Business

CSE and GRI to host leadership forum

The Global Reporting Initiative (GRI), in collaboration with the Colombo Stock Exchange (CSE), is hosting an exclusive session tomorrow (9) on “Why organisations worldwide and in Sri Lanka are adopting sustainability reporting using GRI Standards and how it benefits them”.

The GRI is an independent international standard-setting organisation that helps businesses and governments worldwide understand and communicate their impact on critical sustainability issues such as climate change, human rights, governance, and social wellbeing.

The practice of disclosing sustainability information inspires accountability, helps identify and manage risks, and enables organisations to seize new opportunities. Reporting with the GRI Standards supports companies, public and private, large and small, to protect the environment and improve society, while at the same time thriving economically by improving governance and stakeholder relations, enhancing reputations, and building trust. The GRI Standards help companies disclose relevant ESG (environmental, social, and governance) information that supports decisions in the best interest of investors and society at large.

The 2020 KPMG Survey of Sustainability Reporting shows that a record number of companies, spanning sectors and geographic regions, are voluntarily choosing to disclose their sustainability impacts – with the GRI Standards the most widely used for reporting. Across all companies surveyed, the GRI Standards is the only sustainability reporting framework that can demonstrate widespread global adoption. Around three-quarters (73%) of the G250 and two-thirds (67%) of the N100 now use GRI. As per research done by GRI South Asia, 29% of the public listed companies (83 companies) are currently reporting using the GRI Standards in Sri Lanka.

GRI’s publication Carrots & Sticks (C&S 2020) provides an analysis of the latest trends in reporting provisions. It reveals 614 reporting requirements and resources across over 80 countries, including Sri Lanka. In 2019 CSE published the ESG guidance document titled Communicating Sustainability Version 02.