JOINT PRESS RELASE FROM EFRAG AND
THE GLOBAL REPORTING INITIATIVE (GRI)
For immediate release

EFRAG-GRI JOINT STATEMENT OF INTEROPERABILITYEFRAG and GRI are pleased to confirm that they have achieved a high level ofinteroperability between their respective standards in relation to impact reporting.
Amsterdam, 5 September 2023 – EFRAG and GRI publish today a joint statement on thehigh level of interoperability achieved between the European Sustainability ReportingStandards (ESRS) and the GRI Standards.
Following the requirement of the CSRD to adopt a double materiality approach and to takeaccount of existing standards, ESRS and GRI definitions, concepts and disclosures regarding
impacts are fully or, when full alignment was not possible due to the content of the CSRD
mandate, closely aligned.
Existing GRI reporters will be well prepared to report under the ESRS. Entities reporting underESRS are considered as reporting with reference to the GRI Standards and will therefore
avoid the burden of multiple reporting.
Hans Buysse, EFRAG Administrative Board President said:“This joint statement concludes several years of diligent work towards a high level ofinteroperability between the ESRS and GRI standards. The efforts made by the GRI andEFRAG Sustainability Reporting teams will prevent the need for double reporting bycompanies resulting in a user-friendly reporting system without undue complexity. Our
collaboration with GRI is bearing fruit and we are already preparing ourselves for the nextchallenges in the field of sustainability reporting.”
Patrick de Cambourg, EFRAG Sustainability Reporting Board Chair, stated:“EFRAG and GRI have been actively cooperating on sustainability reporting and on theelaboration of the European Sustainability Reporting Standards since 2021. This productive
relationship, driven by a co-construction spirit and a careful attention to convergence, isnow reaching a new milestone with this statement regarding the interoperability between
the ESRS and the GRI Standards. It confirms our initial choice to cooperate closely withthe best practitioners in the field in building robust sustainable reporting standards that willmeet both the EU ambition and our commitment to contribute to global progress. We lookforward to continuing this fruitful cooperation shaping further the future of sustainability
reporting.”
Eelco van der Enden, CEO of GRI, said:“This is great news for businesses and for GRI reporters. They can use their current
reporting practices to prepare for the new requirements under ESRS. What is more, ESRS
reporters are considered as reporting with reference to the GRI Standards and have the© GRI 2023

possibility to report on additional topics not covered by the ESRS in accordance with GRI
Standards. GRI is fully committed to actively engage with EFRAG and other standards
setters to reduce the reporting burden for companies. The next step being the collaboration
with EFRAG on the development of an interoperable digital taxonomy and multi-tagging
system, including a full mapping of the GRI Standards and the ESRS. This further
reinforces the relevance of GRI and the critical importance of combining its global approachwith the momentum demonstrated at jurisdictional level.”
Carol Adams, Chair of the GSSB, said:“Since the early stages, we have actively engaged with EFRAG in the development of theESRS. With this high level of interoperability achieved, we have now turned our attention
to developing a detailed mapping of the disclosures from both sets of standards andtechnical guidance, which will help companies that report using GRI Standards prepare for
CSRD requirements. Over time, I look forward to seeing companies reporting under theserequirements increase their reporting using GRI sector standards and additional GRI topicstandards.”

NOTES TO EDITORSABOUT GRIGRI (Global Reporting Initiative) is the independent, international organization that helps
businesses and other organizations take responsibility for their impacts, by providing themwith the global common language to communicate those impacts.
The GRI Secretariat is headquartered in Amsterdam, the Netherlands, and we have a networkof seven regional offices to ensure we support organizations and stakeholders worldwide. GRIoffers a full range of services to sustainability reporters. Our services, membership programand online learning portal provide essential expertise.
GRI is developing a range of courses on the ESRS for GRI reporters on how they can use
their established reporting process and practice to meet the regulatory requirements set out
in the ESRS. A new report service will also provide GRI reporters feedback to assist report
preparers in aligning with the ESRS reporting requirements.
ABOUT EFRAG
EFRAG’s mission is to serve the European public interest in both financial and sustainability
reporting by developing and promoting European views in the field of corporate reporting.
EFRAG builds on and contributes to the progress in corporate reporting.
In its sustainability reporting activities, EFRAG provides technical advice to the EuropeanCommission in the form of draft European Sustainability Reporting Standards (ESRS)
elaborated under a robust due process and supports the effective implementation of ESRS.
EFRAG seeks input from all stakeholders and obtains evidence about specific European
circumstances throughout the standard-setting process. Its legitimacy is built on excellence,transparency, governance, due process, public accountability and thought leadership. Thisenables EFRAG to speak convincingly, clearly, and consistently, and be recognised as theEuropean voice in corporate reporting and a contributor to global progress in corporate
reporting.

ABOUT THE CSRD
On 5 January 2023, the Corporate Sustainability Reporting Directive (CSRD) entered intoforce. This new directive modernises and strengthens the rules concerning the social andenvironmental information that companies have to report. A broader set of large companies,
as well as listed SMEs, will now be required to report on sustainability.
The new rules will ensure that investors and other stakeholders have access to the information
they need to assess the impact of companies on people and the environment and for investors
to assess financial risks and opportunities arising from climate change and other sustainability
issues. Finally, reporting costs will be reduced for companies over the medium to long termby harmonising the information to be provided.
The first companies will have to apply the new rules for the first time in the 2024 financial year,for reports published in 2025.
More information here.
ABOUT ESRSOn 31 July 2023, the Commission adopted the European Sustainability Reporting Standards(ESRS) for use by all companies subject to the Corporate Sustainability Reporting Directive(CSRD).
The standards cover the full range of environmental, social, and governance issues, including
climate change, biodiversity and human rights. They provide information for investors tounderstand the sustainability impact of the companies in which they invest. They also takeaccount of discussions with the International Sustainability Standards Board (ISSB) and theGlobal Reporting Initiative (GRI) in order to ensure a very high degree of interoperability
between EU and global standards and to prevent unnecessary double reporting by companies.
The reporting requirements will be phased in over time for different companies.

MEDIA CONTACT•EFRAG: caroline.martins@efrag.org – info@efrag.org•GRI: media@globalreporting.org