Plans for EFRAG to broaden role requires establishment of a professional sustainability standard setting function
As part of the European Commission review of the Non-financial Reporting Directive (NFRD), it is exploring how new European sustainability standards could be created and managed.
The Commission has asked the European Financial Reporting Advisory Group (EFRAG) to consider the changes needed to its governance, if it were to take on responsibility for creating non-financial reporting standards. Until now, EFRAG’s remit has been to advise on financial standards only.
New topic Standards on Tax, OHS and Water to be used
January 14, 2021 /3BL Media/ - Companies disclosing their impacts through the world’s most widely used sustainability reporting standards are to adhere to three new and updated standards, for reports they publish from this year onward.
In 2018, two revised GRI Standards launched – for occupational health and safety, and water and effluents. In December 2019, the first global standard for tax transparency published. Effective from 1 January, companies identifying any of these topics as material are now to apply the new Standards.
Translations of the global reporting standard for waste
The GRI Waste Standard is now provided in nine languages. In addition to English, translations have launched in Arabic, Traditional Chinese, French, German, Italian, Japanese, Portuguese and Spanish.
This means that more reporting organizations around the world can download and use GRI 306: Waste 2020, available free of charge, to disclose a complete picture of the waste impacts in their processes, products and services, as well as throughout their value chains.
GRI and UN Global Compact four-year initiative secures progress
A ground-breaking initiative to drive corporate action on the Sustainable Development Goals (SDGs) has significantly advanced reporting practices and identified areas for further improvement.
The Action Platform for Reporting on the SDGs leverages the Global Reporting Initiative (GRI) Standards and the Ten Principles of the UN Global Compact. Over four years it engaged 59 senior business representatives from 23 countries in a peer-to-peer learning program to enable companies to define and improve their contribution to the SDGs.
GRI responds to IFRS consultation paper on sustainability reporting
December 14, 2020 /3BL Media/ - GRI has called for strengthened financial reporting that complements sustainability reporting and takes account of the financial risks and opportunities related to a company’s sustainability impacts – with mandatory disclosure to ensure transparency on corporate contributions to global challenges.
Call for improved transparency on business respect for human rights
As the world marks Human Rights Day, the widening societal inequalities brought into focus by the pandemic are a stark reminder of the action needed to advance human rights. The role that companies play, in terms of understanding how their behavior contributes towards respect for human rights, is therefore crucial.
GRI and Colombo Stock Exchange Recognized by UNCTAD
The UN Conference on Trade and Development (UNCTAD) has awarded the Colombo Stock Exchange (CSE) the International Standards of Accounting and Reporting award (ISAR), in recognition of its engagement with GRI to improve sustainability reporting capacity in the region.
KPMG report confirms record high reporting levels around the world
GRI has welcomed research that shows a record number of companies, spanning sectors and geographic regions, are voluntarily choosing to disclose their sustainability impacts – with the GRI Standards the most widely used for reporting.
The 2020 KPMG Survey of Sustainability Reporting found almost all (96%) of the world’s largest 250 companies (the G250) report on their sustainability performance. For the N100 –5,200 companies comprising the largest 100 firms in 52 countries – 80% do so.
Partnerships lead to transparency for small and medium-sized enterprises
Small and Medium-sized Enterprises (SMEs) form the majority of businesses globally, and as such play a crucial role in creating a more sustainable economy, environment and society. And as we approach Small Business Saturday (28 November), it is highly relevant to reflect on their contribution and importance.
With backing from the Swiss State Secretariat for Economic Affairs (SECO), GRI has over a number of years been supporting SMEs around the world in their sustainability journey.