We examine variation in mandatory CSR reporting practices based on a large sample of non-publicly listed savings banks in Germany. They do not have typical shareholders but rather are established by municipal trustees and can serve clients only in their distinct operating area. This setting permits us to identify demand for CSR information by their main stakeholder groups – municipal trustees and private and corporate clients. In this way, our analysis focuses on the double-materiality approach to CSR reporting. We find that demand for CSR information by supervisory board chairperson belonging to a left-wing or green party and the presence of more supervisory board members belonging to a left-wing or green party are associated with longer CSR reports and more disclosure on environmental, social, employee and human rights matters. In addition, competition for private clients and the sustainability orientation of corporate clients are associated with longer reports and more disclosure on environmental, employee and human rights matters. These findings suggest that savings banks’ CSR reports cater to their principal stakeholders’ demand for CSR information.