The Global Reporting Initiative (GRI) and the IFRS Foundation are collaborating on how the former’s standards can be used in conjunction with the International Sustainability Standards Board (ISSB) Standards.
Responding to market demand, the partners are working together to establish a seamless, global and comprehensive sustainability reporting system for companies looking to meet the information needs of both investors and a broader range of stakeholders.
Building upon the Memorandum of Understanding signed in 2022, the collaboration aims to jointly identify and align common disclosures that address information needs under the distinct scopes and purposes of their respective standards, for both thematic and sector-based standard setting. This includes facilitating reporting on an organisation’s impacts, risks and opportunities, as well as risks that arise from the organisation’s impacts.
Initially, this will involve the construction of a methodology pilot building on the recently published GRI 101 Biodiversity Standard and the ISSB’s upcoming project on biodiversity, ecosystems and ecosystem services.
ISSB chair, Emmanuel Faber, said: “As the ISSB moves into its next phase of work, including looking at nature and human capital and enhancing the SASB Standards, this advanced collaboration with GRI will strengthen our work.
“The ISSB’s focus continues to be on meeting the information needs of capital markets. Through this collaboration companies that wish to apply both the ISSB and GRI Standards to facilitate reporting to a broader range of stakeholders will be able to do so in a seamless way.”
Carol Adams, chair of the GSSB, added: “The joint-working between the GSSB and ISSB seeks to foster closer integration on standard setting while reinforcing our distinct yet complementary positions within the global corporate reporting landscape.
“This new agreement recognises our commitment to enhancing disclosures on an organisation’s most significant impacts, as well as their sustainability-related risks and opportunities. The next stage, starting with biodiversity, builds momentum towards a fully aligned global standards system. We believe reporters and stakeholders, including investors, will welcome this step.”
