Global Reporting Initiative

Last updated
GRI
Founded1997 Boston, United States
Type Non-governmental organization
Purpose Sustainability reporting
Headquarters Amsterdam, Netherlands
Region served
Worldwide
Eelco van der Enden
Deputy Chief Executive
NA
Lars Wagemans
Main organ
 Secretariat (administrative office) elected by the annual general meeting
Affiliations OECD, UNEP, United Nations Global Compact, ISO
Website www.globalreporting.org
Formerly called
Global Reporting Initiative

The Global Reporting Initiative (known as GRI) is an international independent standards organization that helps businesses, governments, and other organizations understand and communicate their impacts on issues such as climate change, human rights, and corruption.

Contents

Since its first draft guidelines were published in March 1999, [1] [2] GRI's voluntary sustainability reporting framework has been adopted by multinational organizations, governments, small and medium-sized enterprises (SMEs), NGOs, and industry groups. Over 10,000 companies from more than 100 countries use GRI. [3] According to the 26 October 2022 KPMG Survey of Sustainability Reporting, 78% of the world’s biggest 250 companies by revenue (the G250) and 68% of the top 100 businesses in 58 countries (5,800 companies known as the N100) have adopted the GRI Standards for reporting. GRI is used as a reporting standard by a majority of the companies surveyed in all regions. [4] [5]

GRI thus provides the world's most widely used sustainability reporting standards. [6] [7] [8] Under increasing pressure from different stakeholder groups, such as governments, consumers and investors, to be more transparent about their environmental, economic, and social impacts, many companies publish a sustainability report, also known as a corporate social responsibility (CSR) or environmental, social, and governance (ESG) report. GRI's framework for sustainability reporting helps companies identify, gather, and report this information in a clear and comparable manner. Developed by the Global Sustainability Standards Board (GSSB), the GRI Standards are the first global standards for sustainability reporting and are a free public good. [9]

The GRI Standards have a modular structure, making them easier to update and adapt. Three series of Standards support the reporting process. The GRI Universal Standards apply to all organizations and cover core sustainability issues related to a company’s impact on the economy, society, and the environment. The GRI Sector Standards apply to specific sectors, particularly those with the highest environmental impact, such as fossil fuels. The GRI Topic Standards list disclosures relevant to a particular topic area. [10] [3] [9] [11] GRI Standards and reporting criteria are reviewed every three years by the Global Sustainability Standards Board (GSSB), an independent body created by GRI. [3] The most recent of GRI's reporting frameworks are the revised Universal Standards, which were published in October 2021, and came into effect for reporting in January 2023. [10] [9]

History

The Global Reporting Initiative was developed in 1997 by the United States-based non-profits Ceres (formerly the Coalition for Environmentally Responsible Economies) and consulting agency Tellus Institute. Key individuals were Ceres President Bob Massie and Allen L. White of Tellus. Other influential thinkers who were board members of Ceres included Joan Bavaria of the Social Investment Forum (SIF), Alica Gravitz of Co-op America and Paul Freundlich of the US-based Fair Trade Foundation. The initiative soon gained support from the United Nations Environment Programme (UNEP). [12] [13] [1]

GRI released an "exposure draft" version of the Sustainability Reporting Guidelines in 1999, [14] and the first full version in June 2000. Work immediately began on a second version which was released at the World Summit for Sustainable Development in Johannesburg in August 2002—where the organization and the guidelines were also referred to in the Plan of Implementation signed by all attending member states. [12]

As early as 2001, GRI expressed its intention to institutionalize the organization with a headquarters in Europe. [1] In April 2002, GRI was inaugurated as an independent organization in a ceremony hosted at the UN headquarters in New York. Its mission was to provide “stewardship of the Guidelines through their continuous enhancement and dissemination (GRI 2000 Guidelines).” [13] Engineering consultancy DHV (now Royal HaskoningDHV) expressed a strong interest in the initiative following the publication of the draft guidelines, translating them into Dutch and holding its first seminar on disclosing and reporting on 7 December 1999. Influential figures in the Dutch adoption of GRI include Nancy Kamp-Roelands, Johan Piet and Piet Sprengers. DHV approached then-CEO Allen White and set up meetings with the Dutch government. By April 2002, GRI had decided to settle in Amsterdam, Netherlands [1] where it subsequently incorporated as a non-profit organization and a Collaborating Centre of the United Nations Environment Programme. [12] Although the GRI is independent, it remains a collaborating center of UNEP and works in cooperation with the United Nations Global Compact. [15]

GRI has managed to mobilize extensive contributions of time, knowledge and funding from a wide variety of individuals and organizations. [16] [12] [17] UN Secretary General Kofi Annan described it as having a "unique contribution to make in fostering transparency and accountability of corporate activities beyond financial matters". [13] [18] A key factor in GRI’s success has been its global multi-stakeholder network, which grew from about 200 organizations and individuals in early 2000 to over 2000 members by early 2002. The network provided a platform for analysis and feedback on the Guidelines, enabling diverse stakeholders to actively engage in their creation and evolution. [12] The initial organizational structure of the GRI was highly efficient and communicated mostly electronically. It consisted of a secretariat, a steering committee, and multiple decentralized working groups. Input from the working groups led to the expansion of GRI's scope from environmental reporting to three categories of sustainability indicators: social performance indicators, economic performance indicators and environmental performance and impacts. [12]

The GRI system was created with the goals of standardizing practices for non-financial reporting, and empowering stakeholders at all levels with "access to standardized, comparable, and consistent environmental information akin to corporate financial reporting." [12] The process of aligning and standardizing practices has continued through multiple versions, with some debate over definitions of materiality to be used in sustainability reporting and their implicatioins. [6] [19] [20] The GRI and the Sustainability Accounting Standards Board (SASB) illustrate two major approaches to materiality, with differences that may cause confusion in interpreting information about “material sustainability issues”. [21] [6]

Governance

The "GRI" refers to the global network of thousands of participants worldwide who create the reporting framework, use it in disclosing their sustainability performance, demand its use by organizations as the basis for information disclosure, or are actively engaged in improving the standard. Examples of good sustainability reporting practices include digitalization of supply-chain management, stakeholder relation mechanisms, and communication strategies that encourage conjoint two-way sense making and sense giving. [22]

The governance structure for the permanent institution was approved on June 21, 2002. The institutional side of the GRI, supporting the network, is made up of the following governance bodies: board of directors, stakeholder council, technical advisory committee, organizational stakeholders, and a secretariat. Diverse geographic and sector constituencies are represented in these governance bodies. [23]

Reporting guidelines

Standards for guidelines

The GRI framework aims to enable third parties to assess environmental impact from the activities of the company and its supply chain. [24] The most recent of GRI's reporting frameworks are the revised Universal Standards, which were published in October 2021, and came into effect for reporting in January 2023. [10] [9] The GRI Universal Standards apply to all organizations and cover core sustainability issues related to a company’s impact on the economy, society, and the environment. The GRI Sector Standards apply to specific sectors, particularly those with the highest environmental impact, such as Oil and Gas, Coal, and Agriculture, Aquaculture and Fishing. The GRI Topic Standards list disclosures relevant to a particular topic area. Examples include Waste, Occupational Health and Safety, Biodiversity, Energy, Diversity and Equal Opportunity. [10] [3] [9]

ESG metrics

Examples of a company's internal and external stakeholders. Stakeholder (en).svg
Examples of a company's internal and external stakeholders.

Sustainability reporting aims to standardize and quantify the environmental, social and governance (ESG) costs and benefits, derived from the activities of the reporting companies. Examples of ESG reporting include quantified measures of CO2 emissions, working and payment conditions, and financial transparency. [13] [25] [26]

The development of GRI standards was influenced by policies in the fields of international labor practices and environmental impact, which it, in turn has influenced. [13] ISO 14010, ISO 14011, ISO 14012 and ISO 26000 set out a standard for assessing the environmental impact, [27] while OHSAS 18001 laid down a health and safety risk management system. [28] The International Labour Organization (ILO)'s eight core conventions outline specific groups or population that require special attention: women, children, migrant workers and their families, persons belonging to national or ethnic, linguistic, and religious minorities, indigenous peoples, and persons with disabilities. [29] The reporting standards set by the GRI ESG assessment and reporting were developed based on principles set in OECD guidelines for Multinational corporations and UN Guiding Principles. [30] [31]

Accountability, adoption and registration

The Global Reporting Initiative is one example of a transformative shift in accountability systems to one based on a network of actors, observation of global public concerns, new problem framing and an ideological shift. [32] Initially GRI worked with a number of Data Partners to collect and process information about GRI reporting and sustainability reporting in general and reporting trends in specific countries and regions. This information was added to GRI's Sustainability Disclosure Database. In the United States, the United Kingdom and the Republic of Ireland the official GRI data partner was the Governance & Accountability Institute. [33] [34]

In 2020 GRI decided to discontinue its publicly accessible sustainability disclosure database as of April 2021, due to the overhead of maintaining the collection. The publicly available database had over 63,000 reports spanning nearly 20 years from hundreds of companies. [35]

It is still possible to register GRI Standards-based reports and other published materials through the GRI Standards Report Registration System. Under Requirement 9 of GRI 1: Foundation 2021, notifying GRI of the use of the GRI standards is a mandatory step in reporting for associated organizations. Responsibility for the quality and verification of such reports is the responsibility of the reporting organization and its stakeholders. While GRI no longer provides examples of reports, the reports of many organizations are available from company websites. [36]

Under the 2021 guidelines, which are required for reporting as of January 2023, organizations may report either "in accordance" with GRI (more stringent) or "in reference" to GRI. Both options involve notification. [10]

A key issue in the adoption of GRI Standards is that compliance is voluntary. Outcomes depend on the quality and type of information reported. Further, firms may selectively disclose sustainability information. [6] [37] Research suggests that resources for sustainability reporting may be insufficient and staff undertrained in many companies. GRI attempts to address this by providing training. [6] In order to circumvent "greenwashing" or falsified reporting, a financial institution can conduct an independent audit of the investee or enter into a dialogue with the top management of a company in question. [38] Independent assurance of sustainability reports may be demanded by stakeholders, and third-party assurance is standard practice for many large and mid-cap companies, though often expensive. Absence of assurance is associated with lower quality and credibility of sustainability reporting. [6]

European Commission Directives

In December 2014, the European Commission, on behalf of the European Union, adopted the Non-Financial Reporting Directive (NFRD) obliging large multinational corporations to provide non-financial disclosure to the markets. The law applies to public companies with more than 500 employees. [39] Companies that would provide such a reporting would be required to report on environmental, social and employee-related, human rights, anti-corruption and bribery matters. Additionally, these large corporations would be required to describe their business model, outcomes and risks of the policies on the above topics, and the diversity policy applied for management and supervisory bodies. [40] The reporting techniques were encouraged to rely on recognized frameworks such as GRI's Sustainability Reporting Guidelines, the United Nations Global Compact (UNGC), the UN Guiding Principles on Business and Human Rights, OECD Guidelines, International Organization for Standardization (ISO) 26000 and the International Labour Organization (ILO) Tripartite Declarations. [41]

Sustainability reporting requirements for companies were further expanded in the EU's Corporate Sustainability Reporting Directive (CSRD) which took effect on 5 January 2023. [42] GRI was actively involved in the development of the European Sustainability Reporting Standards (ESRS) which were submitted to the European Commission by the Sustainability Reporting Board (SRB) of the European Financial Reporting Advisory (EFRAG) as a step towards implementation of the Corporate Sustainability Reporting Directive (CSRD). GRI worked for interoperability between GRI's global Standards, which focus on impact materiality, and the ESRS' focus on double materiality. [43] [44] [45] Double materiality requires public reporting of both sustainability factors affecting the financial materiality of the company and its outward materiality (how the company affects society and the environment). [43] [46]

International Sustainability Standards

As of 24 March 2022, GRI and the International Financial Reporting Standards Foundation (IFRS) announced that they would collaborate to align the International Sustainability Standards Board (“ISSB”)'s investor-focused Sustainability Disclosures Standards for the capital markets with the GRI's multi-stakeholder focused sustainability reporting standards. [8] As of 6 June 2023, the ISSB issued its inaugural standards (IFRS S1 and IFRS S2) for sustainability-related disclosures in capital markets. [47]

See also

Related Research Articles

<span class="mw-page-title-main">Corporate social responsibility</span> Form of corporate self-regulation aimed at contributing to social or charitable goals

Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices. While once it was possible to describe CSR as an internal organizational policy or a corporate ethic strategy similar to what is now known today as Environmental, Social, Governance (ESG); that time has passed as various companies have pledged to go beyond that or have been mandated or incentivized by governments to have a better impact on the surrounding community. In addition national and international standards, laws, and business models have been developed to facilitate and incentivize this phenomenon. Various organizations have used their authority to push it beyond individual or even industry-wide initiatives. In contrast, it has been considered a form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organizations to mandatory schemes at regional, national, and international levels. Moreover, scholars and firms are using the term "creating shared value", an extension of corporate social responsibility, to explain ways of doing business in a socially responsible way while making profits.

A sustainable business, or a green business, is an enterprise that has a minimal negative impact or potentially a positive effect on the global or local environment, community, society, or economy—a business that strives to meet the triple bottom line. They cluster under different groupings and the whole is sometimes referred to as "green capitalism." Often, sustainable businesses have progressive environmental and human rights policies. In general, a business is described as green if it matches the following four criteria:

  1. It incorporates principles of sustainability into each of its business decisions.
  2. It supplies environmentally friendly products or services that replace demand for nongreen products and/or services.
  3. It is greener than traditional competition.
  4. It has made an enduring commitment to environmental principles in its business operations.

Sustainability reporting refers to the disclosure, whether voluntary, solicited, or required, of non-financial performance information to outsiders of the organization. Generally speaking, sustainability reporting deals with information concerning environmental, social, economic and governance issues in the broadest sense. These are the criteria gathered under the acronym ESG.

<span class="mw-page-title-main">Carbon accounting</span> Processes used to measure how much carbon dioxide equivalents an organization sequesters or emits

Carbon accounting is a framework of methods to measure and track how much greenhouse gas (GHG) an organization emits. It can also be used to track projects or actions to reduce emissions in sectors such as forestry or renewable energy. Corporations, cities and other groups use these techniques to help limit climate change. Organizations will often set an emissions baseline, create targets for reducing emissions, and track progress towards them. The accounting methods enable them to do this in a more consistent and transparent manner.

Principles for Responsible Investment is a United Nations-supported international network of financial institutions working together to implement its six aspirational principles, often referenced as "the Principles". Its goal is to understand the implications of sustainability for investors and support signatories to facilitate incorporating these issues into their investment decision-making and ownership practices. In implementing these principles, signatories contribute to the development of a more sustainable global financial system.

<span class="mw-page-title-main">Sustainability accounting</span>

Sustainability accounting was originated about 20 years ago and is considered a subcategory of financial accounting that focuses on the disclosure of non-financial information about a firm's performance to external stakeholders, such as capital holders, creditors, and other authorities. Sustainability accounting represents the activities that have a direct impact on society, environment, and economic performance of an organisation. Sustainability accounting in managerial accounting contrasts with financial accounting in that managerial accounting is used for internal decision making and the creation of new policies that will have an effect on the organisation's performance at economic, ecological, and social level. Sustainability accounting is often used to generate value creation within an organisation.

Stakeholder engagement is the process by which an organization involves people who may be affected by the decisions it makes or can influence the implementation of its decisions. They may support or oppose the decisions, be influential in the organization or within the community in which it operates, hold relevant official positions or be affected in the long term.

Environmental, social, and governance (ESG), is a set of aspects, including environmental issues, social issues and corporate governance that can be considered in investing. Investing with ESG considerations is sometimes referred to as responsible investing or, in more proactive cases, impact investing.

Sustainable event management is event management with particular concern for environmental, economic and social issues.

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<span class="mw-page-title-main">United Nations Environment Programme Finance Initiative</span>

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<span class="mw-page-title-main">Sustainability Accounting Standards Board</span> Non-profit accounting standards organization

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<span class="mw-page-title-main">Climate Disclosure Standards Board</span>

The Climate Disclosure Standards Board (CDSB) is a non-profit organization working to provide material information for investors and financial markets through the integration of climate change-related information into mainstream financial reporting. CDSB operates on the premise that investors and financial institutions can make better and informed decisions if companies are open, transparent and analyse the risks and opportunities associated with climate change-related information. To this end, CDSB acts as a forum for collaboration on how existing standards and practices can be used to link financial and climate change-related information using its Framework for reporting environmental information, natural capital and associated business impacts.

<span class="mw-page-title-main">National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business</span>

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Social accounting is the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large. Social Accounting is different from public interest accounting as well as from critical accounting.

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<span class="mw-page-title-main">Islamic Reporting Initiative</span>

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  43. 1 2 "GRI backs mandatory EU reporting on sustainability impacts | ESGN Asia". ESGN. 26 April 2021.
  44. ↑ "Interoperability between ESRS and GRI Standards good news for GRI reporting companies". SustainCase. December 7, 2022.
  45. ↑ "The EU's Corporate Sustainability Reporting Directive explained". IBM Blog. 21 April 2023.
  46. ↑ Baumüller, Josef; Sopp, Karina (1 January 2021). "Double materiality and the shift from non-financial to European sustainability reporting: review, outlook and implications". Journal of Applied Accounting Research. 23 (1): 8–28. doi: 10.1108/JAAR-04-2021-0114 . ISSN   0967-5426.
  47. ↑ IFRS (26 June 2023). "ISSB issues inaugural global sustainability disclosure standards – Sustainability-Reports.com". Sustainability Reports. Retrieved 12 July 2023.
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