GRI Standards recommended by Nasdaq’s Nordic and Baltic Exchanges
A voluntary ESG Reporting Guide issued by seven Nordic and Baltic Exchanges (in Stockholm, Helsinki, Copenhagen, Iceland, Tallinn, Riga and Vilnius) in March 2017, intended to support their companies in addressing major environmental, social and governance (ESG) related issues, includes a strong reference to GRI’s sustainability reporting framework.
All seven exchanges are part of UN’s Sustainable Stock Exchanges (SSE) initiative, which assists stock exchanges in promoting better business practices by encouraging companies to measure and report their ESG performance. GRI has also supported the SSE Global and Regional Dialogues, engaging with various exchanges to help them develop their own guidance.
The guide, recommending GRI for disclosing non-financial information, is aimed to support companies in meeting their ESG disclosure responsibilities, reflecting the recommendations of, among others, the SSE initiative and the EU Directive on non-financial reporting.
Seeking fair, transparent markets
More and more, investors are asking for increased transparency from companies, as shown by the Defining What Matters study by GRI and RobecoSAM. According to the study:
- investors would like to see more in-depth information from reporting companies, including on issues such as companies’ progress towards their sustainability targets
- sustainability reporting based on the GRI Standards may well meet investors’ needs Tweet This!
Likewise, the Nordic and Baltic Exchanges’ ESG Reporting Guide stresses that materiality and material business impacts are of key significance when it comes to assessing ESG issues, and that the materiality assessment process enables investors to better evaluate risks associated with these (ESG related) impacts.
“With the publication of this ESG Reporting Guide, Nasdaq Nordic reaffirms its belief in the transformative power of fair, transparent, and efficient markets for all stakeholders to create a more just, sustainable, and inclusive world” (Lauri Rosendahl, President of the Nasdaq Nordic and Nasdaq Stockholm).
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