ESG Insights: Silicon Valley’s Largest Public Tech and Life Sciences Companies Expanded ESG Reporting in 2023

By: David A. Bell , Julia Forbess , Ron C. Llewellyn

Amidst challenges and conflicting demands from a variety of stakeholders, technology and life sciences companies have increased their voluntary disclosure regarding environmental, social and governance (ESG) concerns. Despite growing anti-ESG sentiments, there has been continued progress in several important ESG disclosure areas, including greenhouse gas (GHG) emissions, and employee diversity, as demonstrated by their increasing comprehensiveness.

These are some of the findings in our latest report examining the voluntary ESG disclosures made by the companies in the 2023 Fenwick-Bloomberg Law SV 150 List (SV 150), comparing them to the disclosure practices of the SV 150 companies in 2022 (see last year’s report). Our report looks at the SV 150 companies’ substantive disclosures made in 2023 in their annual meeting proxy statements, standalone ESG or sustainability reports (or their equivalents, referred to as CSRs herein), and corporate websites, on a number of ESG topics that many stakeholders deem to be important.

Key Takeaways

  • The number of SV 150 companies disclosing ESG information, and the comprehensiveness of such disclosures increased in 2023.
  • The most frequently disclosed topics, including environmental issues, human capital resources, diversity, supply chains, customers and products, community impact and governance, all saw increased rates of disclosure.
  • A majority of companies disclosed their Scopes 1, 2 and 3 GHG emissions—an increase from last year’s disclosure—although Scope 3 GHG emissions continued to be disclosed at a slightly lower percentage.
  • Over three-quarters of the SV 150 reported on the gender and racial/ethnic makeup of their U.S. employees—a continued increase from last year’s disclosure.
  • Technology and life sciences companies contemplating whether to voluntarily disclose ESG information or expand their disclosure should consider these trends and the types of information disclosed, to better assess their preparedness for ESG disclosure and meeting investors’ and other stakeholders’ demands

Download the full report