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The GRI Standards just make sense as an umbrella framework

By Gerasimos
December 6, 2022
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Time and money are well spent when investing in the Global Reporting Initiative (GRI) Standards.  Tweet This! They are a robust, always updated framework and, most importantly, have a principled approach to sustainability.

They are a robust, always updated framework and, most importantly, have a principled approach to taking sustainability action that just makes business sense. GRI framework outcomes can help you form a holistic business strategy that can focus on creating/ delivering value to the business, stakeholders and the planet.

Simon Pitsillides (Editor, SustainCase)

Rating agencies and indices rely on GRI reports for detailed, standardised, and comparable data on companies’ sustainability practices. With 78% of the world’s largest companies utilising GRI, this aids in making more informed assessments and ratings.

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Solid, focused sustainability action requires the GRI Standards as the umbrella all-encompassing sustainability reporting framework. Other frameworks can be plugged in when they are assessed and deemed to add further value to business, stakeholders, and the planet.

Any organization looking to invest in sustainability needs to know that its investment of time and money is secure both now and in the future.

The GRI Standards are an excellent choice because they are aligned with the expectations of authoritative intergovernmental instruments, such as the SDGs, UNGPs, ILO and OECD. In fact, GRI’s expertise has been sought out by governments and international bodies alike when regulations, standards and recommendations are developed (for example, the EU’s EFRAG for the ESRS).

Count on GRI for meeting your growing sustainability demands
GRI just makes sense as the framework to use for any forward-looking organization that needs to know that its expanding sustainability needs will be continually met. It is a framework that allows a business to map out significant impacts throughout the value chain. This forms the foundation for defining strategy and gives the unique ability to create and deliver value to the business, stakeholders, and the planet.

It is wise to use the GRI Standards as an umbrella framework:

1. They deal with economy, environment and people (and their human rights), thus allowing 360-degree sustainability action.
2. Recommended by the UN Global Compact to report on progress made (MoU 2010).
3. Address each and every Sustainable Development Goal (SDG).
4. They do not focus just on investors but also on the needs of all relevant stakeholders (e.g. top talent, clients, local communities, value chain partners).
5. Is the co-constructor of the European Sustainability Reporting Standards (ESRS). High interoperability has been confirmed by EFRAG. It’s important to note that if you are mandated to use the ESRS:
    a) You will still need to utilize standards such as the GRI Standards to address significant impacts that have been identified.
    b) Continuing to report using the GRI Standards will assist reporters in staying ahead of the curve and being better prepared to comply with future ESRS, which will continue to build on the GRI Standards.
    c) Utilising the GRI Standards enables multinational companies to stay ahead of future requirements in the jurisdictions where they operate.
    d) Rating agencies and indices rely on the GRI reports for detailed, standardized, and comparable information on companies’ sustainability practices, helping them to make more informed assessments and ratings.
6. Created in the public interest using a transparent, multi-stakeholder approach.
7. Used by 78% of the world’s largest 250 companies.
8. Can be used effectively by 1-person companies (you initially need just 7 disclosures that can be answered in under morning to start your report, then deal with material topics which can be defined using a logical, simplified methodology).
9. Continually updated and aligned with the expectations of authoritative intergovernmental instruments (e.g. SDGs, UNGPs, ILO and OECD).
10. No one can reasonably accuse you of greenwash, if GRI’s principled approach to materiality and application of reporting principles is followed. 11. It is a framework that allows a business to map out significant impacts throughout the value chain. This forms the foundation for defining strategy and gives the unique ability to create and deliver value to the business, stakeholders, and the planet.

 

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, ISEP, 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

See upcoming training dates.

 

References:

1. EFRAG, n.d. Press release – EFRAG GRI joint statement. Available here: [Accessed 12 June 2024].

2. SustainCase, n.d. UN Global Compact recommends the GRI Standards for sustainability reporting. Available at: https://sustaincase.com/un-global-compact-recommends-the-gri-standards-for-sustainability-reporting [Accessed 12 June 2024].

3. SustainCase, n.d. GRI Standards: A principled approach to sustainability action. Available at: https://sustaincase.com/gri-standards-a-principled-approach-to-sustainability-action [Accessed 12 June 2024].

4. MSCI ESG Research – MSCI Inc. (n.d.) MSCI ESG Research. Available at: https://www.msci.com/documents/1296102/23446350/Inside-MSCI-ESG-Ratings.pdf (Accessed: 12 June 2024).

5. Sustainalytics – Sustainalytics (n.d.) ESG Risk Ratings. Available at: https://connect.sustainalytics.com/hubfs/INV/Thought%20Leadership/SustainalyticsESGRiskRatings_WhitePaperVolumeOne.pdf (Accessed: 12 June 2024).

6. FTSE4Good Index Series – FTSE Russell (n.d.) FTSE4Good Index Series. Available at: https://www.ftserussell.com/products/indices/ftse4good (Accessed: 12 June 2024).

7. CDP (Carbon Disclosure Project) – CDP (n.d.) The A List: CDP’s Annual Ranking of the World’s Greenest Firms. Available at: https://www.cdp.net/en/companies/companies-scores (Accessed: 12 June 2024).

8. S&P Global (n.d.) Corporate Sustainability Assessment (CSA). Available at: https://www.spglobal.com/esg/csa/static/docs/DJSI_CSAMethodology_MethodologyReview.pdf (Accessed: 12 June 2024).

9. ISS ESG (Institutional Shareholder Services) – ISS ESG (n.d.) ESG Ratings. Available at: https://www.iss-corporate.com/library/sustainability-disclosures-in-asia-pacific-accelerated-transition-to-new-standards/ (Accessed: 12 June 2024).

10. EcoVadis – EcoVadis (n.d.) Sustainability Ratings. Available at: https://ecovadis.com/solutions/ratings/ (Accessed: 12 June 2024).

11. SustainCase. (n.d.). UN Global Compact recommends the GRI Standards for sustainability reporting. Retrieved from https://sustaincase.com/un-global-compact-recommends-the-gri-standards-for-sustainability-reporting/ (Accessed: 12 June 2024).

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