Stakeholder Divergence in Sustainability Materiality Assessments: Evidence From a European Corporate Group Under the Corporate Sustainability Reporting Directive

Abstract

This study examines differences in stakeholders' perceptions of ESG issues in a European corporate group and their implications for double materiality assessment under the Corporate Sustainability Reporting Directive. Drawing on stakeholder theory, it analyses survey responses from 15 stakeholder groups and compares perceived ESG importance with management's assessment of financial materiality. The findings provide partial support for systematic intergroup differences, particularly for selected environmental and social issues, while governance assessments were more homogeneous. Stakeholders rated most ESG issues highly and relatively consistently, prioritizing product safety and employment‐related matters. Management assessments showed greater dispersion and assigned higher financial importance to energy transformation and digital security. The study contributes to sustainability management and non‐financial reporting research by demonstrating both the value and limitations of stakeholder surveys in materiality assessment. Such surveys should be complemented by qualitative validation, stakeholder education, and context‐specific evaluation of corporate impacts, risks, and opportunities.