The conclusions of the study are based on interviews of 28 large EU headquartered undertakings across eight sectors split between financial and non-financial enterprises. These companies were selected based on their size, and therefore possible higher level of maturity and resources in applying the ESRS. The emerging practices were analysed against four focus areas particularly relevant to the implementation of ESRS: Materiality assessment, Value Chain, Gap analysis on datapoints, ESG reporting organisational approach. The study intentionally focuses on larger undertakings and thus is not representative of the diverse mix of companies that will apply the ESRS. For subsequent years, we will consider an annual "State of play" study taking stock of a larger number of undertakings and also of sustainability statements effectively prepared in accordance with ESRS. This study was developed with the assistance of Boston Consulting Group (BCG) whom we warmly thank.