GRI and ESRS Q&A document now available
Q&A on GRI and the European Sustainability Reporting Standards now available Tweet This!
As confirmed by EFRAG, the ESRS are, as much as possible, fully aligned with the GRI Standards. This sends a clear signal to established GRI reporters that they are well prepared for the ESRS, and can leverage their existing reporting processes.
Key questions on the roll-out of the new European Sustainability Reporting Standards (ESRS) are being addressed, offering reassurance to thousands of organisations already using the GRI Standards that they are best prepared for the new requirements.
The GRI and ESRS Q&A publication is focused on the joint work already undertaken with EFRAG (formerly known as the European Financial Reporting Advisory Group) to achieve global comparability through alignment with the GRI Standards, to reduce reporting burden.
Under the Corporate Sustainability Reporting Directive (CSRD), the ESRS will apply to 50,000 companies across the EU from 2024. After the submission by EFRAG to the European Commission of the first set of draft standards last month, GRI has answered early questions on what it means for GRI reporters.
The Q&A addresses key issues, such as:
- The high relevance of GRI reporting content and processes for the impact reporting requirements of the ESRS;
- The support and resources that reporting companies can expect from GRI;
- How the ESRS fits with GRI’s collaboration with the IFRS (International Financial Reporting Standards) Foundation;
- Why companies outside the EU need to also take notice.
“The sustainability reporting landscape is evolving fast, therefore it’s understandable that businesses have questions on what the changes may mean for them. Confirmation that the draft ESRS aligns as closely as possible with the GRI Standards offers GRI reporters reassurance that they can use their current reporting practices to prepare for the new requirements. Taken together with our ongoing collaboration with the IFRS Foundation and the ISSB on their sustainability-related disclosures, this further reinforces the relevance of GRI, demonstrating our leadership position as provider of the global benchmark for reporting on impacts.”
Eelco van der Enden, GRI CEO
Also read:
GRI Standards: A principled approach to sustainability action
Interoperability between ESRS and GRI Standards good news for GRI reporting companies
“Since the early stages, we have actively engaged with EFRAG in the development of the ESRS. We’ll continue to do so, as the remaining standards are developed. Our focus is on how to ensure optimal interoperability between the GRI Standards and ESRS – minimizing reporting burden and challenge for companies. At each step of the way, we commit to ensuring organizations understand the changes and what to expect, as demonstrated by this new Q&A resource. Further information is still to come, including detailed mapping of the disclosures from both sets of standards and technical guidance, which will help GRI reporting companies to be ready for CSRD requirements.”
Judy Kuszewski, Chair of GRI’s Global Sustainability Standards Board
The CSRD introduces legislation that significantly expands mandatory sustainability disclosure requirements, replacing the current Non-Financial Reporting Directive.
Under the EFRAG-GRI cooperation agreement, signed in July 2021, the two organizations joined each other’s technical expert groups and committed to share information.
The 2022 KPMG Survey of Sustainability Reporting (published in October) found that the GRI Standards are, today, the world’s most widely used, adopted by 73% of the largest 250 global companies and by 68% of a wider sample of 5,800 businesses around the globe.
78% of the world’s 250 largest companies report in accordance with the GRI Standards
SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.
Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.
7 GRI sustainability disclosures get you started
Any size business can start taking sustainability action
GRI, IEMA, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom (venue: London School of Economics)
- Exclusive FBRH template to begin reporting from day one
- Identify your most important impacts on the Environment, Economy and People
- Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP.
- Benchmarking methodology to set you on a path of continuous improvement
References:
This article is based on published information by GRI. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the publication’s meaning. If you would like to quote these written sources from the original please revert to the following link: