CFOs today are juggling more than ever—data issues, sustainability goals, and the growing role of AI. The 2024 EY Global Corporate Reporting Survey lays it all out, and the numbers are hard to ignore.

With insights from over 2,000 finance leaders and 815 investors, this report highlights the biggest hurdles CFOs face in building trust and driving value. 

Let’s dive into what these challenges mean for the future of finance leadership.

47% CFOs Doubt Sustainability Targets—Is Ambition Undermining Action?

Survey Insight:

• Only 47% of CFOs believe their organizations will likely achieve stated sustainability goals.
• Investors are only slightly more optimistic at 53%.

In-depth Analysis:
This statistic reflects a worrying disconnect between sustainability ambition and execution. Overly ambitious goals, set without robust frameworks, often result in missed targets. As CFOs delve deeper into nonfinancial data, their inherent skepticism grows, exposing gaps in strategy and reporting mechanisms.

Why This Matters:
The lack of confidence isn’t just a data issue—it’s a credibility crisis. CFOs must shift from setting aspirational targets to building actionable roadmaps that integrate sustainability into financial decision-making.

55% Fear Greenwashing: Can CFOs Restore Credibility?

Survey Insight:

• 55% of finance leaders worry that their industry’s sustainability disclosures could be perceived as greenwashing.
• 74% of investors believe third-party assurance could restore confidence.

In-depth Analysis:
The perception of greenwashing arises from immature sustainability frameworks and inconsistent data. While companies aim to showcase progress, the lack of rigorous due diligence often backfires. Investors’ call for external assurance underscores the growing demand for credible and verifiable reporting.

Why This Matters:
This call to action is for CFOs to transition from compliance-driven reporting to transparency-focused practices. Greenwashing concerns can only be addressed through a culture of accountability and third-party verification.

29% Cut Sustainability Investments Despite Prioritizing It—A Paradox?

Survey Insight:

• 29% of Group CFOs reported a decrease in sustainability-related capital investments over the past year.
• Yet, 78% view balancing short- and long-term goals as a major challenge.

In-depth Analysis:
This paradox reflects the pressures of short-term earnings. CFOs face the dilemma of cutting long-term investments, like sustainability initiatives, to meet immediate performance targets. This behavior undermines investor trust and questions the organization’s commitment to long-term value.

Why This Matters:
To break this cycle, CFOs must champion sustainable growth by presenting data-driven trade-offs that align short-term needs with long-term priorities.

96% Struggle With Nonfinancial Data—Can AI Fix the Problem?

Survey Insight:

• 96% of finance leaders report issues with the quality of nonfinancial data.
• 65% of financial controllers already use generative AI (GenAI) tools frequently.

In-depth Analysis:
The gap between AI adoption and data quality is glaring. While AI offers transformative potential, its effectiveness hinges on clean, robust data. Even the most advanced AI tools cannot deliver strategic insights without addressing foundational issues.

Why This Matters:
CFOs must prioritize data integrity before scaling AI initiatives. AI can help identify and rectify data inconsistencies, accelerating progress toward actionable reporting and decision-making.

Only 32% Have High-Grade Tech—Are CFOs Equipped for AI’s Promise?

Survey Insight:

• Just 32% of CFOs say their organizations have agile, high-grade technology infrastructure.
• 58% are planning to establish ESG controller roles.

In-depth Analysis:
The lag in technology adoption presents a major hurdle for CFOs aiming to integrate AI and ESG priorities. While creating dedicated ESG roles is a positive step, these efforts risk being undercut by outdated tech and fragmented data systems.

Why This Matters:
CFOs must advocate for investments in cutting-edge technology and cross-functional data platforms to effectively align sustainability and financial goals.

Conclusion: Bridging the Confidence Gap in Reporting and Value Creation

The EY survey paints a compelling picture of the challenges facing CFOs today. From doubts about sustainability targets to greenwashing fears and data issues, the path forward is clear:

Set Realistic Goals: Align sustainability targets with actionable strategies and robust reporting mechanisms.

Embrace Transparency: Leverage third-party assurance to address credibility gaps in nonfinancial disclosures.

Prioritize Data and Technology: Invest in data integrity and high-grade tech to unlock AI’s full potential.

Balance the Short and Long Term: Present a unified narrative to investors that integrates immediate performance with sustainable growth.

By addressing these challenges head-on, CFOs can restore confidence in reporting and position themselves as architects of long-term value creation.