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GRI: Corporate Reporting Dialogue
Better Alignment for More Effective Reporting
Transparency in business is no longer an option. From civil society to governments and from employees to investors, companies need to get the right information to the right audience. That is exactly where the different sustainability reporting standards and frameworks can be of added value. But using the different options is still perceived as a burden by reporters. The Corporate Reporting Dialogue is taking practical steps to address this perception. That is why GRI is excited to participate in the Corporate Reporting Dialogue (CRD), where it will map the commonalities and differences between them to achieve better alignment together with other major international corporate reporting standard setters and framework providers.
The Corporate Reporting Dialogue was launched concurrently in London during the Bloomberg Sustainable Business Summit and in Sydney, during the 2018 World Congress of Accountants. CRD participants have regular meetings to align their views and to promote further co-operation. Participants have already adopted a Statement of Common Principles of Materiality, developed a common map of the reporting landscape, and took a common position in support of the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).
Speaking in London, GRI Chief Executive Tim Mohin said, “Sustainability reporting has entered the mainstream, and GRI is committed to enabling more effective, coherent, consistent and comparable reporting. Through our sustained efforts at harmonization, including the CRD, we are helping companies better navigate and use the existing Standards and frameworks, and when to use what, for what purpose”.
In the spirit of transparency, the process is characterized by outreach and stakeholder engagement, to keep a finger on the pulse of the market, and receive feedback to further improve. This will mean that the resulting project will help make the adoption of ESG reporting even more widespread.
For more information, read the joint press release.