Washington, D.C., – IFC, a member of the World Bank Group, and the Global Reporting Initiative (GRI) today launched a joint publication that aims to make it easier and more profitable for companies in emerging markets to adopt sustainability reporting.
Getting More Value out of Sustainability Reporting, part of the Good Practice Note series, 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 publication is being released as a “road test” draft to solicit feedback from companies and stakeholders.
The Good Practice Note emphasizes the value of integrating sustainability into core business strategy and management, a trend emerging as a new frontier for business competitiveness. It also responds to the pressing need for improvements in corporate transparency, to restore trust in the private sector and to attract investment increasingly guided by environmental, social, and governance factors.
A more strategic approach to sustainability and transparency will help companies in emerging markets improve their relationships with stakeholders and attract investors and can help companies identify operational efficiency improvements and innovation opportunities.
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.
It is available for download at www.globalreporting.org
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.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. 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.
