96%) expressed doubts about the quality of their organizations’ data, with challenges such as inconsistent formats (35%) and reliability issues (39%) hampering decision-making. These concerns extend to global sustainability goals, as only half of respondents believe most organizations are on track to meet their targets, while fears of greenwashing persist across industries. Despite these challenges, there is hope that new reporting standards could improve sustainability disclosures, though many finance leaders worry about associated costs (55%) and complexities (44%).
Artificial intelligence is emerging as a potential solution, with 57% of investors believing it could enhance the credibility and accuracy of corporate disclosures. However, enthusiasm among finance leaders remains tempered, with 43% expressing optimism but others citing concerns over compliance risks (36%) and costs (39%). While only 32% report having advanced technology for data management, experts like Myles Corson and Nicolas Lecoq from EY emphasize the transformative potential of AI. They urge organizations to build trust through robust reporting practices and innovative data analytics, recognizing AI’s ability to address critical challenges in corporate reporting and sustainability efforts.
