A Guide to the S&P Corporate Sustainability Assessment (CSA)

Launched in 1999, the S&P Global Corporate Sustainability Assessment (CSA) is a leading ESG evaluation framework used by thousands of companies worldwide to benchmark sustainability performance through an investor-focused lens. ESG disclosures have become increasingly critical to capital markets and stakeholder trust, and the CSA works to help companies turn sustainability reporting into a strategic advantage.

In this article, we’ll cover:

• The basics and benefits of the S&P CSA
• Scoring and methodology
• Submission, documentation, and timelines

An Overview of the S&P CSA

The CSA is conducted annually and assesses companies across economic, environmental, and social dimensions using industry-specific questionnaires to evaluate how well companies manage financially material ESG risks, opportunities, and impacts.

Each participating company receives a CSA Score (0–100) and a percentile ranking based on their performance relative to peers. The results of the CSA are made publicly available on S&P Global’s website as well as featured on Bloomberg’s ESG dashboard.

Benefits of the CSA

The S&P CSA is primarily an investor-facing tool. The results are used by investors managing over $35 trillion in assets to inform ESG investment decisions. The scores are also used to determine inclusion in various ESG- and sustainability-focused indices such as the Dow Jones Sustainability Indices (DJSI), S&P 500 Scored & Screened Index, etc.

Participating in the CSA offers several strategic advantages:

• Enables benchmarking by allowing organizations to measure their ESG performance against global industry peers.
• Enhances reputation and transparency by signaling ESG maturity to stakeholders.
• Generates strategic insights and helps companies identify gaps and opportunities in their sustainability programs as they complete the assessment process.
• If companies are already publishing Sustainability Reports and/or CDP reports, they can leverage these reports for the CSA.

How is the CSA different from other sustainability ratings?

The CSA differs from other ESG ratings through its collaborative approach, depth, investor-orientation, and industry-specificity.

• The CSA invites companies to actively participate by submitting detailed, industry-specific information, whereas MSCI and Sustainalytics primarily rely on publicly available data and apply broad non-specific methodologies. Note: Companies may also receive passive ratings if they choose not to participate.
• CSA scores are directly relevant to capital markets, as the scores are used to determine inclusion in index funds, whereas EcoVadis primarily serves procurement and supply chain teams.
• The CSA is a more comprehensive sustainability rating compared to the CDP as it covers Environment, Governance, Social, and Economic areas as part of its assessment, whereas CDP is only focused on environmental disclosures.

These factors make CSA particularly valuable for companies seeking to align sustainability performance with investor expectations and financial benchmarks.The CSA emphasizes double materiality, assessing both the financial impact of sustainability factors and their broader societal implications, while many other ratings focus mainly on financial risk.

Scoring and methodology

The CSA score is derived from 1,000+ data points collected through a 100–130 question industry-specific survey. These questions span 23 sustainability topics, including climate strategy, biodiversity, human rights, labor practices, policy influence, supply chain management, and sustainable finance.

Answers are scored based on (i) availability and quality of data, (ii) relevance to industry, and (iii) performance against peers.

The final score reflects a company’s management of material ESG issues, with double materiality (impact on both enterprise value and society/environment) at the core of the methodology.

Understanding CSA weights

The CSA divides its assessment into three dimensions: Environmental, Social, and Governance & Economic. Each dimension’s weight varies by industry. For example, environmental topics may carry more weight in the energy sector, while governance may be more critical in financial services. S&P publishes industry-specific weightings annually to reflect evolving views on materiality and key sustainability issues where applicable.

Disclosure requirements

The disclosure requirements of CSA questions vary, and providing the appropriate references impacts CSA scoring. Below are the three ways of disclosure and their implications:

• Public Disclosure Required: Companies must make the relevant information publicly available to receive credit. For example, the data must be available on the company website, a sustainability report, or any document that has been published by the company on a public platform.
• Public Disclosure Encouraged: Public availability of data will score full points; however, partial points are available for non-public disclosures. This structure acknowledges that certain documents or data may be confidential, yet it encourages transparency in company disclosures.
• Private Disclosure Accepted: For specific data points, public disclosures are not required. However, companies may be required to submit internal documents to score full points.

Submission and documentation

The CSA is administered via the S&P Global CSA Portal, where companies are required to respond to the questions on the portal. The questions are a mix of three types:

• Quantitative: e.g., emissions data, workforce diversity metrics
• Qualitative: e.g., policies, governance structures
• Evidence-based: requiring documentation, public disclosures, or hyperlinks

The S&P provides a CSA Methodology Handbook to help companies respond to questions appropriately, as well as understand the rationale behind each question and its relevance.

Documentation requirements

To support your responses, you should be able to submit reference documents, including but not limited to sustainability reports, policy documents, internal procedure files, KPIs and performance data, third-party assurance statements (if available), and more. All documents must be in English or accompanied by a translation.

Submission timeline

Companies can select a two-month participation window via the S&P CSA Portal, with reporting windows opening early April, and the final window opening in November. Companies can reserve their preferred window starting in February. S&P does provide deadline extensions once the window begins, but this may delay score release dates, which are typically 7 to 14 weeks after submission. While reporting windows have historically opened in early April with the final window in November, future timelines (including for the 2026 cycle) may evolve as S&P Global has not yet released final dates.

For companies aiming to be included in the Sustainability Yearbook, the latest eligible submission window usually ends mid-October. The S&P Global Sustainability Yearbook is an annual publication that recognizes the world’s top-performing companies in terms of ESG practices, based on their results in the CSA. Inclusion in the Sustainability Yearbook signals that a company is in the top 15% of its sector. It also shows that the company has demonstrated strong ESG performance and disclosures, and thereby enhances reputation, attracts ESG-focused investors, and validates the company’s sustainability strategy through a recognized benchmark. In addition to overall inclusion in the Sustainability Yearbook, companies may be recognized in different Yearbook distinction categories based on their CSA performance relative to peers, and top-performing companies may also be invited for inclusion in the Dow Jones Best-in-Class Indices (DJBICI), further increasing visibility with investors and index-linked capital.

What happens after submission?

Once a company submits its CSA questionnaire, S&P Global analysts review the submission. The S&P analysts review both the data and the documents, and they may use these materials to revise responses at their discretion – either adding to the original response or subtracting from it. An analyst may reach out to you via the registered email to clarify any disclosures and/or request additional information or documentation.

Scores are released approximately 7 to 14 weeks after submission. Participants can submit up to three queries post-assessment to clarify or contest scoring. These queries may address methodology clarifications, rejected information, significant score changes, or potential oversights. Queries must be submitted through the portal and must relate to specific CSA questions. S&P’s Corporate Engagement team reviews submissions and provides feedback or next steps.

Leveraging your CSA Score

The CSA serves as a critical benchmark, encouraging companies to align their strategies with global standards. Companies can use their CSA score and disclosure as a strategic tool for continuous improvement in sustainability performance. The detailed feedback provided through the CSA process helps identify strengths and gaps across ESG dimensions. Additionally, the CSA evaluates thousands of companies across industries using standardized, sector-specific criteria, thereby enabling organizations to compare their ESG performance against their peers and industry leaders. This benchmarking helps identify best practices, uncover gaps, and inform strategic decisions.

Preparing a response to the S&P CSA questionnaire? Leverage ADEC ESG’s decades of sustainability disclosure experience for your reporting program, from question-by-question support to full disclosure completion. Talk to our team to learn more about how we can support you.

This blog provides general information and does not constitute the rendering of legal, economic, business, or other professional services or advice. Consult with your advisors regarding the applicability of this content to your specific circumstances.