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The GSSB fully appreciates that our work does not take place in isolation, and we regularly cooperate and collaborate with other standard setters and transparency initiatives, to further our purpose of providing the world’s leading and most comprehensive sustainability reporting standards, driving accountability for corporate impacts and their management. At present, that includes two significant developments that I’m sure you heard about: the IFRS Sustainability Disclosures Standards, and the new European Sustainability Reporting Standards (ESRS). Together with the Chief Standards Officer, Bastian Buck, I have also been talking with national standard setters and regulators interested in understanding more about our Standards and how to increase the level of GRI reporting in their countries.
As part of the GRI-IFRS MoU, the GSSB and the International Sustainability Standards Board (ISSB) are working together so that disclosed corporate sustainability information covers impacts, risks and opportunities. Impacts reported under GRI Standards are important to investors as well as all other stakeholders. Organizations that apply GRI for determining and reporting their impacts are well placed to determine the risks and opportunities to their organization arising from those impacts when using IFRS standards. Other activities in the MoU are focused on capacity building and are planned for later this year and early next year.
Similarly, we have provided input to EFRAG for the development of the ESRS, the latest versions of which are as closely aligned as possible with the GRI Standards. What this means is that companies that use GRI Standards are well placed to comply with existing ESRS and will be better prepared for future European reporting requirements.
The GSSB is seeking to ensure that organizations can easily understand how GRI reporting relates to emerging disclosure needs. To that end, we are working with the ISSB, ESRS and national standard setters on projects such as technical mapping, creating XBRL taxonomies and reviewing draft standards. We are also clarifying our position on how the GRI Standards relate to ISSB and ESRS, through a proposed change in GRI 1.
more at GRI