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Purpose This study aims to analyse the reporting practices of a sample of companies listed in Italy and Spain that prepare a Task Force on Climate-related Financial Disclosures (TCFD) report. The main purpose is to analyse the reporting’s compliance with the TCFD framework and the extent of climate-related information disclosed. Design/methodology/approach This study performs a content and comparative analysis of climate-related information disclosed by Italian and Spanish companies listed on the FTSE MIB and IBEX-35, following the consolidated narrative interrogation (CONI) model. The analysis is carried out on 31 TCFD reports published in 2020, 2021, 2022 and 2023, using NVivo software for content analysis and information coding. Findings Overall, the study shows that Italian and Spanish companies comply with the TCFD framework. However, some topics, such as governance-related aspects and risk management, are disclosed differently and may merit more in-depth reporting. Practical implications The findings of this study are valuable for companies and their stakeholders, in particular investors. The increasing focus on mandatory climate reporting and the adoption of new climate standards are increasing the pressure on companies to manage these issues, and the results of this work already indicate which aspects of the reporting process need to be improved to meet the new information requirement. Originality/value This study strengthens the theoretical and empirical literature on climate change information by conducting a cross-country content analysis of TCFD reports. The results provide a basis for future analysis of climate disclosure according to the latest developments in standards and frameworks.
Xhindole et al. (Fri,) studied this question.