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New analysis has revealed two-in-three large companies obtain assurance on at least some of their sustainability disclosures. While a welcome step towards more robust and reliable data, an uneven global picture underlines why GRI is calling for mandatory assurance of sustainability reporting to become normal practice.
The State of Play: Sustainability Disclosure and Assurance 2019-2022, published by the International Federation of Accountants (IFAC) on 22 February, involved over 1,400 companies from 22 countries. The IFAC findings include:
This valuable IFAC research underlines the growing importance of sustainability assurance. While I’m pleased that reporting with the GRI Standards is the most frequently used and assured, it is clear that more progress is needed. Unsubstantiated claims can be deeply damaging for companies and investors, which is why auditing of sustainability disclosure needs to become standard practice, just as it is for financial data. GRI continues to call for mandatory assurance as a key driver for businesses to build trust with their stakeholders, prove their sustainability credentials and tackle head-on any suggestions of greenwashing. We also support the IAASB’s work to create an overarching sustainability assurance standard which, as the patchy global picture in this report illustrates, is much needed.”
Eelco van der Enden, CEO of GRI