Environmental, social, and governance (ESG) rating agencies, acting as relevant financial market actors, should take a stand on working towards achieving a more sustainable development. In this context, the objective of this paper is, on the one hand, to understand how criteria used by ESG rating agencies in their assessment processes have evolved over the last ten years and, on the other hand, to analyze whether ESG rating agencies are contributing to fostering sustainable development by the inclusion of sustainability principles into their assessment processes and practices according to the ESG criteria. This research is based on a comparative descriptive analysis of the public information provided by the most representative ESG rating and information provider agencies in the financial market in two periods: 2008 and 2018. The findings show that ESG rating agencies have integrated new criteria into their assessment models to measure corporate performance more accurately and robustly in order to respond to new global challenges. However, a deep analysis of the criteria also shows that ESG rating agencies do not fully integrate sustainability principles into the corporate sustainability assessment process.

Purpose: To determine whether the strategic commitment of the company to its stakeholders is positively related to its social and financial performance. Design/methodology/approach: This paper analyses the mission statements and the sustainability reports, of a sample of 52 Spanish listed firms (70 per cent Madrid stock index capitalization). The vision, mission and values of the company will define its strategic stakeholder or shareholder orientation. In the process of evaluation of the social performance of the firm it is built a scale (strategic consistency index (SCI)) which considers the quality of the sustainability reporting using the GRI Guidelines. Some traditional financial and economic indicators are used to analyse the company's financial performance. Findings: Results show a not very high level of the stakeholder approach in Spanish companies, a high level of publication and quality of sustainability reports and, finally, a positive and not significant relationship between these variables and a positive financial performance. Research limitations/implications: The unavailability of a long series of sustainability reports is an obstacle for a broader analysis. This research could transmit to companies the positive relationship between social and financial performance. Originality/value: The use of GRI sustainability reports as a component of a broader corporate sustainability index and the analysis of the strategic commitment to their stakeholders through the construction of a SCI and the relationship with their financial results.