Freedom of Information as a component of sustainable corporate governance: an exploratory study of Austrian state-owned enterprises

Purpose Transparency and accountability are central principles of both sustainable corporate governance and public sector governance. While environmental, social and governance (ESG) reporting has become a key disclosure instrument for both private and state-owned enterprises (SOEs), freedom of information (FOI) laws represent a legally grounded transparency obligation for public sector organizations. Since SOEs are part of the public sector, they too can be subject to FOI laws. Drawing on institutional theory and anticipatory governance, this study examines whether SOEs anticipate and reflect FOI obligations in their disclosure practices. It conceptualizes FOI as a component of sustainable corporate governance, thereby linking the literature on these two distinct disclosure regimes. Design/methodology/approach The study analyzes 101 Austrian SOEs through a qualitative document and keyword frequency analysis of publicly available financial and non-financial reports from 2020–2024 and website disclosures from 2026. Austria provides a particularly relevant context because a comprehensive federal FOI law only entered into force in September 2025. Findings We find that explicit references to FOI remain rare and are largely absent from non-financial reports. Instead, FOI-related information is primarily communicated through corporate websites and is frequently embedded in data protection-related disclosures. These findings indicate limited anticipatory adaptation to FOI requirements in SOEs. Austrian SOEs currently treat FOI as a matter of reactive legal compliance driven by coercive pressure rather than a strategic sustainability approach. Practical implications Governments could increase the visibility of SOEs that perform well in information disclosure through rankings, benchmarking, or public recognition. This might create reputational incentives and encourage other SOEs to follow, fostering a form of “competitive transparency” and mimetic pressures. Since SOEs are profit-oriented, transparency may also serve as a marketing and trust-building tool, helping them strengthen stakeholder confidence and differentiate themselves. To reinforce this, FOI should be more explicitly integrated into ESG governance frameworks, supported by clear disclosure standards and measurable indicators. This would help establish transparency as a core governance element rather than a voluntary or overlooked practice. Originality/value The study represents one of the first empirical assessments of FOI anticipation in SOEs and provides theoretical and practical implications. By positioning FOI as a governance mechanism for sustainability, it provides a framework for its institutionalization in management practice.