For the second consecutive year, Ethos has thoroughly analysed the quality and transparency of the sustainability reports submitted for approval at the 2025 annual general meetings. While some progress has been made, particularly with regard to external data verification and scientifically validated climate targets, many companies still fall short in terms of transparency and the quality of published data. This has led to an average increase in the number of votes against at general meetings in 2025.
In 2025, 137 Swiss-listed companies were required to publish a sustainability report and to submit it to their general meetings for approval. Transparency is critical in that it enables investors to assess how companies manage environmental, social and governance issues and to direct their capital to companies that contribute to the transition to a more sustainable economy.
As it did last year, Ethos analysed the sustainability reports submitted to the 2025 general meetings for voting. Transparency, quality and reliability of data, external verification: everything was scrutinised.
Link to the 2025 study on sustainability reports
Insufficient progress
The results are quite mixed. On the one hand, progress can be observed: the number of externally audited reports increased, as did the number of climate targets validated by an independent scientific body (SBTi or equivalent). Progress has also been made in reporting greenhouse gas emissions, particularly by financial institutions, which are increasingly disclosing the emissions associated with their lending or financing activities. Ethos also welcomes the increase in binding votes on sustainability reports from 55.6 percent in 2024 to 67.4 percent.
On the other hand, quality and transparency remained largely inadequate. Ethos recommended accepting only 39.7 percent of the reports submitted for approval this year, compared with 45.7 percent last year. The results for SMI companies were hardly any better: only eleven out of twenty were recommended for approval, the same number as last year. By way of comparison, Ethos recommended accepting 39.6 percent of the remuneration reports of SPI companies this year.
The main reasons for voting against the reports included a lack of transparency, insufficient quality of the published data and sustainability targets that were not ambitious enough. "While certain environmental indicators are difficult to obtain for technical reasons, particularly in the supply chain, it is unacceptable that a considerable number of companies do not publish important social indicators such as voluntary turnover rates or the gender pay gap," emphasised Vincent Kaufmann, CEO of the Ethos Foundation.
Increase in shareholder opposition
As a result of these shortcomings, the sustainability reports submitted for approval this year were accepted with an average approval rate of 95.2 percent, compared with 97.4 percent in the previous year. "The increase in opposition at the AGM reflects both a professionalisation of the analyses and a tightening of the criteria applied by investors," Vincent Kaufmann continues.
In 2025, 22 sustainability reports received an approval rate of less than 90 percent, compared to only five in 2024. The worst result was achieved by the DocMorris sustainability report, which was approved with 69.3 percent of the votes, followed by the reports from Komax (82.8 percent) and Swiss Life (83.4 percent). By way of comparison, the remuneration reports of SPI companies were approved this year with an average rate of 86.9 percent.
Women's quota still insufficiently implemented
The Ethos study also looked at the composition of boards of directors. The average size (seven members) and degree of independence (56.8 percent) of the boards of directors of the companies included in the SPI remained stable compared with previous years. The average term of office is 6.3 years, while the average age of board members is 59.8 years (compared with 61.4 years for SMI companies).
More critically, however, only 52.3 percent of SPI companies had at least 30 percent women on their boards of directors. In 2025, 25 companies still did not have a single woman on their boards. Listed companies have until 2026 to reach this threshold or to explain why they have not done so in line with the "comply or explain" principle (Art. 734f of the Swiss Code of Obligations).
