IFC and GRI launch Good Practice Note to help companies achieve greater business value through sustainability reporting
Washington, D.C., June 24, 2010—IFC, a member of the World Bank Group, and the Global Reporting Initiative (GRI) today announced the launch of a joint publication that aims to make it easier and more profitable for companies in emerging markets to adopt sustainability reporting.
Entitled “Getting More Value out of Sustainability Reporting”, the Good Practice Note links GRI’s internationally recognized Framework for Sustainability Reporting and IFC’s Sustainability Framework, which includes Environmental and Social Performance Standards for private sector investment. The current version of the Good Practice Note is being released as a “Road Test” draft to solicit feedback from companies and stakeholders. The publication is available for download here.
The Good Practice Note emphasizes the value of integrating sustainability into core business strategy and management; a trend which is emerging as the new frontier for business competitiveness. It also responds to the pressing need for improvements in corporate transparency, both to restore trust in the private sector and to attract investment that is increasingly guided by environmental, social and governance (ESG) factors.
A more strategic approach to sustainability and transparency will help companies in emerging markets improve their relationships with stakeholders and attract investors. It is also viewed as a management tool that can help companies identify operational efficiency improvements and innovation opportunities in their products and services.
Rachel Kyte, IFC Vice President for Business Advisory Services, said, “Good reporting is linked to corporate strategy. Deciding how to report and what to report helps focus a company’s efforts and resources on tackling the most important sustainability issues affecting its business.”
Ernst Ligteringen, Chief Executive of the Global Reporting Initiative, said “Sustainability reporting is important for companies in emerging markets, where credibility, transparency and the trust of stakeholders are so crucial to business success. The GRI Guidelines offer a consolidated framework, one international reporting language as it were, referencing the most important international standards of performance.”
The publication is aimed at:
• Corporate leaders seeking to promote an innovative and strategic approach to sustainability at the corporate level.
• Senior executives and managers looking to establish an effective internal system for the sustainability reporting process
• Corporate reporting teams that want to understand the links and alignment between the GRI and IFC frameworks, thereby structuring information more efficiently.
A final version of the Good Practice Note will be published in 2011, following completion of the current review and update of IFC’s Sustainability Framework (see www.ifc.org/policyreview) and the latest update of the GRI Sustainability Reporting Framework.
For more information or to participate in the road-test process for the Good Practice Note on Sustainability Reporting, contact Louise Gardiner (IFC),[email protected] or Sean Gilbert (GRI), [email protected]
Media contacts
In Washington , D.C.
Aaron Rosenberg
IFC
Phone: +1 202 458 9704
E-mail: [email protected]
In Amsterdam
Gudrun Döhl
Global Reporting Initiative
Phone: ++31(0)20-5310067
E-mail: [email protected]
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC’s Advisory Services include assistance to companies in assessing their sustainability risks and opportunities and helping develop roadmaps for corporate sustainability strategy and reporting. Tailored advisory services include innovations in labor, supply chain, community development, human rights, gender, sustainable energy, sustainable investing and more. For more information, visit www.ifc.org
About the Global Reporting Initiative
The Global Reporting Initiative is a network of thousands of experts from business, civil society, labor, and professional institutions in more than 60 countries. GRI pioneered the development of the world’s most widely used sustainability reporting framework, and is committed to its continuous improvement and application worldwide. Its vision is that corporate reporting on economic, environmental, and social performance should become as routine and comparable as financial reporting. For more information, visit www.globalreporting.org