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The arrangement is meant to make sustainability reporting easier so that it can keep up with the changing information needs of investors and other stakeholders around the world.
Two years ago, the IFRS Foundation and GRI signed a Memorandum of Understanding. Now, they are ready to provide a unified framework for companies that want to examine their risks, opportunities, impacts, and impacts thoroughly.
In November 2023, GRI and the IFRS Foundation brought its Sustainability Innovation Lab (SIL) to Singapore. With the help of the GRI and the IFRS Sustainability Disclosure Standards, this project hopes to improve reporting capabilities and speed up sustainability initiatives around the world.
The importance of this partnership was commented on by Chair of the IFRS Foundation Trustees Erkki Liikanen who said, “Today’s agreement solidifies and advances our Memorandum of Understanding, enhancing compatibility and interconnectedness between our standards globally.”
“GRI is fully committed to increasing transparency in organisational impacts worldwide,” stated GRI CEO Eelco van der Enden.
“Our collaboration with the IFRS Foundation aims to ensure seamless integration of GRI and ISSB standards, streamlining sustainability reporting.”
The GSSB and ISSB will work together to identify and align shared disclosures.
As the partnership develops, it brings to light a critical change towards a standardised method of sustainability reporting, which should provide stakeholders all around the globe with more clarity and openness. Thanks to the support of important players, this collaboration marks the beginning of a more sustainable age for corporate reporting, which will have a gigantic impact all around the globe.
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