Corporate governance and environmental performance: is the board of directors of the European Union listed companies sustainable?

This paper analyses the link between board characteristics and the environmental performance of listed companies in the main European markets (Italy, France, Germany, Spain, and the UK), over a time span from 2015 to 2024. The main objective is to investigate the extent to which board composition, policies, and dynamics influence corporate commitment to environmental sustainability, as measured by the Environmental Pillar Score (EnvPS). The analysis is based on a dataset of 7,485 company-year observations, with financial and ESG data taken from the Refinitiv database. Through the application of random effects regression models, the results show that elements such as gender diversity, the presence of CSR committees, and the structured definition of board functions are associated with a significant improvement in environmental performance, although the intensity of the effect varies between countries. The research makes an original contribution by highlighting the need to adapt governance policies to local institutional specificities, even in a formally harmonised European regulatory context. On a practical level, the results suggest that ESG-oriented governance can result in a competitive advantage, lower reputational risks, and greater investor confidence. The limitations of the study include the exclusively quantitative approach and the focus on listed companies only; future developments could include qualitative analyses and the extension of the sample to non-European or unregulated contexts.