Sustainability reporting seems to be a hot topic, judging by the lively discussions during Ton van Bree’s session on this subject. “The session was engaging”, says student Ildikó Kerper. “I appreciated the mix of lecture, real-life cases such as Heineken’s sustainability reporting as best-in-class example, and the break-out assignment, as it pushed us to think critically, form opinions and discuss the challenges of non-financial reporting in practice.”
The session is part of the Corporate Finance & Accounting module. “Adding sustainability reporting to the curriculum highlights how environmental, social, and governance (ESG) factors are now equally important to investors, stakeholders and society. It also shows how financial reporting is expanding beyond numbers to include sustainability, risk, and long-term value creation—an essential perspective for modern finance professionals”, says Kerper, Director Key Account Sales Excellence at chocolate producer Barry Callebaut in Zürich, Switzerland.
Drs. Ton van Bree RA has worked for PwC Accountants BW in the Netherlands and the United States for almost 30 years until 2021. He has extensive experience in accounting, auditing, corporate governance, IT and sustainability. The last 15 years of his career he was senior director, signing of the financial statements of many multinational companies, predominantly production or IT-related. For 6 years now, Ton is also responsible for the Audit & Assurance curriculum of the post-master track for accounting students at UM. In 2021 he decided to switch to being a fulltime tutor, lecturer and course coordinator. Moreover, he is involved in the UMIO programmes in the Netherlands and the FHR MBA programme in Surinam.
Van Bree guides the students through the development of thinking about sustainability. “As early as the 1970’s, the Club of Rome pointed out the limits of economic growth, and the Brundlandt Commission did the same in 1987. Reporting on sustainability was still voluntary at the time and has remained so for a long time. But not anymore; since several years European organisations have to be compliant with the Corporate Sustainability Reporting Directive (CSRD). A best-in-class example is Heineken’s sustainability report, that was discussed in detail during class, sparking discussions about its scope (due to illegibility) and the extent to which such an extensive report actually contributes to trust and credibility. Kerper: “The session also highlighted the growing risk of greenwashing: as sustainability reporting becomes more regulated, companies must ensure their disclosures are not just marketing claims but are backed by measurable, verifiable data.”
From discussing best practices, the session moved on to the core building blocks of sustainability reporting. “Key concepts are double materiality, stakeholder engagement and value chain”, Van Bree explains. Double materiality involves companies reporting on both their own impact on the environment and society (inside-out) and the impact of external developments, such as climate change, on their business (outside-in). Stakeholder engagement, maintaining a dialogue with investors, customers, suppliers and other stakeholders, is also essential for credible reporting. Last but not least, the value chain – from raw material to end users – must be included. Van Bree points out that the practicalities are complex. Especially for smaller companies, lacking the right data and systems to obtain relevant data from the value chain in particular. Van Bree stated that some political and lobby groups consider the reporting requirements as too complex and that there are forces advocating for postponement or watering down the requirements. While this may seem workable in the short term, in the long term it risks diluting serious sustainability ambitions.
Van Bree made clear that sustainable reporting goes beyond ticking boxes, as it directly impacts strategic choices. Kerper recognizes the impact of sustainability regulations in her own company: “Working in the chocolate industry, sustainability is a core challenge—whether in reducing carbon emissions, ensuring sustainable sourcing and traceability of cocoa, or improving farmer livelihoods. Regulations such as the EU Deforestation Regulation (EUDR) make this even more pressing, as they require proof that cocoa entering the EU is deforestation-free and fully traceable. The session gave me practical ideas on how to better connect these sustainability goals with financial reporting, making it clearer for stakeholders how non-financial and financial performance are linked.”
This article displays the student insights and experiences of our On-Campus MBA Corporate Finance & Accounting module. Our On-Campus MBA track is part of the executive modular part-time MaastrichtMBA programme and next to that, we offer also an Online MBA learning format. The programme has a Triple Crown accreditation and is aimed for professionals with at least 5 years of working experience.
