In conversation with

JSW: Our reporting journey goes back more than two decades, and the way we report has undergone substantial change in that time. Nine years ago, we moved from publishing a standalone sustainability report to producing an integrated report that combines business strategy and sustainability as one narrative. More recently, developments such as India's Business Responsibility and Sustainability Reporting (BRSR) and ISSB standards have increased investors’ expectations around data quality, internal controls and accountability.

Mandatory reporting has also moved sustainability from being the responsibility of a specialist sustainability function to a business-wide responsibility. Our CFO now leads the integrated reporting process, bringing together operations, procurement, HR, risk management and sustainability. This move has helped strengthen our management systems, clarify ownership of KPIs, and increase board oversight across our five listed companies involved in reporting.

Tetra Pak: Tetra Pak began sustainability reporting 27 years ago and did not wait for regulation to increase transparency. Mandatory reporting has nevertheless strengthened the reliability and comparability of our data and the rigor of our governance and processes. Our long reporting journey has reinforced the importance of integrating sustainability into everyday business decisions and helped us embed it in corporate strategy, risk management and investment processes. That is where we see the real value: using sustainability information to inform the business and make better decisions.

Tetra Pak: For us, the real value lies in using sustainability information to build resilience, manage risk and create long-term value, not simply to meet regulatory requirements.

Mandatory reporting has improved data quality and transparency, but misses the opportunities that reporting can drive. To influence corporate strategy meaningfully, sustainability reporting must be integrated into business planning, risk management and investment processes. At Tetra Pak, reporting is not a document but a continuous business cycle, with the report as the output of activity throughout the year. When business leaders see the value of sustainability information, they use it to set priorities, strengthen resilience, support growth and improve efficiency. Better data also helps us communicate with customers, suppliers and others, positioning us as a strong partner.

JSW: Compliance has been a useful starting point, but the real value emerges when sustainability information informs strategic decisions. Stakeholders increasingly want to know not only what companies have achieved, but how they achieved it and how they plan to deliver their future strategy. This requires credible management systems that generate decision-useful information and strong governance that connects data, strategy and performance. Sustainability information can then become strategic intelligence, helping companies allocate capital, innovate, manage risk and create long-term value. That is when reporting becomes a source of competitive advantage.

Tetra Pak: For us, it starts with the double materiality assessment and recognizing that many stakeholders use our report, including customers, suppliers, employees, industry groups, NGOs, policymakers and the media. They want context as well as data, which is why we pair metrics with examples, case studies and customer stories. Customers, for instance, want to understand what the numbers say about our progress and actions on circularity, packaging and climate. The carbon footprint of our solutions receives particular attention. We have reduced our footprint while continuing to grow, and people want to understand how. This has changed how we communicate: we provide data and context that help stakeholders make informed decisions about our business and their own activities.

JSW: Integrated reporting tells the story of how we are growing, responding to stakeholder needs and future-proofing the business. As Gilles noted, double materiality analysis is the starting point for understanding those needs, which vary considerably by audience. Investors focus on strategy and long-term value creation; regulators on compliance; and customers on business transformation and more sustainable products and services. Employees and communities are also engaged throughout. The challenge is responding to these expectations and technological developments with the right systems and governance. At JSW, Board-level Sustainability Reporting Committees in all listed companies regularly review reporting requirements and stakeholder expectations.

JSW: Stakeholder expectations have evolved significantly over the last decade, and our reporting has evolved with them. We only have a finite space in the report, so it is always a balance to meet all those needs. We are still learning: every time we publish a report, we get feedback, and we make changes. For example, investors want to understand not only what we've achieved, but how we're managing future risks and opportunities. That has led us to strengthen disclosures around areas such as climate strategy, biodiversity, water, nature and the transition to low-carbon technologies. We've also become more focused on demonstrating the systems behind our performance. Stakeholders want confidence that sustainability is embedded in governance and decision-making, not just reflected in the final report.

Tetra Pak: We have seen a similar shift, which has encouraged us to rethink our reporting. External standards and ratings agencies have heavily influenced the format, but rather than simply providing more information, we are focusing on making it relevant and useful for different users. We are at a crossroads: companies may complete a data-driven compliance exercise and then adapt their reporting to stakeholders’ needs. At Tetra Pak, greater engagement helps us create value through our solutions and increase our positive impact. This requires rethinking where and how content is delivered, potentially through a shorter report focused on key highlights, strategic narrative and context, supported by our website’s explanation of progress, challenges and decisions.

Tetra Pak: For us, AI is primarily an efficiency enabler in reporting. It can help synthesize information, compare disclosures and strengthen quality assurance. It also has the potential to tailor information for different stakeholders, prompting us to consider more carefully what each user needs. But the bigger opportunity lies beyond reporting. We use AI to improve sustainability performance, for example by identifying opportunities to improve customers’ water use, energy efficiency and climate performance. That is where AI can have the greatest impact: not only producing better reports, but helping businesses use data intelligence to inform sustainability decisions.

JSW: I agree with Gilles that, used thoughtfully, AI has enormous potential to strengthen sustainability management. We already use it to support data collection and validation, automate disclosures, identify trends, assess risks, monitor regulatory developments and benchmark against peers. Future opportunities range from predictive emissions analysis and real-time sustainability dashboards to identifying transition risks and improving supply-chain transparency. Strong data governance and human oversight remain essential: AI can enhance decision-making, but it cannot replace management judgement.

JSW: My first piece of advice for a company in the early stages would be to put a credible system in place to manage your data and information and link it with your business strategy before you think of reporting publicly. The conversation today is shifting from compliance to competitiveness, and the companies that will lead in the future are those that can turn sustainability information into strategic intelligence. Reporting shouldn't be something you do once a year to meet a compliance requirement. It should be embedded in day-to-day business and used to inform strategy, performance and growth. At JSW, we believe sustainability should drive competitiveness, while compliance simply becomes part of how the business operates.

Tetra Pak: Mandatory reporting pressures risk shifting the dialogue towards pure compliance. I would encourage sustainability practitioners not to treat reporting solely as a compliance exercise. Sustainability should be viewed as a source of resilience, risk management and long-term value creation. Reporting can inform decisions and help organizations allocate capital where it matters most. Embedded in business processes rather than treated as a standalone exercise, reporting becomes more than disclosure: it supports better decisions, stronger resilience and long-term value creation. That is the opportunity we should focus on.