GRI, BSE bring out sustainability reporting standards for cos

In an effort to provide companies a common tool to disclose non-financial information, GRI today unveiled the world's first global standards for sustainability reporting.

The move comes after GRI and BSE entered a formal MoU in 2016 to work collaboratively and support the top 500 listed companies in establishing sustainability reporting processes and preparing sustainability reports by the end of 2017.

The GRI sustainability reporting standards will enable companies around the world to be more transparent about their impact on the economy, the environment and society. They will also help organisations make better decisions and contribute to the United Nations sustainable development goals.
 

"Widespread adoption of the GRI sustainability reporting standards will be a leap forward towards not only complying with green initiatives, but opening avenues for profound positive effect on business," BSE Chief Business Operations Neeraj Kulshrestha said in a statement.

BSE, the first stock exchange from Asia to sign the sustainable stock exchange initiative, co-hosted the launch along with the Confederation of Indian Industry, Yes Bank and GRI.

Based on GRI G4 guidelines, most widely used sustainability reporting disclosures, the standards feature an improved format and a new modular structure.

GRI standards "will enhance transparency around business impacts on some of the most pressing issues facing humanity, including combating climate change, promoting human rights and ensuring gender equality, to name only a few", said GRI Deputy Chief Executive Teresa Fogelberg.

"Already 42 countries or regional authorities reference GRI in their sustainability policies and we believe this figure will continue to rise with the new GRI Standards in place," she added.

GRI standards are a set of 36 modular standards that facilitate corporate reporting on topics such as greenhouse gas emissions, energy and water use, and labor practices. The new format allows GRI to update individual topics based on market and sustainability needs, without requiring revisions to the entire set of standards.