New global sustainability reporting guidelines released
The latest version of the Global Reporting Initiative’s (GRI) Sustainability Reporting Guidelines - G4 - has been launched at the organisation’s Global Conference on Sustainability and Reporting held in Amsterdam. The guidelines, which have been significantly revised and enhanced over the past two years, are designed to reflect the latest trends in the sustainability reporting landscape and to put sustainability in the mainstream of non-financial company reporting. Read more…
The GRI, a non-profit organisation that promotes economic, environmental and social sustainability, is at the heart of the current reporting revolution, in which increasing numbers of organisations are starting to report their sustainability performance and impacts. The emphasis of the G4 guidelines is on materiality – encouraging organisations to provide only information and disclosures that are relevant to their business activities in consultation with their stakeholders.
At the moment, fewer than 10% of the largest EU companies regularly disclose sustainability information. The updated guidelines concentrate on reporting sustainability impacts that really matter to businesses, resulting in reports that are more strategic, focused and credible, and easier for stakeholders to navigate. New enhancements include up-to-date disclosures on governance, ethics and integrity, supply chains, anti-corruption and GHG emissions.
In a speech to the conference, the European Commissioner for the Internal Market and Services, Michel Barnier, said that non-financial reporting could be part of Europe’s economic recovery and could help improve European companies' impacts on the environment and societies across the globe. Last month, the European Commission adopted a legislative proposal requiring all companies with more than 500 employees to disclose information on environmental, social and employee-related matters. The proposal is now with EU legislators, the European Parliament and the Council of Ministers for adoption.
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