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The GRI Standards are the latest evolution of GRI’s reporting disclosures, which have been developed through more than 15 years of a robust multi-stakeholder process. The Standards are based on the GRI G4 Guidelines, the world’s most widely used sustainability reporting disclosures, and feature an improved format and new modular structure [1]. The new GRI Standards definitively replace the G4 Guidelines, which will be phased out by 1 July 2018.
“The GRI Standards make it much easier for companies to report non-financial information, using a well-understood shared language,” said GRI Interim Chief Executive Eric Hespenheide. “The Standards are more straightforward, making them accessible to potentially millions of businesses worldwide. Sustainability reporting, using the GRI Standards, is the best way for a company to disclose its economic, environmental and social impacts, thus providing insights into its contributions – positive or negative – toward sustainable development.”
According to research published in the MIT Sloan Management Review [2], 75 percent of senior executives in investment firms agree that a company’s sustainability performance is important to consider when making investment decisions. Most of the world’s biggest companies publish this information and with the new GRI Standards many more organizations – including small companies – will be able to provide investors, consumers, employees and other stakeholders with the performance information they need.
With input from business, labor, government, investors, civil society, academia and sustainability practitioners, the Global Sustainability Standards Board (GSSB), a fully independent standard-setting body, developed the GRI Standards in the public interest. This multi-stakeholder process is a critical element of GRI’s commitment to making sustainability considerations integral to every company's decision-making process.
“The GRI Standards empower companies to effectively understand and communicate their environmental and social impacts,” said Vice Chair of the GSSB Michael Nugent. “Collaborating across the public and private sector, we designed these standards to guide sustainability reporting for any company, in any industry, for decades to come.”