How do you choose the best GRI standards for your report?

GRI standards are one of the many sustainability reporting standards that are recognized globally by many regulators and governments. Its recognition as the gold standard of ESG reporting lies in its simplicity and the generic reporting approach which focuses on a particular set of guidelines and checklists. This made them highly flexible since GRI allows organizations to report on any material sustainability topics that are relevant to their industry and stakeholders. However, the lack of a standardized certification system makes it difficult to validate the credibility of the ESG reports. Hence many organizations tend to complement their reporting with other ESG frameworks such as CDP and SASB.

In my opinion, the GRI-Standards serve as the worldwide best practice for all organizations that want to report on ESG-practices (voluntarily). They are split up into General Disclosures and Material Topics. They stand out because of their high flexibility and simoultanously offer many instructions to report on focus topics. However, the are also very detailed and if you commit to report on one focus topic where a set of standards exists, you must report on at least one GRI-Standard proposed by the initiative. Specific sector standards only exist for some industries yet.

To choose the best GRI (Global Reporting Initiative) standards for your report, identify key sustainability priorities aligned with your business goals and stakeholder expectations. Review the GRI Standards framework to select relevant indicators and disclosures based on materiality assessments and reporting objectives. Consider industry-specific guidelines and regulatory requirements. Prioritize standards that address significant environmental, social, and governance (ESG) impacts, ensuring comprehensive coverage and credibility. Regularly review and update your reporting approach to reflect emerging trends and stakeholder feedback, maintaining transparency and accountability in your sustainability disclosures.

GRI Standards make up the most widely used framework for sustainability reporting. It has a comprehensive list of standards and disclosures. There is a set of mandatory disclosures and a set of non-mandatory disclosures. They are also fit for a wide range of industries. The focus is on the value chain of the company and materiality assessment. It also offers the possibility of integrating your SDG reporting and human rights.

Die GRI-Standards sind ein internationales Rahmenwerk für die Nachhaltigkeitsberichterstattung von Unternehmen. "GRI" steht für Global Reporting Initiative. Die GRI-Standards sind weltweit am weitesten verbreitet und in der Praxis bewährt. Insbesondere bei grossen, börsenkotierten Unternehmen sind die GRI-Standards seit vielen Jahren bereits fester Bestandteil in der Reporting-Praxis.

GRI reporting enables companies to identify and assess sustainability-related risks and opportunities. This can help in making informed decisions and developing strategies to mitigate risks associated with environmental, social, and governance (ESG) factors. Demonstrating a commitment to sustainability and transparent reporting can be a competitive advantage. It enhances the company's reputation, attract socially responsible investors, and appeal to environmentally and socially conscious consumers.

As I am about to finish my first GRI-Report, here are my top 5 reasons why I use the GRI-Standards: 1. Good structure on how to report on corporate information & material topics 2. High flexibility for details - you can choose on how deep your insights are displayed. 3. Optimal preparation for mandatory reporting acc. to CSRD in Europe -> the GRI co-shapes the CSRD Standards. 4. A good structure to explain, WHY you report on certain topics and why some points are not displayed yet, what challenges are still remaining. The standards require a lot of answers, making SUS-Reporting super transparent. 5. A great support for committing to certain sutainability goals by setting targets for the upcoming years.

Materialidade é a palavra chave. Para definir quais indicadores GRI serão respondidos é importante definir os temas materiais, conforme preconiza o caderno GRI 3. Para cada tema material teremos os indicadores 3-3 que refletem a forma de gestão do tema material e para o respectivo tema teremos uma discussão de impactos relativos aos temas. É muito importante avaliar os princípios da GRI e assim determinar quais indicadores são aplicáveis ao contexto da empresa. O GRI pode ser usado em combinação com outros frameworks e standards, como SASB, Integrated Report, TCFD, TNFD, EFRAG e IFRS S1, S2.

In my opinion, using GRI standards is vital for ensuring credible and internationally aligned sustainability reporting. Finnish companies like Neste and Fortum utilize GRI to align with global frameworks such as the UN Sustainable Development Goals (SDGs) and the Paris Agreement. This not only ensures consistency in their reporting but also allows benchmarking against industry peers. By adopting GRI standards, these companies demonstrate their commitment to sustainability, enhancing trust among stakeholders and maintaining transparency in their environmental and social impacts.

Die GRI-Standards haben einen grossen Vorteil. Die GRI-Standards sind nach deren jüngsten Überarbeitung explizit darauf ausgerichtet, mit den gesetzlichen Anforderungen sowohl der Schweizer Regulierung zur nicht-finanziellen Berichterstattung von Unternehmen (KVI-Gegenvorschlag) als auch mit der EU-Direktive zur Nachhaltigkeitsberichterstattung (CSRD) kompatibel zu sein. Unternehmen, die nach den GRI-Standards berichten, erfüllen die Anforderungen des Schweizer Obligationenrechts (Art. 964). Dazu kommt eine Steigerung des Ansehens, wenn ein Unternehmen nicht nur die gesetzlichen Pflichten erfüllt, sondern auch noch ein international anerkanntes Regelwerk anwendet.

It can be quite overwhelming to use the GRI-Standards for the first time. I read through about 10-20 GRI-Reports from different companies first to get some inspiration for mine. Then I went through all introductional standards (the General Disclosures) to collect information from all the departments. I highly recommend to use a project planning tool to accompany your GRI-report and to not lose track on what information you already received and what information is still missing. The material topics are chosen via the stakeholder analysis, however in my opinion the double materiality analysis (as stated here by Simeon Eichelmann) is only mandatory for CSRD-Reporting.

A company which intends to publish a sustainability related report (integrated report as well), has to carry out a 'double' materiality assessment as the first and foremost step, to identify what exactly has to be reported as per the GRI 2021 standards. The standards have been segregated into (1) Universal Standards, which are mandatory to be reported, and based on the sector and identified material factors, a company can choose the (2) Sector Standard and (3) Topic Standards to report either in accordance with or in relevance to. The identified material topic should be reported based on the following 8 parameters: 1. Accuracy 2. Balance 3. Clarity 4. Comparability 5. Completeness 6. Sustainability Context 7. Timeliness 8. Verifiability

The information provided is outdated. In 2021, new universal standards were published, now labeled as GRI 1, GRI 2, and GRI 3. The standards mentioned in your query, GRI 101, GRI 102, and GRI 103, are no longer in use. When choosing GRI standards for your report, it's crucial to start with these updated universal standards, which reflect the latest guidelines and principles for sustainability reporting. Always ensure to consult the most recent GRI standards to accurately report on your organization's sustainability performance and impacts.

Una vez identificados los temas materiales, nuestro acompañamiento al proceso de levantamiento de información va a más y recomendamos hacer el ejercicio de dar respuesta a todos los estándares temáticos GRI y sectoriales aplicables para impulsar la transparencia empresarial ya que la transparencia impulsa la sostenibilidad.

Die GRI-Standards werden durch eine Wesentlichkeitsanalyse ausgewählt. In diese fliesst die Bewertung des Managements, der Stakeholder sowie von Experten ein. Es ist vorgeschrieben, dass die GRI-Standards durch eine Wesentlichkeitsanalyse mit doppelter Wesentlichkeit ausgewählt werden. Dabei soll die Outside-In Perspektive (Geschäftsrelevanz) als auch die Inside-Out Perspektive (Impact auf Gesellschaft und Umwelt) berücksichtigt werden. Die Bewertung der externen Stakeholder soll dabei in die Inside-Out Perspektive einfliessen.

When applying GRI standards, start with a thorough understanding of the core principles and disclosure requirements. Use the GRI content index to clearly reference the applicable standards. Based on my experience, involving external consultants can help accurately assess compliance. Regularly update your report and register it on the GRI website to enhance transparency and build trust.

To apply the (GRI) standards effectively in your sustainability report, follow these steps: -Understand the Framework: Familiarize yourself with universal and topic-specific GRI standards. -Follow Reporting Principles: Ensure accuracy, balance, clarity, and reliability in your report. -Select Relevant Standards: Choose standards based on important material topics significant. -Use the GRI Content Index: List the GRI standards used and reference them in your report. -Declare Adherence: Indicate the level of adherence to GRI standards -Seek External Assurance: Consider third-party verification. -Register Your Report: Publish it on the GRI website. -Utilize GRI Resources: Access tools and resources to enhance your reporting.

Applying GRI standards is like assembling IKEA furniture, read the instructions carefully, take it step-by-step, and don't be afraid to ask for help if you get stuck. It is about collecting relevant data, setting targets, and weaving together a narrative that tells your sustainability story with flair.

I believe following the below steps can help: -Understand the GRI Standards: Universal Standards and sector standards (optional) -Assess Materiality: Identify the most relevant economic, environmental, and social topics (impacts) for your organization. -Select GRI Content: Once you understand your material topics, choose the specific disclosures from the GRI Standards that correspond to those topics. -Gather and Disclose Information: Collect data relevant to the chosen disclosures. -GRI Content Index: Create a GRI Content Index that details where in your report each required disclosure can be found. This demonstrates transparency and adherence to the GRI framework.

As an auditor, it is crucial to emphasize the importance of thoroughness, accuracy, and transparency when applying the GRI standards in sustainability reporting. Auditors play a key role in verifying the credibility and reliability of the information presented in these reports. Keep in mind that auditors will verify that all GRI-prescribed reporting principles, disclosures, and indicators are not just listed but are genuinely representative of the organization's activities. They will therefore critically assess the completeness and justifiability of any omissions or explanations, and rigorously evaluate the accuracy of claims regarding adherence levels to the GRI standards.

- Enhance processes to collect and manage ESG data. There should be a clear plan for remediating data gaps and oversight on any proxies / assumptions / judgements that are used. Sound internal control procedures, similar to those applied for financial reporting, should be applied to GRI report. - Use GRI reporting to drive decision making and strategic planning. Going through the motion to have a nice and glossy GRI report does not really add value. Rather, organizations should use their GRI report to help drive concrete business outcomes. - GRI report should not be drafted in silos but involve input and reviews from different departments. Conclusions from the report should be discussed in cross-functional committees.

Ways to improve GRI reporting are: 1. A Strong materiality assessment and identify the sector-specific relevant topic. 2. Data recording, reporting and ensuring it's recorded and reported at it's highest quality. 3. Identify impact on SDGs and expand the impact year on year. 4. Continuously engage with stakeholders to understand their perspectives and narrate them into communications to gain trust. 4. Invest in technology and innovation and report the year on year improvements regarding the same. 5. Report on industry leading initiatives and improve transparency and accountability with time.

Improving your GRI report is a dynamic process requiring continuous engagement and adaptation: Stakeholder Engagement: Solicit feedback on report quality, relevance, and usefulness from stakeholders to enhance future reporting decisions. Performance Monitoring: Track and measure progress towards sustainability goals and targets, reporting both achievements and challenges transparently. Materiality Review: Regularly reassess material topics based on evolving impacts and stakeholder expectations, updating your approach accordingly. Strategy Alignment: Align sustainability strategy and action plans with organizational vision and mission, ensuring they reflect current priorities and objectives.

GRI reports are a powerful tool for assessing and communicating sustainability performance. However, continuously improving these reports makes them more valuable and effective for stakeholders. To improve your GRI report, you can follow these steps: 🔹 Obtain Stakeholder Feedback 🔹 Regular Updates 🔹 Benchmarking and Comparison 🔹 Use of Technology 🔹 Transparency and Accuracy 🔹 Enhancing Data Quality By applying these steps, you can continuously improve your GRI report and provide more effective and reliable information to your stakeholders. This ensures broader acceptance and support for your sustainability efforts.

In general, effective reporting should provide timely, accurate, and action-generating feedback to the management to steer the business to meet both the short-term targets (tactics) and longer-term goals (mission and vision). There needs to be a fit, as well as a translation between the vision, mission, strategy, reporting framework, and performance. To improve GRI reporting, business needs to effectively integrate GRI reporting into the strategic planning process. It's not only a form of integrated reporting (or non-financial reporting), but also an integrated thinking that needs to be embedded in the traditional strategic planning cycle.

Integration with Business Strategy: Ensure that sustainability reporting is integrated with your overall business strategy and objectives. Training and Capacity Building: Invest in training and capacity building for staff involved in sustainability reporting to ensure high-quality disclosures. Technology and Innovation: Leverage technology for data collection, management, and reporting to improve efficiency and accuracy. Regulatory Updates: Stay updated with changes in regulatory requirements and adjust your reporting practices accordingly. Holistic Approach: Consider adopting an integrated reporting approach that combines financial and non-financial performance to provide a comprehensive view of your organization’s impact.

Es ist wichtig, ein Monitoring der gesetzlichen Änderungen umzusetzen und sicherzustellen, dass die Berichterstattung des Unternehmens den Vorgaben des KVI-Gegenvorschlags oder der CSRD entspricht.

Ensure alignment with industry-specific standards or frameworks, customize reporting to reflect organizational values and goals, prioritize issues with significant impacts or risks, and collaborate across departments for comprehensive data collection and analysis. Regularly review and update the reporting strategy to reflect changing organizational priorities and stakeholder expectations.

Picking the right GRI Standards for your report can feel like choosing a party outfit - you want to impress, but avoid showing up in a costume nobody else gets. Here's the trick now, Imagine GRI Standards as a fancy dress party with themes for every industry. A bank wouldn't wear the same outfit as a mine, right? GRI offers specific Standards for sectors like mining, financials, and even hotels. So skip the one-size-fits-all approach, find your industry's theme, and shine at the sustainability soirée! ;)