(Amsterdam) – In a push to strengthen the quality of sustainability reporting in the corporate sector, the United Nations Global Compact and the Global Reporting Initiative (GRI) today announced an agreement to align their work in advancing corporate responsibility and transparency.
Under the terms of the agreement, the GRI will integrate the Global Compact’s ten principles and issue areas centrally in the next iteration of its Sustainability Reporting Guidelines – a comprehensive framework developed to facilitate transparency and accountability for businesses and other organizations seeking to disclose their environmental and social performance. At the same time, the Global Compact will adopt the GRI Guidelines as the recommended reporting framework for the more than 5800 businesses that have joined the world’s largest corporate responsibility platform.
The agreement is intended to provide companies in the Global Compact with a clear set of reporting principles and indicators to meet the initiative’s compulsory annual disclosure requirement, also known as the Communication on Progress. The GRI Reporting Framework is applicable to organizations of all sectors, sizes and regions and also offers a series of supplements developed to address sector-specific circumstances and challenges.
The two initiatives enter into this new alignment to further develop their combined strengths – the Global Compact’s strategic advancement of key sustainability issues, and GRI’s reporting framework.
In addition to creating a reporting framework that will be implemented universally, the new collaboration is also intended to provide a benchmark for financial analysts and other stakeholders to better analyze and identify risks and opportunities as they relate to environmental, social and governance (ESG) issues.
“As corporate responsibility has moved into the mainstream of business strategy and operations, the convergence of the two corporate responsibility initiatives with the broadest reach is a crucial development,” said Georg Kell, Executive Director of the UN Global Compact. “Together, the Global Compact and GRI have a unique opportunity to provide a clear roadmap to sustainability and change business practices on a global scale.”
”The agreed collaboration, combining the expertise and efforts of GRI and the UN Global Compact, is a very important step to increase the quality and quantity of ESG reporting in the corporate sector,” added Ernst Ligteringen, GRI’s Chief Executive.
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