Amid a flurry of ongoing efforts to establish ESG reporting standards for public companies, two of the leading global organizations — the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI) — are stressing their collaboration to produce a harmonized set of global standards.
The ISSB and the GRI, which agreed in March to coordinate their work, issued an update on Thursday, highlighting their recognition of the “need to further harmonize the sustainability reporting landscape at an international level.”
The groups said their respective reporting standards “can be viewed as two interconnected reporting pillars that address distinct perspectives, which can together form a comprehensive corporate reporting regime for the disclosure of sustainability information.”
Representatives from the two organizations met last month to discuss a number of issues, including measures to maximize joint standard setting, and to provide guidance on areas where their standards are complementary and where they diverge.
“The ISSB is committed to creating a global baseline of reporting standards that meet the needs of investors,” said Emmanuel Faber, chairman of the ISSB, in a release. “Our collaboration with GRI will bring clarity to the market on how our two sets of standards can interact to provide a comprehensive and seamless suite of reporting standards that meet the needs of broader stakeholders, while streamlining the process for companies.”
“The collaboration between GRI and the ISSB is significant because it reflects that both organizations value the importance of working together to align our sustainability-related standards,” said Eelco van der Enden, CEO of GRI.
“I believe this will not only give companies greater clarity on reporting expectations, it can ultimately improve the quality and relevance of reporting data,” he added.