gssbsecretariat@globalreporting.org

GSSB summary of the virtual callheld on 9 and 10 April 2024
Approved by the GSSB on 16 May 2024

© GRI 2024

ContentsParticipants.............................................................................................................................................. 3
List of abbreviations ................................................................................................................................ 3
Decisions and action items ..................................................................................................................... 4
Session 1.1: Welcome to day 1 meeting ................................................................................................. 4
Session 2.1: Welcome to day 2 meeting ................................................................................................. 5
Session 2.2: Standards update ............................................................................................................... 5
Session 2.3: Update on XBRL taxonomy ................................................................................................ 7Session 2.4: Governance update ............................................................................................................ 8Session 2.5: Discussion of limited scope amendments to GRI 1: Foundations 2021 ............................ 9Session 2.6: Review proposed project schedule 2024 ........................................................................... 9Session 2.7: Any other business and close of public sessions............................................................... 9Page 2 of 9

1Participants

2Present:

34

Name

Constituency

Carol Adams

Chair

Jeff Robertson

Vice-Chair

Loredana CartaLaborPeter ColleyLabor

Rebecca Coriat

Investment institutionChulendra De SilvaMediating institution

Giulia Genuardi

Business enterprise

Corli le RouxMediating institution

Tomoo Machiba

Mediating institution

Anna Nefedova

Mediating institution

Deborah Ng

Investment Institution

Igazeuma Okoroba

Business enterpriseJennifer Princing

Business enterprise

Gangaa Charan SharmaBusiness enterprise

Galya Tsonkova

Business enterprise

In attendance from GRI:
NamePosition

Bastian Buck

Chief of Standards

Laura Espinach

Director Standards

Harold Pauwels

Director Standards

Elodie ChêneSenior Manager Standards

Noora Puro

Senior Manager Standards

Miguel Pérez Ludeña

Research LeadKari Lundelin

Senior Publications ManagerPiers HornerClaire Dugan

Senior Manager Licensing Software &Tools Program
Senior Manager Standards

Jessica Hardy

Secretary to the Board

Gillian Balaban

Sr. Coordinator Governance Relations

List of abbreviations
Abbreviation

Full name

GRI

Global Reporting InitiativeGSSB

Global Sustainability Standards Board

Page 3 of 9

5Decisions and action items

6

The GSSB resolved to approve the following:
GSSB Decision

Item number

2024.07

01 – Draft summary of the GSSB meeting held on 14 March 2024

8Session 1.1: Welcome to day 1meeting

9The Global Sustainability Standards Board (GSSB) Chair Carol Adams (henceforth the Chair)

10

welcomed the GSSB. The Chair gave a special welcome to GRI co-founder Bob Massie, who

11provided insight into the origins of corporate social responsibility and its evolution, along with a closing

12

reflection on GRI's impact, sharing personal experiences and lessons learned.

13

The Chair conveyed feedback from the recent supervisory board meeting, highlighting the keen

14interest of new members in GRI Standards development and engagement with regulators and15

standard setters, noting the value of these standards to GRI reporters. The Chair commends all

16

involved in GRI for attracting experts to the governance boards and technical committees.

17

GSSB members provided feedback related to sustainability reporting in their geographical area or18

stakeholder constituency. The following points highlight the common themes presented:

719•

Mandatory reporting initiatives: Several regions, including Australia, Canada, and Sri

20

Lanka, are implementing mandatory climate-related financial reporting, reflecting a global

21

trend towards increased transparency and accountability in sustainability reporting.

22•

Government initiatives and collaboration: Governments, regulatory bodies, and regional

23

standard setters, such as the Australian Accounting Standards Board and the Canadian24

Sustainability Standards Board, are actively involved in updating reporting standards and25

providing extensions for compliance, indicating a concerted effort to align reporting practices

26

with international standards.

27

•

28
29

Focus on sustainability and ESG: There is a growing recognition of sustainability reportingin addressing key environmental and social issues across regions like South Africa and India.

•Labor movement engagement: The labor movement, particularly in Australia, emphasizes

30

the need for stronger sustainability reporting standards to ensure ethical investment practices

31

and address issues like labor rights along global supply chains.

32•

Investor considerations: Investors globally face challenges in navigating ESG

33

considerations and legislative requirements, emphasizing the importance of clear and34

consistent reporting from companies to aid decision-making and address concerns like35

divestment from companies with ESG issues.

Page 4 of 9

36

These commonalities highlight a global shift towards more robust and comprehensive sustainability

37reporting practices driven by regulatory changes, stakeholder expectations, and the recognition of the38

importance of ESG factors in investment decision-making.

40

Session 2.1: Welcome to day 2
meeting

41

The Chair welcomed the GSSB and presented Item 01 – Draft summary of the GSSB meeting held on

42

14 March 2024 for approval.

43

Session 2.2: Standards update

44

Kari Lundelin, Senior Publications Manager, presented the statistics on standards downloads in 2023.

45

The following are points for consideration:

3946

•

Overall downloads of GRI Standards declined slightly in 2023, most likely due to the47

increased activity of the previous year before the effective date of the revised Universal

48Standards on 1 January 2023.

49•The increase in registered users for downloading indicates a growing potential for50

engagement with users who have provided contact details and opted to receive notifications

51

from GRI.

52

Miguel Pérez Ludeña, Research Lead, presented GRI Standards adoption data. The following are

53

points for consideration:

54

•55
56

million in revenue and supplementing with more firms from strategic countries.
•57
58

61

Around one-third of companies with over $250 million in revenue use GRI Standards, withhigher adoption rates among larger companies.

•59
60

A dataset of 20,000 public companies was compiled, initially targeting those with over $250

Adoption rates vary by country and sector, and are influenced by regulations and local
institutions rather than development levels.

•Noting many companies either do not report or do so superficially. Therefore, the emphasis ison encouraging proper sustainability reporting.

62

The following are questions from the GSSB:

63

Private companies face stakeholder pressure to report sustainability using GRI Standards.

64

Was there consideration given to including private companies in the dataset?

Page 5 of 9

65

The SD recognizes the significance of private companies and the need to complement their dataset

66

with other sources of information. Obtaining a comprehensive list with reliable data poses challenges.

67

Public company data allows for better comparison, which is crucial for aggregate statistics.

68

Japan and China have a significant representation in the dataset, while Austria has a much69

smaller number. Why is there a disparity between countries?

70Countries with larger economies, like China, have more representation, while smaller economies, like71

Austria, have less. This distribution often aligns with a country’s GDP and financial structure. While72

public companies are just one type of organization, their inclusion provides insight into potential GRI

73

users in each country and highlights countries with a significant number of potential users.

74

What is the percentage of publicly listed companies with revenues over $250 million that do75

not report against any sustainability standard?

76

Most companies not identified as GRI reporters either do not publish any sustainability report or report77

without reference to any framework. Additionally, many companies reporting against other standards

78

like SASB or CDP also report against GRI, indicating its widespread usage among sustainability

79

reporters.

80

Is there any correlation between the adoption rate of GRI Standards among companies and81

their scores on various well-known ESG ratings, such as ASP Global?

82

The correlation has not been verified, and it is likely inherent due to ESG ratings incorporating GRI

83

usage into their criteria and relying on data typically available from reporting companies. So, while it is84

not specifically analyzed, the correlation is almost certain to exist.

85

Are companies reporting ‘in accordance with a standard’ versus those reporting ‘with86

reference to a standard’ differentiated?

87

Distinguishing between reporting, especially across a comprehensive dataset, presents a challenge.

88

The reality of reporting is complex and difficult to fit into predefined categories, especially when89

dealing with a large dataset. Before the introduction of the Universal Standards, most companies

90

tended to report ‘in accordance’.

91

Kari Lundelin, Senior Publications Manager, presented the progress of translations for two standards

92

launched earlier in 2024, GRI 101: Biodiversity 2024 and GRI 14: Mining Sector 2024. The following

93

are points for consideration:

94

•

95
96
97
98

Last year, a streamlined translation production process was implemented, and good progress
is being made with testing on GRI 101 and GRI 14.

•The first translations into French and Bahasa Indonesian were published within two months ofthe English launch. Other languages will become available in the next month.

The following is a response to a question from the GSSB:Page 6 of 9

99

Explain who typically serves as the translation partner and how the process is managed.

100

Work is carried out by preferred partners selected according to the GRI procurement policy for

101

translations. Engaging professional translation agencies familiar with GRI’s terminology maintains

102

consistency across languages, which is crucial for quality. Peer reviewers and subject matter experts

103

also conduct quality reviews in specific languages and sectors. The translation agency integrates its

104

independent feedback before finalizing the standard translation.

105

Noora Puro, Senior Manager Standards, presented feedback on the launch and roll-out of GRI 14:

106

Mining Sector 2024, while Elodie Chêne, Senior Manager Standards, presented feedback on the107

launch and roll-out of GRI 101: Biodiversity 2024.

108

The following is a response to a question from the GSSB:

109

Is there collaboration with Science Based Targets Networks (SBTN), considering their110

extensive influence?

111

SBTN is referenced in GRI 101, guiding reporters and providing them with the necessary information112

for reporting using these methodologies. There are ongoing discussions and potential collaboration

113

opportunities, including the possibility of creating illustrative case studies.

115

Session 2.3: Update on XBRLtaxonomy

116

Piers Horner, Senior Manager Licensing Software & Tools Program, and Laura Espinach, Director

117Standards, presented the latest update on the XBRL taxonomy. The following are points regarding the118

progress of the taxonomy:

114119•120
121

A draft list of data points for the taxonomy has been finalized, and the first version of thetaxonomy is expected to be complete by the end of April/early May.

•The work includes developing a set of business rules that will be used to provide high-level

122

validation that reports filed meet the requirements for reporting in accordance with, or with

123

reference to, the GRI Standards.

124

•

125
126
127
128

The work remains on track to begin public consultation in June, and the first release isexpected in Q3.

•The consultation is being designed to engage XBRL specialists and non-specialists. The
consultation webpages and survey questionnaires will address both audiences.

The SD clarified the following points in response to GSSB questions and comments:Page 7 of 9

129

•

The taxonomy allows for the tagging of graphic design and visual presentation and linking to

130external information, but usability and comparability of this type of information are, at present,

131

lower than for other types of data.

132

•133
134

technology now allow textual data to be more easily analyzed and compared than before.
•135
136

•The initial release will be in English. The taxonomy's translation is planned and will be subject
to the same level of quality controls as translations of the standards.

•139
140

The taxonomy does not enable reporting organizations to incorporate data progressively on
an ongoing basis but enables the tagging of data at a single point in time.

137
138

Many GRI disclosures consist of qualitative text rather than numerical data. Advancements inThere will not be a filing fee for companies filing with the GRI taxonomy. Regarding the use of
the data, partnerships can be explored with others to create a database.

•141

The use of AI tools to assist in reading traditional reports to populate the taxonomy needs tobe investigated.

142

The SD would further like to enlist a group of GSSB volunteers to review potential interpretation

143

issues when codifying the GRI Standards into the XBRL Taxonomy in the coming months.

144

Session 2.4: Governance update

145

Bastian Buck, Chief of Standards, and Jessica Hardy, Secretary to the Board, provided an update on146

the revision of the following GRI governance documents: GSSB ToR; Due Process Protocol; DPOC

147

Tor; and GSSB self-assessment.

148

Overall, there is a need to simplify and condense the language to reduce complexity while the149

formatting of the governance documents can be improved to make them more accessible. The SD

150

clarified the following points in response to GSSB questions and comments:

151•

In terms of GSSB involvement in the review process, as this is a complete rewrite, the152

Governance team will not be tracking individual amendments, but their views and input will be

153taken into consideration, and a summary of changes will be provided.

154•XBRL should be considered, so flexible wording is required.

155•GSSB self-assessment will be issued around June 2024, and the results will be shared with156
157
158

DPOC and the GRI Supervisory Board.
•The GSSB will be provided with the proposed revised GRI governance documents for input
before eventual approval.

Page 8 of 9

161

Session 2.5: Discussion of limited
scope amendments to GRI 1:
Foundations 2021

162

Bastian Buck, Chief of Standards, and Laura Espinach, Director Standards, presented potential

163

narrow-scope amendments to GRI 1 and GRI 3 resulting from developments in the reporting164

landscape, regulatory developments, and digital reporting. Views and input from the GSSB were165

sought on the need and timing to start a standard-setting project as per due process.

166

The GSSB supports the project. The project will commence as soon as resources allow it.

159
160

168

Session 2.6: Review proposed
project schedule 2024

169

Bastian Buck, Chief of Standards; Harold Pauwels, Director Standards; Laura Espinach, Director

170Standards; and Claire Dugan, Senior Manager Standards, provided an update on GSSB priority

171

areas. Additionally, the following was provided: the 2024 schedule for the development and revision of172

GRI Standards, the implementation of GRI Standards covering translations, standard interpretations,

173

FAQs, guidance material, and digital taxonomy, as well as partnerships and collaborations.

174

In response to questions from the GSSB, the SD clarified the following:

167

175

•

176
177

Revision and alignment of Topic and Sector Standards cannot be done in parallel, as thedevelopments flagged in Topic Standards will then feed into Sector Standards.

•Timelines for research and revision projects are based on staffing resources.

179

Session 2.7: Any other business andclose of public sessions

180

No other business was raised, and the Chair closed the public meeting at 15.45 Central European

181

Summer Time (CEST).

178

Page 9 of 9