The Ideological Structure of Corporate Purpose and Sustainability Disclosure Standards

A Comparative Analysis of ISSB and ESRS

Abstract

　This paper examines how the relationship between shareholder and stakeholders influences corporate reporting. It compares the European Sustainability Reporting Standards（ESRS） and the IFRS Sustainability Disclosure Standards（ISSB Standards）, analyzing how differences in materiality and connectivity reflect distinct views of corporate purpose. The ISSB Standards, based on financial materiality, align with enlightened stakeholder theory, while the ESRS, adopting double materiality, align with pluralistic stakeholder theory. Referring to the UK’s FRC（2020）and CLLS（2021）, the paper concludes that differences in sustainability disclosure standards stem from divergent conceptions of corporate purpose.