ESMA’s priorities for 2026: from formal compliance to the quality of information

In its Public Statement of 13 October 2026, entitled ‘European common enforcement priorities for 2026 corporate reporting’, ESMA has identified the common supervisory priorities that will guide national authorities in their review of annual financial reports for the 2026 financial year, including sustainability reports, as part of the process of consolidating the framework introduced by the CSRD and the ESRS, at a time of significant regulatory simplification.

Whilst not introducing standalone reporting obligations, these guidelines clarify the areas on which the competent authorities’ enforcement activities will focus and therefore constitute an important interpretative reference for companies, management and supervisory bodies, and those responsible for auditing and certifying the disclosures.

For the 2026 financial year, sustainability priorities can be grouped into two main areas: improving dual materiality assessment processes and strengthening the link between impacts, risks and opportunities, policies, actions, objectives and indicators. This marks a significant development: the focus extends to the ability of the information required by the standards to represent, in a balanced, consistent and verifiable manner, how the company identifies an...