Wilson Sonsini annually publishes the Silicon Valley 150 Corporate Governance Report, which analyzes the governance practices and disclosures of the Valley’s largest public companies. The report uses the Lonergan SV150^[1], which includes the top 150 public companies (by annual sales) with headquarters in Silicon Valley.

We will soon be publishing the 2025 report and wanted to preview some early data points. This blog post discusses the report’s findings on environmental, social, and governance or sustainability reports (ESG Reports). The contents of these ESG Reports and the frequency with which companies publish them differ significantly from company to company.

Over three-quarters of the SV150 companies published an ESG Report on their website, with 86.7 percent of these companies having specially designated sections on their website for the report. Of those companies with ESG Reports, 23.7 percent issued reports in 2025, a majority (57.9 percent) issued reports in 2024, and the remainder were issued earlier. Most of the companies that issued an ESG Report issued a single report rather than multiple reports (77.2 percent) and included a letter from the company’s chief executive officer (86.8 percent). The largest companies in the SV150 (ranked 1-50 by annual sales) are much more likely to have published an ESG Report, with 96 percent having done so, compared to only 66 percent of the remaining SV150 companies.

Of the companies that published an ESG Report, 72.8 percent used the Sustainability Accounting Board Standards (SASB) for a framework. Approximately half of the companies also used the Global Reporting Initiative (GRI), Task Force on Climate-Related Financial Disclosure (TCFD) and United Nations Sustainable Development Goals (UNSDGs).

Of the companies that disclosed their alignment with UNSDGs, the most common of the UNSDGs cited were climate action (86.3 percent), gender equality (82.4 percent), and decent work and economic growth (82.4 percent). The ESG Reports discussed a variety of topics including, among others: employee matters (98.3 percent of companies), community engagement (96.5 percent), ethics (90.4 percent) and diversity (90.4 percent).

Companies are also including climate-related disclosures in their ESG Reports, with 59.7 percent of the SV150 companies disclosing their carbon or greenhouse gas (GHG) emission reduction targets. This included 93.8 percent of the largest companies (ranked 1 – 50 in annual sales) compared to only 17.6 percent of the companies ranked 100 – 150. Of the companies disclosing their GHG emission metrics, most included Scope 1, 2 and 3 metrics (87.5 percent) and the remainder (12.5 percent) included Scope 1 and 2 metrics only. Nearly 55.8 percent of the ESG Reports contained an independent, third-party assurance of some of the data.

^[1] For more information on the methodology used to prepare the Lonergan SV150, please visit https://lonerganpartners.com/2025-lonergan-silicon-valley-150-list/lsv-150-company-insights-2025.