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Investors are increasingly cautious about the reliability of company reports making environmental claims.
A New Zealand investor confidence survey by consultancy PwC, showed 100 percent of investors believed corporate reporting contained at least some unsupported claims about a company's sustainability performance.
It also found about nine in 10 investors wanted companies to disclose their impact on society and the environment.
PwC New Zealand partner Victoria Ashplant said it was not immediately clear why there was scepticism about the transparency of sustainable claims, but it was surprising.
"I think it would be quite alarming [for] an investor or someone using [corporate] reporting to think 'wow there are some unsupported claims here'," she said.
Ashplant said the survey did not ask why investors felt that way, but she believed it was reflective of the "emerging" nature of sustainability reporting.
"Standards across the world and not just in New Zealand are coming into force and companies are getting used to applying different types of reporting regimes," she said.
The survey also found fewer investors believed companies would be highly or extremely exposed to inflation and broader economic volatility.
"There could be an element of 'business as usual' in there - businesses getting used to managing short-term crises," Ashplant said.
She said investors were looking for companies who could adapt quickly to changing economic conditions.
Among other risks potentially facing companies, the survey showed increased investor concern about cyber risks, geopolitical issues, climate change and health risks.