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The Global Reporting Initiative (GRI) Standards have been strengthened so they deliver the highest level of transparency for impacts on the economy, environment, and people. GRI Standards enable organizations to give evidence on their impacts and performance, and describe their management approach, including long term goals and targets for each material topic. Made available through sustainability reporting, this information allows internal and external stakeholders to form opinions and make informed assessments and decisions.
Sustainability reporting plays a vital role: (i) 73% of the world’s 250 largest companies by revenue use GRI guidelines or standards, (ii) 67% of the top 100 companies by revenue in 52 countries and jurisdictions use GRI guidelines or standards (iii) 168 policies in 67 countries around the world reference the GRI Standards or require their use.
Sustainability reporting provides greater clarity on materiality, introduces sector-specific standards and strengthens the governance disclosures. The Global Reporting Initiative’s (GRI) new sustainability reporting standards aim to enhance human rights-related information flows to investors, while improving overall transparency on the environment, governance, and society.
The updated system of GRI Standards announced will affect every organization:
- The GRI Report ensures more transparency
- Materiality reorientation: focus on the most significant impacts of organizations in the areas of economy, environment, and people, including the impacts on human resources
- Governance information: Investors are interested and demand structured governance disclosure
The revised Universal Standards set a new global benchmark for corporate transparency. Fully addressing gaps between the available disclosure frameworks and intergovernmental expectations for responsible business, including human rights reporting, will enable more effective and comprehensive reporting than ever before.
How can businesses continue to thrive while contributing to sustainable development?
It’s time to get proactive and build feasible plans to bring value to your organization! Catch up on the latest activities and achieve your positive impact in a way that is transparent, trusted and objective. The Certified Sustainability ESG Practitioner Program, Advanced Edition 2021, Digital Version on December 9-10 and 13, will provide you with all the necessary tools for your move beyond simple reporting and your future success.
Register now and reach us at [email protected] for more information.
