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GRI is supporting the EU to develop corporate sustainability reporting directive

Written by agileadvisors

The Global Reporting Initiatives(GRI) is working with the European Union (EU) Commission to develop EU sustainability reporting standards. The European commission body which has been tasked to develop the European union sustainability reporting standard has entered into an agreement with the global reporting initiatives(GRI) to extend support on the same. At present only the large corporates are required to publish sustainability performance under the Non-Financial Reporting Directive (NFRD). These performance areas include environmental performance, social and community welfare including own employees, withholding human rights, dealing with anti corruption and bribery as well as enhancing diversity within the the organisation.

In April 2021, the EU Commission adopted a proposal for developing “Corporate Sustainability Reporting Directive (CSRD)”, this shall amend the existing nonfinancial reporting requirements of the NFRD. This new directive shall be extended to all companies listed on regulated markets in addition to the large companies under NFRD. This would also require the audit/assurance of the reported non financial information. As a sustainability reporting consultant we Agile Advisors also provide assurance services to our clients for non financial performance disclosure related to sustainability.

As part of this agreement, GRI is expertise to develop the new EU standard. This standard shall be provided under the European commission corporate sustainability reporting directive proposal. This is one of the first such agreements signed by the European Commission to develop sustainability reporting standards, it is expected that the commission conducts high-level meetings with top sustainability reporting standard developers to develop the EU corporate sustainability reporting standard.

As a Sustainability report consultant, we welcome cooperation with the EU and GRI. We believe it is an important step to develop a global EU sustainability reporting standard. In collaboration with one of the leading sustainability sectors GRI.

This cooperation shall benefit the EU commission and will not have to reinvent the will and can leverage the experience and technical capacity of the GRI to progress sustainability standards in EU. We believe that the EU commission and tasked force has chosen and excellent partners as GRI who provide and output at is correct and also will comply with global best practices.

The IFRS Foundation is an EU organization which are now proposing to develop a new board that will set in western focus disclosures on sustainability performance, First of which will be related to climate. We all know that GRI standards are the most widely used reporting standard. Globally as well as the European company.

As a sustainability consultant, we believe that such requirements and place by the government bodies helps improves transparency in sustainability performance reporting by the companies. Sustainability disclosure by companies is anyways increasing year on year within the European Union. Once these requirements are mandatory further increase companies will further be focused on sustainability parameters. Agile Advisors is a leading sustainability report consultant in the middle east and Asia region and has also started operation in the United Kingdom. For more information on our Sustainability reporting services. Please contact us at info@agilemea.com

 

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