This article reports on the results of an empirical analysis of 37 environmental management and audit scheme (EMAS) environmental statements presented by German companies in 1995 and 1996(Freimann, 1996). The statements were analysed and evaluated based on the relatively vague demands of the EMAS regulation and further ideas of good environmental reporting. The ®ndings are sophisticated in that most of companies show more caution and reserve than appropriate in order to reduce negative images regarding their willingness to practice voluntary environmental care. Only a few companies present a reliable disclosure of their environmental activities and results, not only pointing out successes but also giving an insight into the organizational and technical measures as well as the problems remaining. It is recommended that companies should strengthen their efforts to gain social acceptance by means of frank dialogueorientated environmental reporting. In the amendment process of the EMAS regulation in 1998, precise reporting standards should be speci®ed in help distinguish between environmentally active and successful companies and freeloaders; this will bene®t both the reporting companies and the public.