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Looking Back at the Results of the CSA 2022 With an Outlook Towards 2023

Key insights from the S&P Global CSA 2022 Results Webcast
Looking Back at the Results of the CSA 2022 With an Outlook Towards 2023
Publ. date 19 Dec 2022
On December 9th 2022, S&P Global announced which companies have made it into the Dow Jones Sustainability Indices (DJSI) this year. Marking the importance of this event, S&P Global hosted a webcast to communicate key insights of this year’s Corporate Sustainability Assessment (CSA), as well as granting a sneak peek into potential methodology changes in next year’s assessment. Find the highlights of the 2022 CSA results in the download below.

CSA 2022 Participation: Key statistics

The Corporate Sustainability Assessment (CSA) by S&P Global further extended its coverage in 2022 by assessing more than 13,000 companies. By doing so, it has reviewed >550,000 documents and >25 million datapoints for the entire 2022 assessment. Around half of the companies assessed stem from Asia Pacific (6,924), followed by North America (3,628) and Europe (2,716). In Latin America and Africa, less than 1,000 companies were assessed.

The highest active participation rate in the CSA was in Latin America however, where 47% of invited companies filled out the CSA questionnaire. This is followed by Europe (22%) and Africa (20%). North America and Asia Pacific have the lowest participation rate, at 16%. Overall, over 2,500 companies have actively participated in the 2022 CSA, which is an increase of 34% compared to the previous year.

S&P Global also keeps its questionnaire up to date by revising the methodology of a number of questions every year. In 2022 for example, a number of questions on the Climate Strategy criterion were added, in order to evaluate how companies are incorporating the Task Force for Climate-Related Financial Disclosures (TCFD) framework. To see how companies score on this criterion, as well as five other criteria selected by S&P Global for the webcast, download our summary document.

Outlook to the CSA 2023: Double materiality

S&P Global is in the process of preparing double materiality matrices for all industries that it evaluates in its assessment. The methodology of determining double materiality will be forward looking, meaning that actual and potential impacts over the short-, medium- and long-term are considered when identifying the material topics.

The materiality matrices furthermore incorporate company feedback received through the comments section of the CSA, as well as the CSA Helpline. S&P Global also aims to align its methodology to internationally recognized standards, such as the European Sustainability Reporting Standards (ESRS) and GRI Standards. At last, S&P Global also reaches out to investors, to inquire what aspects are most material to them.

The purpose of this exercise is to show which sustainability topics are most important for certain industries, when considering both the impacts of the company on society and the environment, as well as whether the sustainability topic can significantly affect company’s value drivers.

Furthermore, S&P Global aims to use this to evaluate 25 core subjects (accounting for variations between industries) on how they affect company’s unique value drivers. Examples of value drivers include sales growth, capital expenditure and cost of capital. This will allow investors to better understand how well companies are managing the ESG risks impacting value drivers. The double materiality matrices will be available on the S&P Global website from January 2023 onwards.

Outlook to the CSA 2023: Methodology changes

During the Q&A at the end of the webcast, S&P Global granted some insights into some of next year’s methodology changes. There are three topics where S&P Global is planning to make major revisions. However, it is important to consider that there might be more changes and the ones below are also not finalized yet.

  1. Supply Chain Management
    Metrics in the questions will be re-organized to make it easier to understand what information is required. Moreover, other overarching sustainability topics relating to the supply chain will be added here.
  2. Biodiversity
    Given that this criterion was introduced for the first time two years ago, and then expanded to all industries in the 2022 assessment, S&P will update this question with the company feedback it has received on this question.
  3. Climate Strategy
    The questions on physical and transition climate risk assessments will be simplified. One question will be introduced relating to board- and management-level oversight of climate risks and opportunities, in order to include this important recommendation from the TCFD framework.

The detailed methodology changes to the 2023 Corporate Sustainability Assessment will be announced towards the end of March. If you would like to receive a summary of the main methodology changes as soon as they are announced, send an email to Rozemarijn Neefjes at

Looking to boost your CSA results in the 2023 assessment?

With over 15 years of experience in ESG rating & benchmarking support including the CSA, Finch & Beak is one of Europe’s leading experts in improving our clients’ sustainability programs and ESG performance.

If your organization is looking to accelerate its ESG performance, please download our service description or contact Johana Schlotter at or +31 6 28 02 18 80 to discuss how Finch & Beak could support you.

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