A review of recent academic research and what it could mean for investors, companies and policymakers.
Who decides what information is material?
August 29, 2026
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Materiality sits at the centre of high-quality corporate reporting. It determines what information companies disclose and, ultimately, what investors and other stakeholders can use to make decisions.
But whose information needs should companies consider? Investors? All stakeholders? Society as a whole? The evidence suggests there is no simple answer.
But whose information needs should companies consider? Investors? All stakeholders? Society as a whole? The evidence suggests there is no simple answer.
In this article, we draw on recent research and practice insights to explore how organisations approach materiality and what this means for reporting quality.
The challenge of multiple perspectives
Different stakeholders have different information needs. What matters to investors may not be the same as what matters to employees, communities or regulators…
