Annual Accounts

Stichting Global Reporting Initiative
Amsterdam

1 January – 31 December 2023

Contents
1.

Statement of the Chair of the GRI Supervisory Board .............................................. 3

2.

Statement of the Chief Executive Officer .................................................................. 5

3.

Executive Summary ................................................................................................. 6

4.

Income and expenditure for the period ................................................................... 11

5.

Financial position ................................................................................................... 13

6.

Accounting policies ................................................................................................ 15

Appendix 1: Balance sheet (in €) .................................................................................. 17
Appendix 1 continued: Balance sheet (in €) .................................................................. 18
Appendix 2: Notes to the balance sheet and statement of income and expenditures .... 19
Appendix 3: Detailed specifications of the account balances......................................... 20
Expenditures for the period ........................................................................................... 25
Appendix 4: Other information....................................................................................... 26
Appendix 5: GRI governance ........................................................................................ 27

All amounts in this report are stated in Euros, unless otherwise indicated.

Page 2 of 29

1. Statement of the Chair of the GRISupervisory Board
In 2023, GRI continued its transformation across various fronts, marking anothersuccessful year. The landscape of sustainability reporting continues to evolve at a rapid
pace, presenting opportunities for GRI to further its mission as well as risks which need tobe carefully navigated. In this context, a key focus has been collaboration. This has
included a commitment to position GRI as a pivotal bridge within the landscape connecting
standards being developed to meet the needs of different user groups as well as different
regions around the world.
Notable achievements included the Memorandum of Understanding with the IFRSFoundation on the establishment of our joint capacity building vehicle, the Sustainability
Innovation Lab (SIL) in ASEAN. Next to that GRI also sustained collaborative endeavors
with EFRAG with the concluding of a Memorandum of Understanding with the European
Financial Reporting Advisory Group (EFRAG) in the development of European
Sustainability Reporting Standards, further cementing our commitment to driving positivechange on a global scale. A further area of focus was directed towards internalreorganization and the strengthening of our internal teams, helping the organization toremain strong for the future.
Financially we received a total income of € 14,206K (€ 10,182K 2022). The reporting period
closed with cumulative reserves of € 2,872K at the end of 2023 (€ 2,270K, 2022). In 2023,
GRI undertook a review of its governance structure. This included a simplification of thenumber of bodies, their accountabilities and the appointments process to the Stakeholder
Council and Global Sustainability Standards Board. The aim of the revised structure is toensure accountability of all governance bodies and strengthening the oversight via theSupervisory Board through the separation of control and management.
GRI is now in a stronger position than it ever was. The uptake of our standards isincreasing, more revenues are generated through our education and licensing businessas well as increased grants from our donors. We are confident that GRI will remain at thecenter of the sustainability reporting landscape. We are looking forward to continuing towork with the wide range of stakeholders who contribute to and make use of our standards,
as well as enhancing our relationship with key standard setters and regulators shaping thePage 3 of 29

sustainability reporting landscape including the ISSB, EFRAG, and other key bodies
across the world.
The Supervisory and Management Boards will continue to assess GRI’s financial position,
ensuring a balanced approach is taken between furthering organizational goals andfinancial prudence. I would like to thank all those that have supported GRI and our staff
that has made our success possible.

Jessica Fries
Chair of the GRI Supervisory Board

Page 4 of 29

2. Statement of the Chief Executive Officer
2023 was another transformative year for GRI both internally and externally. GRI is
positioned better and our brand name and message to the world is stronger than everbefore. This has been reflected in the latest report by the IFAC that states that the use of
the GRI Standards keeps growing from 74% to 77% globally in 2022. Yet, it extends
beyond mere numerical metrics. GRI's established role as the primary provider ofsustainability standards on impacts has positioned us as a pivotal bridge between the ISSB
and EFRAG marking the closure new memorandums of understanding with bothorganization. We established the Sustainability Innovation Lab in the ASEAN market
together with the IFRS Foundation and concluded an agreement with EFRAG to continue
the collaboration on standard setting for the European Standards.
However, GRI is not there yet. Over the course of 2023, GRI spend a lot of efforts to build
up and organizing our supporting teams to meet the challenges of the future. While thequality of our Standards undeniably contributes to this position, GRI's impact transcends
metrics. Our efforts in education, engagement, capacity building, and community
involvement are indispensable; without them, we wouldn't have attained our current stature.
Of course all needs to be supported by our financials from our own revenues and ourfundraising efforts.
As we look ahead to 2024, with the message that we need to look both at the endorsementof the GRI Standards but also at the sustainability reporting is incomplete without impact
reporting, and GRI stands as the leading provider of impact reporting standards. Internally,
our primary focus continues to revolve around enhancing the efficiency of our back-office
operations. To ensure our readiness for the future and the attainment of our objectives,
we must continue to fortify and improve our governance, finance, IT, and HR functions.
I want to express my gratitude again for the continued support of the organization andhope to continue with you on this journey going forward.

Eelco van der Enden
CEO, GRI

Page 5 of 29

3. Executive Summary
Update on governance bodies
GRI has governance bodies that oversee the development of our Sustainability ReportingStandards, and others that oversee engagement and enhancement of our nonstandard
setting related activities. On 30 December 2021, GRI implemented a major governancechange by moving from a one-tier to a two-tier Board structure. The GRI Board of Directors
transitioned into a new Supervisory Board and a Management Board was established. In
December 2023, GRI implemented some changes in our board structure to be effective in
2024 strengthening the appointment structure for new members and the chair of the Global
Sustainability Standards Board (GSSB) and for new members of the Stakeholder Council(SC) by the Supervisory Board. The aim of this system is to ensure accountability of all
governance bodies and strengthening the oversight via the Supervisory Board through theseparation of control and management.
Supervisory Board
The Supervisory Board is the highest governance body. The Supervisory Board iscomposed in such a way that the necessary expertise, background, competences, andindependence are present to be able to perform its task properly and that the members
can operate critically and independently of each other, of the Management Board and of
any sub-interest whatsoever. During the reporting period the Supervisory Board consistedof 8 members. Jack Ehnes, Meredith Miller, and Girish Ramachandran rotated off theSupervisory Board at the end of the reporting period. During the reporting period Jack
Ehnes was the Chair of the Supervisory Board. No remuneration is granted to theSupervisory Board members.
The Supervisory Board has three core committees that are composed of its members andtheir main task is to prepare the decision-making of the Board.
•••

The Finance, Audit and Risk Committee (FAR) must consist of at least two
members, one of which is a financial expert. The tasks and focus areas of theCommittee relate to financial risks, financial controls, and internal and externalfinancial and sustainability reporting.
The Nomination and Remuneration Committee must consist of at least two
members, out of which at least one must have knowledge and provenexperience and expertise in the fields selection and renumeration.
The Governance and Strategy Committee must consist of at least two members,
one of which must have knowledge and proven experience in the field ofcorporate governance and supervision.

Management Board
The task of the Management Board is to manage the day-to-day operations of the businessand affairs of the organization, under the supervision of the Supervisory Board. This
includes achieving strategic objectives, ensuring the design, operation and security ofinternal risk management and control systems, and both financial and sustainability
reporting of the organization and the integrity and quality thereof.
The members of the Management Board are appointed by the Supervisory Board. During
the reporting period the Management Board grew from 3 to 5 members, being the CEO,Page 6 of 29

CFO, COO, CPO and CSO. The Management Board is supported in its activities by the
GRI Secretariat.
Secretariat
The Secretariat implements the work plan set by the Supervisory Board and manages
network and institutional communications, outreach, stakeholder relations, and financial
administration. The Secretariat is based in Amsterdam and serves a wider network of
thousands of organizations that maintain relationships with GRI.
GRI staff have diverse backgrounds and come from around the world. As of 31 December
2023, the Secretariat in Amsterdam had 78 members of staff representing 34 nationalities.
GRI Network offices counted 15 members in 7 regions with 9 nationalities.
Stakeholder Council
Other governance bodies include The Stakeholder Council, that functions as a sounding
board to the GRI organization on global developments in the sustainability reporting
landscape. It includes representation from businesses, civil society, mediating institutions,investors, academia, labour, public agencies, and intergovernmental organizations. The
GRI Community consists of loyal supporters of GRI.
GSSB, IAC and DPOC
With regard to the standard setting activities the governance of GRI consists of threebodies. The Global Sustainability Standards Board (GSSB) is an independent standardsetting board with sole responsibility for developing and approving GRI Standards. During2023, GSSB members were appointed by the Independent Appointment Committee (IAC).
Following the governance changes noted above, from the beginning of 2024, new GSSB
appointments will be made by the Supervisory Board. The Due Process OversightCommittee (DPOC) has responsibility for ensuring that the standard-setting activities of
the GSSB are conducted in accordance with its due process. Through such a governancestructure GRI is committed to provide standard setting that is in the public interest.
GSSB
The GRI Standards are the first global standards for sustainability reporting. They featurea modular, interrelated structure, and represent the global best practice for reporting
impacts on the economy, environment, and people. Developed by the GSSB, they
incorporate multi-stakeholder engagement, representing the best combination of technicalexpertise and diversity of experience to address the needs of all report makers and users.
This approach enables the GSSB to produce universally applicable reporting guidance. Allelements of the Standards are created and improved using a consensus-seeking approach,and considering the widest possible range of stakeholder interests, which includes
business, civil society, labor, accounting, investors, academics, governments, andsustainability reporting practitioners.
The GRI Standards are free to use and aligned with widely recognized international
instruments including the UN Guiding Principles on Business and Human Rights, the ILO
Conventions, and the OECD Guidelines for Multinational Enterprises, among others.
Additionally, GRI provides reporting guidance on how the Standards link to national andPage 7 of 29

international reporting frameworks, helping organizations to streamline their reporting
process and avoid duplication. The GRI Standards are available in 11 languages.
GRI’s environment
Achieving a sustainable global economy is one of GRI’s ultimate aims and reporting canbring a more equitable and inclusive world by helping organizations meaningfully address
sustainable development issues such as climate change, human rights, and poverty. Usinga comprehensive and widely applicable framework for disclosure enables comparisons to
be made, which supports responsible investing and targeted policymaking, paving the way
for a sustainable future.
According to Big shifts, small steps: KPMG Survey of Sustainability Reporting (October2022), 96% of the top 250 global companies report their sustainability progress. 78% of
these companies rely on the GRI framework for their sustainability reporting, enablingcomparability and greater consistency.
GRI strives to provide close alignment with other organizations and standard setters topromote clarity and understanding. Achieving this is done through collaborative effort, toprovide an effective, straightforward reporting process for companies to reportcomprehensive sustainability disclosures.
GRI’s FY 2023 strategic plan undertook to:
1.
2.
3.
4.

Create and maintain world-class sustainability disclosure standards.
Drive global adoption of the GRI Standards and quality reporting.
Become the impact sustainability reporting standard in a two-pillar reporting
landscape.
Become financial resilient.

This will be achieved through strategic alliances, increased revenue, and employee
investment.
Institutional relationship development
GRI’s global ecosystem spans thousands of reporters and extends into diverse fields ofwork. Collaboration is embedded in GRI’s multistakeholder approach, which fosters
inclusion, including with international organizations, governments and non-governmentalorganizations, and the corporate world, as well as other standard setting initiatives. Aroundthe world, 238 policies in 85 countries and regions reference or require GRI for reporting.
Specifically, GRI is collaborating with the European Commission on the establishment of
the European Sustainability Reporting Standards and with the IFRS Foundation to meetthe information needs of investors.
Investors, regulators, and stock exchanges are key audiences of sustainability reporting.
They play a vital role in using reported information to support responsible investment andcreate transparent and sustainable capital markets. GRI brings investors, stock exchanges,
and capital market regulators together with reporting organizations to support the use ofsustainability reporting and lay the groundwork for resilient and sustainable markets.
Through these capital markets engagements, GRI connects with stock exchanges andregulators, which includes working with the Sustainable Stock Exchanges Initiative, Ceres,the World Federation of Exchanges, and UN-PRI (Principles for Responsible Investment).

Page 8 of 29

During the reporting period GRI continued to collaborate with, and receive financial support
from, governments and foundations to implement programs addressing topics such asreporting in emerging markets, and tools and training to make sustainability reportingeasier for more companies around the world to engage with.
GRI is actively involved in promoting business engagement in the UN Sustainable
Development Goals (SDGs). Working with our partners, GRI is leading the way forreporting organizations to map their efforts to the SDGs, and to help them contribute moreto the accomplishment of these Global Goals.
GRI Community
GRI's multi-stakeholder network is brought together through the GRI Community programand includes representation from businesses, civil society, mediating institutions, investors,
academia, labour, public agencies, and intergovernmental organizations. It is the core andfoundation of GRI's network and essential to its success. As of December 31, 2023, GRI
Community had 580 members (532 active) from 87 countries, including 45 developing
countries.
The Community provides an opportunity for reporters, experts, and advisers in thesustainability field to work closely with GRI to champion our mission and advancesustainability reporting. Through their fees, members provide financial support to GRI and,in return, gain access to an exclusive program centered around the implementation of theStandards and core sustainability reporting topics.
GRI strengthens relations with Community members by various means, including webinars,
global member meetings, and local events. In addition, the activities undertaken by GRI
Regional Networks in Africa, ASEAN, Greater China, LATAM, North America, and South
Asia advance the dialogue in a regional context.
Training, certification and services
GRI offers quality support for both reporters and report users to move to the forefront of
global best practice. For report preparers, tools and services are offered for guidance
throughout the reporting process, which help organizations prepare their reports, align with
the GRI Standards, provide reporting exposure to a wider audience, and offer insights into
sustainability data. For report users such as researchers, investors and customers, thesupport suite has tools to help them better understand and navigate sustainability reporting,and gain insights into sustainability data.
The GRI Professional Certification Program is designed to enhance the knowledge,
expertise, and skills of sustainability professionals in implementing the GRI Standards.
Accessible online via the GRI Academy (a dedicated learning platform for sustainability
professionals) or via a Certified Training Partner (CTP), participants complete four coursesthat cover the fundamentals of GRI reporting in preparation for a final exam. As of 31
December 2023, there were more than 2,000 Certified Sustainability Professionals in 100
different countries. More than 100 organizations, covering around 50 countries, havecompleted the certification process for training partners and are providing GRI Certified
Training courses.
Report Services focus on reviewing the quality of the GRI content indexes in sustainability
reports and consistency with the GRI Standards. Through the services we help reportingorganizations ensure that their disclosure information is well presented, the references toPage 9 of 29

the GRI Standards are correct and that their GRI content index is transparent and easy touse.
GRI’s Certified Software and Tools program offers a license and certification for softwareand tools providers that make use of content from the Standards. Through the program
GRI assesses the accuracy of the use of GRI content and provide authorization to use theStandards for commercial purposes. Companies in the program are listed on the GRI
website and provided with certified status to demonstrate their adherence to the Standards.
Overview of financials
In the reporting period, the organization increased total income versus 2022 by 40% to€14,206K (€10,182K, 2022) with a surplus for FY2023 of €602K versus a small deficit of€123K in 2022. By 31 December 2023 the cumulative surplus was € 2,872K (31 December
2022 €2,270K).
Income increased mainly due to corporate contributions €3,375k new in 2023. There wasa particularly strong revenue performance within Training with €3,257k an increase of 17% versus 2022 €2,792k. Services increased 15% to €3,283 (€2,854, 2022), while
community income fell 20% to €1,522 (€1,885, 2022). The total operating expenses were€13,402 an increase of 32% versus 2022 (€10,122k). The main increases were inpersonnel costs (hire of new (senior)staff). Continuous prudent cost management, taking
corrective action when and where required to mitigate risks, have helped managing theorganization’s financial position.
Looking ahead
We remain fully focused on ensuring that GRI provides the world’s leading and most widely
trusted sustainability standards for addressing impacts on the economy, environment, andpeople. An important aspect of this is to ensure the relevancy of the Standards amidchanges we are seeing in the broader corporate reporting landscape. Continued
collaboration on the development of new standards, such as those from the International
Sustainability Standards Board (ISSB) and the European Sustainability ReportingStandards (ESRS), are fundamental to providing clarity and consistency for reporting
companies and other stakeholders. This aligns with our vision of a comprehensive, twopillar corporate reporting system, with financial and sustainability reporting on an equal
footing.
Efforts to further the global adoption of the GRI Standards and shape the global agenda
for sustainability and public policy will be supported by revenue generating capabilities,
especially in regards corporate contributions, growth of the GRI Academy and the services
we provide to reporting companies.
The Supervisory and Management Boards will continue to assess GRI’s financial position,
ensuring a balanced approach is taken between furthering organizational goals andfinancial prudence.
June 2024
Jessica Fries

Eelco van der Enden

Chair of the Supervisory Board

Chief Executive Officer

Page 10 of 29

4. Income and expenditure for the period
In €IncomeCommunity (A)Services (B)Training (C)Grants and subsidies (D)January – December

January – December

2023

2022
10,7%

1.521.852

23,1%

3.283.433

22,9%

3.257.109

18,4%

2.611.541

Conferences and events(E)
157.263
Corporate Contributions(F)
3.375.000
Other

1,1%
23,8%
-

14.206.198 100,0%

Operating expenses
Personnel costs

7.962.223 56,0%Social security
Programme costs
Office expenses
Operational expenses
General expenses
Depreciation

708.094

5,0%

19,5%
2.763.453
380.150 2,7%
1.340.265
192.65055.654

6,3%
4,4%
0,4%

28.0%

2.853.695

27.4%

2.792.276

24.5%

2.494.564
156.1890,0%Income18.5%

1.885.199

1.5%
-

0,0%

-

0.0%

10.181.923

5.253.781
581.834
2.837.748
618.378345.378415.455
69.070100.0%

51.6%
5.7%
27.9%
6.1%
3.4%
4.1%
0.7%

13.402.489 94,3%

10.121.643

99.4%

Operating surplus

803.709 5,7%60.2800.6%

Interest expenses-25.358 -0,2%-19.644-0.2%

Total operating expenses

Page 11 of 29

Exchange rate gains /(losses)
Other financial income /(cost)
Ordinary deficit/surplus
Result Participations
Surplus / Deficit for theyear-32.071 -0,2%-114.689 -0,8%

26.193-100.781

631.591 4,4%-29.721 -0,2%
601.870 4,2%

-33.952-88.552-122.504

0.3%
-1.0%

-0.3%
-0.9%
-1.2%

Page 12 of 29

5. Financial position
5.1 Balance sheet
In €Non-current
assetsFurniture and IT

31/Dec/23

31/Dec/22

63.2641,21%75.518 1.82%

1

0,00%

1 0.00%Current assets
Receivables
Cash1.359.624
3.810.754

25,98%
72,81%

1.123.682 27.02%
2.959.530 71.16%

Total

5.233.642

100,00%4.158.730 100.00%

Reserve account

2.871.720

54,87%

2.269.849 54.58%

Provisions

0

0,00%

0 0.00%Long-term
liabilities

0

0,00%

0 0.00%

Short-term
liabilities

2.361.922

45,13%

1.888.881 45.42%

Total

5.233.642

100,00%4.158.730 100.00%

Equityinvestments

Page 13 of 29

5.2 Analysis of the financial position
31 December
2023€

31 December
2022€

Receivables
Cash1.359.624
3.810.754
5.170.378

1.123.682
2.959.530
4.083.211

Current liabilities
Loans payable
within one year

-2.361.922
0- 1.888.8810Working capital

2.808.455

2.194.330

63.264175.51812.871.720

2.269.849

Reserve account
Provisions
Long-term
liabilities

2.871.720
002.269.849
00Total financing

2.871.720

2.269.849

Available on
short term

Non-current
assetsFurniture and IT
Equityinvestment
Total funds

Financed byPage 14 of 29

6. Accounting policies
The annual accounts have been drawn up in accordance with the accounting policies
selected and disclosed by the Foundation.
The principles of valuation are based on the historical cost. Assets and liabilities are stated
at face value, unless otherwise indicated.
An asset is recognized in the balance sheet when it is probable that the expected future
economic benefits that are attributable to the asset will flow to the Foundation and the costof the asset can be measured reliably. A liability is recognized in the balance sheet when
it is expected to result in an outflow from the Foundation of resources embodying economic
benefits and the amount of the obligation can be measured with sufficient reliability.
Income and expenses are accounted for in the period to which they relate, unlessotherwise indicated.
Furniture, fixtures and IT:
Furniture, equipment, software and hardware costs are capitalized if the expected usefullife is more than one year and the initial investment value is higher than € 450. Furnitureand equipment are depreciated on a straight-line basis over five years.
In general software and hardware are depreciated on a straight-line basis over three years
as a reflection of expected useful life for IT products. Depreciation starts in the month theassets were acquired.
Equity Investment:
The investments in unconsolidated subsidiaries are reported by the equity method.
Receivables:
Receivables are valued at the nominal value. If realization is expected to be lower than
nominal value, the lower receivable value is considered. A reduction through recognitionof doubtful debtors is considered, with receivables aged over 180 days without
correspondence reviewed as doubtful. All debtors are monitored regularly.
Cash and banking balances:
The cash and bank balance positions are valued against nominal value.
Foreign Currency:
Amounts in foreign currency are converted to Euro using the exchange rate on the date oftransaction. Receivables or liabilities in foreign currency are valued at the Interbank rate
at the close of business on the balance sheet date. Currency differences are brought into
the income and expenditure statement. Material receivables or liabilities in foreign
currency are hedged in advance to avoid financial risk resulting from currency fluctuations.

Page 15 of 29

GRI’s reserve account:Surpluses or deficits are added or deducted from the reserve account.
Long-term liabilities:
Long-term liabilities are those that are not due or cannot be recalled within 12 months after
the closing date of the financial year. Loans are accepted only on prior approval by the
Board of Directors and are recognized against their nominal value. Interest on loans isaccounted for separately.
Short-term liabilities:
Short term liabilities are those that come due within 12 months after the closing date of thefinancial year. Liabilities are recognized against their nominal value. Interest on loans, ifany, is accounted for separately.
Revenues:
Revenues consist of community fees, grants, services, training and events.
Community (A):Contributions from Community membership (not less than € 5K) are fully recognized in thefirst month of the yearly membership period.
Above €5,000 Revenue recognized at the start of the membership.
Below €5,000 Revenue recognized on a cash basis.
Grants and subsides/donations (D) (F)Revenues consist of a subsidy/donations that is granted to cover general expenditure(unrestricted) or to cover expenses related to a specific program (restricted). Restricted
income from grants and subsidies is recognized upon written confirmation by the donor /participant and with consideration to the specific conditions on timing and deliverables ofthe subsidy or program. Usually, the revenue from grants is recognized upon percentage
of completion of the deliverables.
Training, Services and Events (B) (C) (E):Training and Services income such as Certified Training Partner Program, Certified
Software and Tools Program and Alignment Services are recognized when invoice isissued. E-learning programs offered through GRI Academy are recognized when payment
is received (cash basis).
Provisions
Provisions are recognized for legally enforceable or constructive obligations that exist at
the balance sheet date, and for which it is probable that an outflow of funds will be required,and a reliable estimate can be made. Provisions are measured at the best estimate of theamount and are carried in the balance sheet at the nominal value of the expected
obligation, unless stated otherwise.

Page 16 of 29

Appendix 1: Balance sheet (in €)Appendix 1:
BALANCESHEET (in €)31 December
2023
ASSETS
Non-current
assetsFurniture andfixtures
Hardware andsoftware

31 December
2022

10.7343.264

64.78360.000Equityinvestments

63.26475.5181

1

Current
assets
Receivables
Debtors
Tax and social
security
Other
receivables
Other
prepayments
Cash and bankbalances756.317866.576

73.39390.309218.381324.54678.1933.810.754

75.5911.359.624

1.123.682
2.959.530

3.810.754
5.233.642

2.959.530
4.158.730

Page 17 of 29

Appendix 1 continued: Balance sheet (in €)31 December
2023
CAPITALAND
LIABILITIESReserve
Result prioryear(s)brought
forward
Surplus/(deficit) for the year
Result carriedforward

31 December
2022

2.269.849

2.392.353

601.871-122.504
2.871.720

2.269.849

Provisions

0

0

Long-term
liabilities
Loans

0

0

439.087458.368

310.629457.641189.896238.055

1.422.310

734.817

Short-term
liabilities
Loans
payablewithin 1 year
Revenues
received inadvance
Creditors
Wage taxes
and social
security
Accruedexpenses

2.361.922
5.233.642

1.888.881
4.158.730

Page 18 of 29

Appendix 2: Notes to the balance sheet
and statement of income and expenditures
1. Furniture, fixtures, hardware and software
During the financial year, € 43,400 investment was made in hardware and software (FY22€ 38,991).
2. Equity investment and provision affiliates
The investments and the accumulated results in unconsolidated subsidiaries are reportedby the equity method. The investments and accumulated results in Global Reporting
Initiative India Private Ltd have been accounted for by € 1 as Equity Investment.
Stichting Global Reporting Initiative is the sole member of the Global Reporting Initiative(USA) Corporation, a 501c3 tax exempted not for profit organization under US Delaware
law. The membership does not require an investment and consequently the financial
implications of the US entity have not been included in these annual accounts.
3. Receivables
The recoverability of the Debtors has been reviewed by management and a provision of€175,746 has been recorded against old or doubtful items.
4. Reserve fund
The financial year ended with a surplus of € 601,870. The cumulative reserves per 31
December 2023 now stand at € 2,871,720 surplus (€ 2,269,849 surplus at the end of
FY22).
5. Contingent liability
There are no contingent liabilities.
6. Long-term liability
There are no long-term liabilities from loans.
7. Short-term liability
There are no short-term liabilities from loans.
8. Post balance sheet event
As per today there are no Post Balance Sheet Events.

Page 19 of 29

Appendix 3: Detailed specifications of theaccount balances
Furniture andfixtures

Hard andsoftware

Total

€

€

€

Acquisition value

706.795

1.675.807

2.382.603

Accumulated depreciation

696.0611.611.024

2.307.085

Book value

10.73464.78375.518Investments-

43.40043.400

Disinvest/reconciliation

-

-

-

Depreciation
Value on 31 December
2023

7.470

48.18355.6543.264

60.00063.264

Acquisition value

706.795

1.719.207

2.426.002

Accumulated depreciation

703.5311.659.207

2.362.738

Book value

3.264

60.00063.264

Furniture and IT
In €Value on 31 December
2022

Movements
1 January – 31 December
2023

Value on 31 December
2023

Page 20 of 29

Appendix 3 (cont.)
Current assets
Appendix 3 (cont.)
Current assets

Debtors
Subsidies and services
Community
To be invoiced
Doubtful debtors

Tax
Tax and social security

Other receivables
I/C GRI Affiliates
Security deposit office &postage
Security deposit staff & rent
To be invoiced

Other prepayments
Office Rent
Prepaid rent copierPrepaid health insurance
Prepaid recruitment costs
Prepaid other expenditures

Cash and bank balances
Bank accounts
Petty cash

31
31
December December
2023
2022
€
€
894.076148.24601.042.322
175.746866.576738.473
193.5900932.063
175.746756.31790.30990.30973.39373.39386.390119.72252.316169.840
16.000324.54646.71951.9400218.38128.38700049.80678.19322.7872.590
0050.21475.5913.810.754
03.810.754

2.959.530
02.959.530

Page 21 of 29

Appendix 3 (cont.)
Reserves and liabilities
Appendix 3 (cont.)
Reserves and liabilities

Reserve account (result prioryears)
Opening balance
Reserve account (result bookyear)
Current year surplus/(deficit)

Provisions
Long term liabilities
Loan

Short term liabilities
Creditors
Loans payable within one year
Revenues received in advance
Creditors

Other
Taxes and social security
Accrued expenses€

31-Dec2023€

31-Dec2022

2,269,849 2,392,353

601,870 -122,504
2,871,720 2,269,849
0

0

0
0

0
0

0
439,087
310,629
749,7160458,368
457,641
916,010

189,896
1,422,310
1,612,206

238,055
734,817
972,871

Page 22 of 29

Appendix 3 (cont.)
INCOME BREAKDOWN FOR THE PERIOD January – December 2023
2023€
Community
Restricted program income recognized
Global and regional awarenessTotal restricted program income

Unrestricted donations
Governments, corporate foundations
Total unrestricted donations
Support and services
Training and coaching
Software and tools certification
Alignment services
Other1,521,852

2,611,541

2,611,541

3,375,000

3,375,000

3,257,109
1,247,899
2,035,534
0

6,540,542

Total support and Services

Conferences and events
Other
Reimbursements, honorarium and miscellaneous
Total otherTotal income

157,26300
14,206,198

Page 23 of 29

Appendix 3 (cont.)
Income recognized on grants received from foundations, governments andinternational organizations
Donor
State Secretariat for Economic Affairs (SECO)
Switzerland
Swedish International Development
Cooperation Agency (SIDA)
Undisclosed party
Walton Family Foundation
RVO
Total grants
Total income

Amount (€)
926,663% of Total
income6.52%

1,390,174

9.79%

210,216
99,698-15,210
2,611,541
14,206,198

1.48%
0.70%
-0.11%
18.38%
100%

Sponsors and donors
Community members:
Please refer to GRI’s website for a listing of the organizations supporting GRI.
By 31 December 2023 there were 551 Community members representing 80 countries,
including 49 developing countries, and broken down by constituency as per the tablebelow:
Constituency
Business
Civil SocietyInter-governmental Agency
Investment Institution
Mediating Institution
Total

Number
374
26
3
10
138
551

% of Total
67.88%
4.72%
0.54%
1.81%
25.05%
100.00%

Donors and program sponsors:
State Secretariat for Economic Affairs (SECO) Switzerland, Swedish International
Development Cooperation Agency (SIDA), Undisclosed party, Walton Family Foundation
and RVO.

Page 24 of 29

Expenditures for the period
Category
Personnel costs
Wages
Other benefits
Social Security
Taxable wage components
Staff housing
Relocation staff
Human resource management
Total personnel costs2023
7.168.835
74.027150

IT support
Office supplies
Office equipment
Communication
Total operational expenses
Program costs
Program, conference and events Cost
Engagement cost
Project cost
Total program cost
General expenses
Financial and legal costs
Reservation doubtful debtors
Total general expenses
Depreciation
Total operating expenses

4.656.441
56.131708.094401.376-581.834449.874
19.962318.1368.670.317

71.373
5.835.615

357.7382.412
380.150735.264-116.886
618.378

Office expenses
Rent and Utilities
MaintenanceTotal office expenses
Operational expenses
Telephone2022

10.9237.178
888.240

6.439

81.44724.32416.752

3.515

431.149
1.340.265

215.677345.378

2.763.453
2.763.453

2.837.748
2.837.748

192.650
192.650239.709175.746415.455

5.654

69.07013.402.489

10.121.644

Page 25 of 29

Appendix 4: Other information
Rental and lease contracts
GRI had the following rent and lease obligations:

1. Rent of the office in Amsterdam:
GRI rents office space at the Barbara Strozzilaan as of 1 September 2022. The
contract is till 31 August 2024. The monthly payments are € 22,787 base-rate, plus
additional services.
2. A copier/printer is leased for € 3,885 per quarter. The lease started in March 2022
for a period of five years.
Financial contracts
GRI protects itself against future exchange rate fluctuations where there is a possible
material risk, but in FY 2022 no hedging action was considered necessary.
GRI’s tax position
VAT returns are filed on a monthly basis. GRI is not subject to Corporate Income tax.
Number of employees
As at December 2023 GRI employed 78 staff members on full time contracts(December 2022: 66) and 6 staff members on part time contracts (December 2022: 9).

Page 26 of 29

Appendix 5: GRI governanceSupervisory Board members, 31 December 2023 (13)Last Name
AdeekoAn
Awe
BastitBrenner
Broadbridge
Constantine
Diplock
Ehnes
Fries
IjjaszKlier
Lu
MillerRaina
RamachandranFirst Name
Bola
EstherTinuade
Bruno
Aaron
HelenaChristie
Jane
Jack
Jessica
Ede
DanielJianzhong
Meredith
Jyrki
GirishNationality
Nigeria
Singapore
Nigeria (joined 1/1/2024)
Spain (joined 1/1/2024)
USA (joined 1/1/2024)
Denmark (joined 1/1/2024)
USA (joined 1/1/2024)
USA (joined 1/1/2024)
USA (departed 31/12/2023)
UK
USA (joined 1/1/2024)
UK (joined 1/1/2024)
China
USA (departed 31/12/2023)
FinlandSingapore (departed 31/12/2023)

Management Board members, 31 December 2023 (5)Buck
Gil White
Van der Enden
SwartzWagemans

Bastian
Cristina
Eelco
OliviaLars

Chief Standards Officer/Chief Product Officer
Chief Operations Officer
Chief Executive Officer
Chief People Officer
Chief Financial Officer (Interim)

Stakeholder Council members, 31 December 2023 (33)
Last NameFirst Name

Nationality

Constituency

Acharya

Rajendra

India

Labor

AraujoTatianaBrazil

Civil Society Organization

AtabeyTuba

TurkeyMediating Institution

Banga

Prabh

CanadaBusiness

CheungAnthony

China

Investment Institution

Diaz Heredia

IsadoraSpain

Business

Duan

Hongxia

China

Civil Society Organization

Fakun

Evita

Mauritius

Business

FarellaPaul

USA

Investment Institution

Ghosh

Anirban

India

Business

Gidwani

Bahar

USA

Mediating Institution

GoyretClara

Argentina

Business

Guerrero Lozoya (Chair)

Karla Lizzeth

MexicoBusiness

Guerrero Lozoya

Diana

MexicoBusiness

Haluk

Ozdemir

TurkeyInvestment Institution

Hellmann

MarionSwitzerland

Labor

Page 27 of 29

Johnson

Ryan

United States

Civil Society Organization

Kane

Constance

USA

Civil Society Organization

Kolcuoglu

Erdem

TurkeyMediating Institution

LeitschJennifer

USA

Business

Leles (Vice Chair)

Adriana Lagrotta

BrazilBusiness

Lindfors Speace

Malin

SwedenMediating Institution

Lui

Keli

China

Business

MajochArletaUK

Investment Institution

MedinaHelen

Switzerland

Business

Mokofeng

Crecencia Carina

South Africa

Labor

Noguera

Joan Carlos

Spain

Investment Institution

OrojimiOlumideNigeria

Investment Institution

Stanek-Kowalcyzk

Aleksandra

PolandMediating Institution

StreckMonicaGermany

Business

Trier Hansen

ThomasDenmarkMediating Institution

UrdangBrandonSouth Africa

Investment Institution

VilianiFrancesca

DenmarkBusiness

Xu

Fallight

China

Business

GSSB members, 31 December 2023 (15)Last Name
Adams (Chair)
Carta
ColleyCoriatDe Silva
Genuardi
Kong
Le Roux
Machiba
MartinNefedova
Ng
Okoroba
Pricing
Robertson (Vice Chair)
Schumacher
SharmaTsonkova

First Name
Carol
LoredanaPeter
RebecaChulendra
GiuliaVincent
Corli
Tomoo
JosephAnna
DeborahIgazeumaJennifer
Jeff
Kim
Gangaa Charan
Galya

Location
Australia
Belgium
Australia
UK (joined 1/1/2024)
Sri Lanka
Italy
Hong Kong (departed 31/12/2023)
South Africa
Japan (joined 1/1/2024)
India (departed 31/12/2023)
Switzerland
CanadaNigeria (joined 1/1/2024)
USA
CanadaTaiwan (departed 31/12/2023)
India
Bulgaria

Due Process Oversight Committee members, 31 December 2023 (5)Last Name
Balan
John
Madl (Chair)
Nicholls
Wakesho Sonje

First Name
Cristina
JenithaKathrinJeremyCaroline

Location
RomaniaSouth Africa
Italy
UK
Kenya

Page 28 of 29

GRI Nominating Committee members, 31 December 2023 (5)Last Name
AdeekoEnsor
Guerrero Lozoya
Leles
Van der EndenFirst Name
Bola
Izzy
Karla
Adriana
Eelco

Location
Nigeria
Netherlands
MexicoBrazilNetherlands

Additional members for appointing members of the Independent Appointments Committee:
André
Tonda

Maria Helena
Elisa

Switzerland
FranceIndependent Appointments Committee members, 31 December 2023 (5)Last Name
Bäckström
Barton (Chair)
BastitChouhanJeanroyFirst NameÅseHelenaBruno
Mahendra
Melanie

Location
SwedenDenmark
USA
India
FranceFinance and Renumeration Committee members, 31 December 2023 (5 + observer)
Last Name
BastitBola
Brenner
Ehnes

First Name
Bruno
AdeekoAaron
Jack

Enden, van der

Eelco

Fries
Jane

Jessica
Diplock

Ramachandran

GirishLocation
Spain (joined 1/1/2024)
Nigeria
US (joined 1/1/2024)
US (departed
31/12/2023)
The Netherlands(Observer)UK
US (joined 1/1/2024)
Singapore(departed
31/12/2023)

Page 29 of 29