Sustainability leadership and biodiversity reporting in US firms: substantive vs symbolic board expertise

Mohamed Toukabri

Journal of Sustainable Finance & Investment, 2026, vol. 16, issue 2, 490-529

Abstract: In recent years, the presence of Chief Sustainability Officers (CSOs) and directors with NGO experience in S&P 500 firms has evolved significantly, yet limited research examines which firms are most likely to appoint them or how these profiles influence biodiversity reporting. Drawing on resource dependence theory, we investigate whether the presence and characteristics of CSOs, as well as directors with NGO backgrounds, affect subsequent biodiversity disclosure. We construct three variables capturing CSO presence and expertise (CSO, CSOExpert, CSONonExpert) and two variables measuring NGO-related board expers, NGO Dir Number). Analyzing S&P 500 firms from 2011 to 2022, we find that neither CSOs nor NGO-experienced directors are associated with immediate improvements in biodiversity reporting. Interestingly, non-expert CSOs correlate with an initial decline in reporting quality among firms with weak sustainability commitments. Our findings highlight a distinction between symbolic and substantive motivations behind CSO appointments.

Date: 2026
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DOI: 10.1080/20430795.2026.2644285

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