Gender Equality in Governance and Social Topics of Italian Sustainability Reports. First Evidence Under the CSRD

Gender equality is a key driver in addressing inequalities in business and society while creating value for the broader ecosystem. In governance and management literature, gender diversity is widely recognized as a mechanism that positively affects economic performance, earnings quality and disclosure transparency. However, research on gender equality disclosure within ESG reporting remains limited, despite its growing relevance for competitiveness and sustainability performance. Drawing on legitimacy theory, this study explores how gender equality is disclosed within governance and social topics of sustainability reports and examines whether increased disclosure reflects a genuine commitment to gender-related policies. The analysis is based on content analysis of hand-collected data from 420 nonfinancial reports issued by 105 Italian firms during the transition to the European Sustainability Reporting Standards (ESRSs). The findings reveal an overall improvement in gender equality disclosure related to both sustainable governance and social inclusion. Moreover, recent legislation appears to have enhanced the standardization and comparability of reporting and to have supported women’s participation in governance and social areas. Nonetheless, evidence of the effective implementation of gender equality programs remains limited. The study provides theoretical and practical insights into corporate approaches to gender equality and its integration into sustainability reporting, contributing to the debate on the role of gender equality in strengthening ESG performance in the post-ESRS context.