GRI welcomes aid from Caisse des Dépôts for its contribution to EFRAG’s technical work
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The New EU Sustainability Reporting Expectations
Subsequent the July 2021 announcement of a Statement of Cooperation in between GRI and the European Financial Reporting Advisory Group (EFRAG) Task Endeavor Drive to co-build new EU sustainability reporting benchmarks and contribute to further more world-wide convergence, GRI welcomes the assist from French Caisse des Dépôts to underpin the completion of this significant do the job.
Mandated by the European Fee in June 2020, EFRAG is main the complex operate to build the new EU sustainability reporting criteria. With the world’s most extensively utilized criteria for sustainability reporting, GRI participates in the co-construction of these new EU requirements, with the purpose to achieve a 1st established of specifications by June 2022, as set out in the new Company Sustainability Reporting Directive (CSRD) proposal. Really in favour of this standardisation to accelerate the shift toward a much more sustainable economic climate, Caisse des Dépôts announces its assist to GRI’s specialized operate on the EU sustainability reporting requirements.
As a significant French community monetary institution dedicated to sustainability from the early 2000s, Caisse des Dépôts has strongly promoted the progress of accountable finance and company transparency on ESG troubles. Its assist of GRI’s work on the EU sustainability reporting standards specifically stems from the requirement to improve the top quality of ESG corporate info on which liable investors rely for analysing and reworking company styles.
The Standardisation Of Non-Economic Reporting
Eric Lombard, Main government officer of Caisse des Dépôts, highlights that:
“This standardisation of non-economic reporting is paramount in enabling us to strengthen our processes as shareholder, investor and loan company, each in the first appraisal of the counterparties that we finance, and in the shareholder dialogue we carry out to foster important troubles and to speed up the in-depth transformation of business enterprise products for a more sustainable economic system. To guarantee the usability of the data disclosed and the competitiveness of EU companies, the convergence with the sustainability benchmarks globally will also be vital.”
GRI’s collaboration with EFRAG supports the organisation’s eyesight of obtaining a world-wide company reporting system in which economical and sustainability disclosure are inter-related, mandated and on an equal footing.
Thanking Caisse des Dépôts’s for their fiscal support of the technical function to co-build new EU criteria, GRI Chairman Eric Hespenheide said:
“The cooperation agreement amongst EFRAG and GRI marked a significant step toward building EU sustainability reporting requirements that just take inventory of finest observe for transparency on company impacts, drawing on GRI’s global conventional setting abilities. We welcome the backing of Caisse des Dépôts through this very important co-design stage, which indicators the solid assist from the economical local community for our endeavours to assure improved, strong and similar ESG reporting by corporations, each in the EU and all-around the entire world.”
Patrick de Cambourg, Chair of the EFRAG PTF-ESRD added:
“We are grateful to Caisse des Dépôts for stepping up and supporting GRI co-design initiatives during this important early period of criteria development. It clearly demonstrates the suitable concentration, determination and extensive-term vision in the course of a time of a great deal turbulence and distraction. It is in the desire of all investors and their shoppers to support formidable and prevalent specifications for sustainability reporting in get to enable a genuinely transparent and sustainable overall economy.”
Exploration by the Alliance for Corporate Transparency (2020) indicated that 54% of EU companies use the GRI Specifications (the most usually cited framework) to satisfy their non-economical reporting necessities.
Global Reporting Initiative (GRI) is the impartial, worldwide organization that allows businesses and other organizations choose duty for their impacts, by providing the worldwide widespread language to report those impacts. The GRI Criteria are produced by way of a multi-stakeholder course of action and provided as a cost-free general public good.
The European Economical Reporting Advisory Team (EFRAG) serves the European public fascination in the area of monetary reporting. The European Commission has tasked EFRAG to get ready for new EU sustainability reporting expectations. This work is now adhering to the suggestions of the Venture Endeavor Drive for preparatory operate for EU non-economic reporting specifications.
About the Caisse des Depots Group:
Caisse des Depots and its subsidiaries kind a general public very long-term investor group serving the typical desire and financial development of local areas. It brings together five areas of know-how: social coverage (pensions, experienced instruction, disability, old age, health), asset management, monitoring subsidiaries and strategic shareholdings, business enterprise financing (with Bpifrance) and Banque des Territoires.
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