ESG Factors in business valuation

On 1 April 2026, the National Council of Chartered Accountants and Accounting Experts (Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili — “CNDCEC”) published a guide on ESG factors in business valuation, dedicated to the integration of ESG (Environmental, Social, Governance) factors into business valuation processes.

This guide, which completes the work commenced in 2024 on the construction of the information base, aims to provide the necessary tools for a robust analysis and to offer operational proposals and examples with a view to constituting a valid support for businesses.

Among the minimum contents with which the valuation report must be provided, the Italian Valuation Principle (Principio Italiano di Valutazione — “PIV”) II.4.3 refers to fundamental analysis as content subsequent to the establishment and appreciation of the information base.

The document analyses, firstly, the strategy in place within the company, with specific attention to the strategic choices made in the past and the related results produced and secondly, addresses strategic intentions, the business model, models for strategic analysis and, finally, the operational modalities for the integration of ESG factors into the business plan.