For the past 21 years, Black Sun Global has reviewed the annual reports of the FTSE 100, tracking how corporate reporting continues to evolve in response to changing stakeholder expectations and an increasingly complex regulatory landscape. We recently launched the 2026 edition of the research, Building the Trust Dividend, which explores the latest trends shaping reporting best practice.
Following the launch, we welcomed leaders from FTSE-listed companies, the investment community and sustainability specialists to one of our Change LAB events to discuss the key themes emerging from the research and explore a question at the heart of modern reporting: how can organisations create reports that are clearer, more meaningful and more effective in an increasingly complex landscape?
The event opened with Black Sun Global CEO, UK & EMEA, Ian Roe, who shared some of the headline findings from this year's research. This was followed by a panel discussion and roundtable conversations. Held under the Chatham House Rule, the event encouraged an open exchange of ideas and practical experiences, with one overarching conclusion emerging throughout the discussion: reporting is no longer simply a compliance exercise. It has become a strategic tool for building trust, communicating value and supporting long-term business success.
The discussion began by exploring how the role of the annual report continues to evolve. Panellists noted that today's reports serve a wide range of audiences, from value, income and growth investors to governance and sustainability specialists, each approaching disclosures with different objectives and information needs.
Against this backdrop, clarity, consistency and a clear articulation of value creation are becoming increasingly important. Annual reports remain a vital source of information for stewardship activities, shareholder engagement and voting decisions, while advances in AI are making it easier for investors to interrogate and analyse corporate disclosures at scale.
A recurring theme throughout the discussion was the role reporting can play in driving organisational progress.
Participants described the annual reporting cycle as more than an exercise in disclosure. By bringing together strategic priorities, performance measures, governance, targets and narrative, the reporting process creates accountability and encourages organisations to reflect on progress and future ambitions.
Transparency was seen as particularly important during periods of transformation. Openly communicating both achievements and challenges helps stakeholders understand not only where an organisation is today, but where it intends to go and how it plans to get there.
Trust emerged as one of the defining themes of the event.
Participants reflected on reporting as part of an ongoing dialogue between companies and their stakeholders. Transparency creates the foundation for meaningful engagement, enabling constructive conversations that strengthen trust and, ultimately, influence investment decisions and long-term value creation.
The discussion reinforced that reporting excellence extends beyond meeting regulatory requirements. Organisations that communicate openly, consistently and with strategic clarity are better positioned to build confidence among investors and other stakeholders.
The conversation also explored how sustainability reporting continues to mature.
Participants agreed that sustainability information should be presented in a way that is accessible to a broad audience while remaining firmly connected to commercial performance, business strategy and long-term value creation. Increasingly, stakeholders are looking for clearer evidence of how sustainability initiatives translate into measurable business outcomes.
The introduction of the UK Sustainability Reporting Standards was welcomed as an opportunity to sharpen the focus on financially material issues, helping organisations provide disclosures that are more relevant, decision-useful and aligned with stakeholder expectations.
Looking ahead, AI was identified as one of the next major themes likely to shape corporate reporting.
Discussion focused on the growing expectation that organisations will explain not only how AI is governed, but also how investments in AI are creating business value. Participants suggested that disclosures around AI strategy, governance and outcomes could become as significant in the coming years as climate reporting has been over the past decade.
AI is also beginning to reshape the reporting process itself. While it offers significant opportunities to improve planning, drafting and efficiency, participants agreed that human judgement remains essential to ensure reports are accurate, balanced and free from unnecessary repetition.
The discussion concluded with practical reflections on streamlining the reporting process without compromising quality.
Participants shared experiences of reducing duplication, strengthening cross-referencing and developing more focused narratives. They also reflected on the challenge of balancing compelling storytelling with the need to prioritise financially material information, particularly within complex, multi-business organisations.
Several practical themes emerged:
The event reinforced that the most effective reports are those that focus on what matters most. Whether discussing strategy, sustainability, governance or financial performance, successful reporting is built on a clear understanding of material issues, consistent messaging and transparent communication.
As reporting requirements continue to evolve and stakeholder expectations increase, organisations have an opportunity to move beyond compliance and use reporting as a strategic asset. Those that combine simplicity, transparency and purposeful storytelling will be best placed to build trust, demonstrate long-term value and strengthen relationships with investors and wider stakeholders.
About Black Sun
Black Sun Global is a stakeholder advisory and engagement agency that's been driving transformation and positive change for ambitious brands for more than 20 years. With deep expertise in disclosure and reporting, ESG, sustainability, and digital engagement, we reshape how organisations connect with customers, investors, employees, and the wider world.
We are trusted partners to some of the most influential global organisations, sparking innovation and sustainable performance through our strategic insights, partnerships, and proprietary technologies.
As founders of the Positive Change Group, we are on a mission to create a new kind of stakeholder relations partner. Our world-class specialists work closely with executive leadership teams to protect reputations, inspire trust, and promote responsible business practices - building resilience and long-term value in a rapidly changing world.
For more information, please visit: www.blacksun-global.com
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