A report from Norges Bank Investment Management urges businesses to improve metrics to make sure they disclose ‘relevant, quantitative and comparable information on environmental, social and governance (ESG) issues’.

Norges set out today (3 March) that ESG reporting should ‘use established standards, starting with disclosures based on the GRI Standards,’ and made clear that climate change mitigation reporting should include both direct and indirect carbon emissions disclosures – including emissions in a company’s value chain.

The report also emphasised the relevance of information on corporate tax practices, highlighting support from Norges for the development of the GRI Tax Standard, the first global reporting standard for tax transparency.

GRI Chief Executive Tim Mohin said:

“Disclosures based on the GRI Standards offer data that help investors, companies and other stakeholders to make informed decisions. This report from Norges Investment Management reinforces the importance of comprehensive ESG disclosures for investors.

We commend Norges’ call for companies to disclose both direct and indirect carbon emissions. Climate change is a global emergency and, for most companies, the majority of their carbon emissions are indirect.  Companies must measure, disclose and manage these impacts if we are to tackle the climate crisis.

For more than 20 years, GRI has enabled reporting on impacts that are material to the environment and society.  Focusing solely on the financial implications of the reporting company will not further sustainable development nor will it ultimately serve the long-term interests of investors.”

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.

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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:

https://www.globalreporting.org/information/news-and-press-center/Pages/Comprehensive-ESG-backed-by-world%E2%80%99s-largest-sovereign-wealth-fund.aspx

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This was a key message from Elise J Bean, former United States Senate tax investigator, as she addressed an event in London today to highlight GRI’s launch of the world’s first country-by-country public reporting standard for tax. Governments around the world, including several EU countries and Australia, are currently reviewing the tax practices of multinationals.

The GRI Tax Standard responds to concerns over the impact corporate tax avoidance has on the ability of governments to fund services and support sustainable development.  Tweet This! It is now available as the latest addition to the GRI Standards, the most widely used sustainability reporting framework.

During 15 years with the Senate Permanent Subcommittee on Investigations, Ms Bean handled high-profile investigations, hearings and legislation on tax avoidance, corporate misconduct and financial corruption.

Setting out why global change is needed in support of tax transparency, Ms Bean said:

“Corporate tax transparency is the next big sustainability task. In 2018, at least 90 hugely profitable US corporations paid no US tax at all – an outrage that is not sustainable morally or in light of the societal investments needed worldwide.

Corporations want better infrastructure, an educated workforce, patent enforcement, trade protection, and more.  And some corporations impose enormous costs on society through environmental damage, worker injuries, financial fraud, or worse.

Companies need to pay their fair share, and the new GRI Tax Standard will encourage responsible corporations to do just that. Not only because it’s the right thing to do but because it is in their self-interest to help provide the revenue needed to sustain the economy and restore public confidence in the business world.”

More than 100 people attended GRI’s event hosted at London Stock Exchange, including senior representatives from business, civil society and investment institutions – indicating the high interest from many stakeholders in making transparent tax reporting a reality.

Tim Mohin, GRI chief executive, said:

“GRI’s Tax Standard can be a game changer. For the first time, we have a global standard that can ensure companies demonstrate effectively how they contribute through taxes in each of the locations where they operate. This crucial information is needed if we are to have a well-informed global debate about corporate tax practices.

I thank Elise J Bean for her insights, which underlines the urgency, international relevance and practical application of the Standard. I think companies themselves are recognizing that changes are needed and GRI looks forward to working closely with them, to encourage uptake of the Tax Standard and help them unlock the benefits that come from committing to transparency.”

Download and freely use the GRI 207 Tax Standard

GRI 207: Tax 2019 is freely available for use by any organization.

Also read:

How to use the GRI Standards ASAP to accelerate positive change

Are your competitors better prepared for the Sustainable Economy?

License to operate – Millennials

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.

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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:

https://www.globalreporting.org/information/news-and-press-center/Pages/Rising-global-tax-scrutiny-shows-the-case-for-change.aspx

The post Rising global tax scrutiny shows the case for change: High interest at London event in GRI’s ‘game changer’ Tax Standard appeared first on SustainCase - Sustainability Magazine.