The purpose of this research is to investigate reputational risk disclosure and also to study which drivers influence companies’ decisions on exhibiting voluntarily risk infor-mation in their annual reports. The paper is a multi-country study that emphasizes the differences in risk reporting practices, underling various cultural, economic and institu-tional variables that affect the related content of annual financial reports of a sample of European firms. The research measures reputational risk information by conducting a content analysis of annual financial reports for a sample of 538 European listed companies (France, Germa-ny, Italy, Spain and United Kingdom). Each report has been manually examined and cod-ed, checking for narrative information about risk disclosure. Our findings show that public visibility (size and income growth rates) and agency theory relationships (ownership structure) are important in explaining reputational risk disclo-sure. Particularly, this paper contributes to the current literature stressing the importance of reputational risk disclosure which is, to the best of our knowledge, quite rare in existing literature. The evidence of our analysis is relevant not only for scholars, but also for managers and regulators who must be aware of the importance of intelligible, specific and transparent disclosure about reputational risk to create and preserve a sustainable and durable cor-porate reputation.