Mainstreaming
Impact Reporting
Annual Report 2023

Contents
Introduction

3

Our governance

35

Letter from the CEO

3

Supervisory Board

35

2023 Highlights

4Management Board

37

Reporting process for the 2023 report5

Stakeholder Council

38

Stakeholder engagement

5

GRI Nomination Committee

39

Material topics

7

Governance for standard-setting activities

39

GRI Standards development

8

Impacts on people

40

Adoption of the GRI Standards

9

Employment contracts

40

Ongoing GRI Standards projects

11

Supporting parents at GRI

41

Monitoring staff turnover42

GRI Works Council

42

Supporting professional development

42

Standardized impact reporting

16

Engagement with international organizations,policymakers, and regulators

16

Performance and professional development

Fostering reporting harmonization

18

appraisals (PA)43

Increasing reporting robustness

19

Staff training

44

Capacity building in sustainability reporting

19

Diversity and equal opportunity

45

Enhancing report quality

22

Appendices47

Sustainability data management

22

Appendix 1: GRI’s material topics and their

Driving reporting uptake: the GRI
Networks

23

Africa: Capital markets

24

LatAm: Discovering GRI program

25

South Asia: Regulators

26

ASEAN: Launching the Sustainability Innovation Lab

27

North America: Partnering with academia

28

Our organization29

Our value chain

30

Steps towards net zero emissions in 2030

30

Economic impacts

31

Organizational resilience33

Ethical fundraising34

Editorial teamKarina Minich
Tom Whittles
Daria Levina
Kari Lundelin
Lucy Goodchild2

Content contributions
Natalia Abril Bonilla
Jane Chan
Camila Corradi Bracco
Steve Gillman
Pranati Mehtha
Helio Campos Romero
Matthew Rusk
Maria Lourdes Landoni

descriptions

47

Appendix 2: Employment tables

48

Appendix 3: GRI content index

52

Appendix 4: Limited Assurance Report of the
Independent Auditor

Design and layout
Scribble Design© Stichting Global Reporting
Initiative 2024

54

Feedback
We welcome feedback on
this report and the topics
it covers. To share yourthoughts, please email
us at sustainability@
globalreporting.org.

Introduction
Letter from the CEO
2023 was another transformative year for GRI both internally and externally. GRI is positioned betterand our brand name and message to the world is stronger than ever before. This was reflected in thelatest IFAC (International Federation of Accountants) report that states that the use of our Standards
grew from 74% to 77% among the surveyed organizations globally in 20221. The findings extend
beyond mere numerical metrics. GRI’s established role as the primary provider of sustainability
standards on impacts has positioned us as a pivotal bridge between the ISSB (International
Sustainability Standards Board) and EFRAG (European Financial Reporting Advisory Group) marking
the agreement new memoranda of understanding with both organizations. In 2023, we establishedthe Sustainability Innovation Lab in the ASEAN market together with the IFRS Foundation andconcluded an agreement with EFRAG to continue the collaboration on EU standard setting.
However, GRI is not there yet. Over the course of 2023, GRI spent a lot of efforts to build up
and organize our supporting teams to meet the challenges of the future. While the quality of ourStandards undeniably contributes to this position, GRI’s impact transcends metrics. Our efforts in
education, engagement, capacity building, and community involvement are indispensable; withoutthem, we wouldn’t have attained our current stature. Of course, all needs to be supported by our
financials from our own revenues and our fundraising efforts.
In 2024, we need to look both at the endorsement of the GRI Standards but also at the sustainability
reporting that is incomplete without impact reporting. GRI stands as the leading provider of impact
reporting standards. Internally, our primary focus continues to revolve around enhancing theefficiency of our back-office operations. To ensure our readiness for the future and the attainmentof our objectives, we must continue to fortify and improve our governance, finance, IT, and HR
functions.
June 2024
Eelco van der Enden
CEO of GRI

3● GRI 2-22

1 The State of Play: Sustainability Disclosure and Assurance.
2019-2022 Trends & Analysis.

2023 Highlights
Driving impact reporting globally

Headquartered in the
Netherlands, with 126 people
around the world• 5 regional networks• 18 countries represented• 39 languages spoken by GRI staff

Setting Standards

846,165 downloads of the
GRI Standards• Standards development-T opic Standards projects: Biodiversity, Labor,
Climate Change and Economic Impacts-S ector Standards projects: Mining, Financial
Services and Textiles and Apparel

Enhancing the GRI-EFRAG collaboration

Joint statement oninteroperability between the
ESRS and the GRI Standards• Draft joint GRI-ESRS interoperability index•D raft ESRS-GRI Standards data point mapping

Strengthening capacity building and supporting reporters~1,500 people became
GRI Certified Sustainability
Professionals

4• 6,000+ people trained by GRI Certified Training
Partners•5
 00+ members in the GRI Community•4
 50 organizations engaged with GRI Reporting
Support Services•7
 3 GRI Licensed Software and Tools Partners

Reporting process for the 2023 report
The GRI Standards serve as a catalyst for fostering transparency and meaningful dialogue between
organizations and their stakeholders. GRI is a global multi-stakeholder organization, so engagement
lies at the core of GRI’s work, including our own sustainability reporting initiatives. It is imperative
to ensure that our transparency endeavors are shaped by the insights of our key stakeholder
groups. To achieve this, GRI’s sustainability reporting team undertook a comprehensive stakeholder
identification exercise in 2022.

Stakeholder engagement▶ Why(purpose of the relationship)▶ How(type of engagement)

▶W
 hen
(frequency of engagement)▶ Staff survey, meetings and internal
GRI Share sessions▶O ngoing (monthly) and annual

GRI staff▶ Ensure staff satisfaction in a strong
and healthy organization

Users of the GRI Standards – GRI reporters, consultants▶ Introduce and represent GRI and
the Standards, provide information,
engage with a broader audience▶ External speaking engagements
hosted by third parties (live andonline), GRI-hosted webinars,
interaction through different
channels▶S everal times per year; weekly;
ongoing

Users of GRI reporting support offerings
Services, Licensing, Academy users▶ Gather feedback on GRI Services▶ Survey after completion of theservice/course▶O ngoing▶ GRI Academy messaging, virtual
account management and check-in
calls, webinars, surveys▶O ngoing, annual and ad-hoc▶ Online global member meetings;
webinars; virtual calls; email
updates▶Q uarterly; 5 times a year; ongoing

Training partners and participants▶ Share information, troubleshootand gather feedback
GRI Community members▶ Share information, provide a forum
for communication and knowledge
sharing, support their reporting
journey, get insights and feedback

Regulatory bodies (stock exchanges, investors, rating agencies, governments)and members of the sustainability reporting landscape▶ Introduce and represent GRI and
the Standards, encourage theiruse in regulation, advocacy andinvestment

5● GRI 2-29

▶ Virtual meetings, in-person
meetings, events▶O ngoing

2 https://home.kpmg/xx/en/home/insights/2022/09/survey-ofsustainability-reporting-2022.html

▶ Why(purpose of the relationship)▶ How(type of engagement)

▶W
 hen
(frequency of engagement)

GRI GovernanceIndependent Appointments Committee (IAC)▶ As part of its work in the
recruitment process for themembership of the GSSB

▶ Virtual meetings▶E very three months with additional
meetings during the open callprocess▶ Virtual meetings▶E very 3 months

Due Process Committee (DPOC)▶ As part of its work ensuring thatthe standard-setting activitiesof the GSSB are conducted inaccordance with its due process

Global Sustainability Standards Board (GSSB)▶ As part of its task of setting
globally accepted standards forsustainability reporting▶ 10 virtual meetings, 1 in-person in
Amsterdam▶M onthly (except August)▶ 3 virtual meetings, 1 in person in
Amsterdam

 very 3 months▶E▶ Virtual meetings▶E very 3 months

Supervisory Board (SB)▶ As part of its task to oversee theManagement Board and the courseof affairs of the organization
Stakeholder Council (SC)▶ As part of its support of GRI and
its work as a sounding board
regarding key strategic issues

Local governments, civil society organizations, investors, rating agencies and stock exchanges▶ Introduce and represent GRI andGRI Standards, encourage theiruse in regulation, advocacy andinvestment▶ Virtual meetings, in-person
meetings, events▶O ngoing▶ External speaking engagements
hosted by third parties (live andonline), GRI-hosted webinars, email
and phone calls▶S everal times per year; weekly;
ongoing▶ Virtual (mostly) and in-person
meetings▶ Quarterly update meetings; annual
in-person meetings

Standards users and potential users▶ Introduce and represent GRI andGRI Standards, provide information,
engage with a broader audience

Donors▶ Discuss progress of program
implementation

Participants and partners in GRI-led programs▶ Stock exchanges in Africa for
integration of ESG; businessschools and advocacy partners todevelop a cadre of sustainability
professionals and purpose-driven
leadership; investors

6● GRI 2-29

▶ Virtual and in-person meetings▶O ngoing

Material topics
For our 2022 report, we reached out to 4,000 of GRI’s stakeholders through a comprehensive
stakeholder engagement survey and received almost 300 responses. We asked stakeholders torate GRI’s likely material topics on a scale of 0 to 5, and to provide insights into other aspects ofsustainable development impacted by GRI. We looked at how stakeholders rated each topic out offive, on average, and the percentage of those who rated each topic as most significant. To ensurethat GRI’s reporting provides a true picture of the organization’s most significant impacts, a threshold
was set to include material topics that scored higher than 2.5 or that were considered significant by
more than 20% of respondents in the stakeholder engagement survey.
For further details, we invite you to explore our 2022 report2.
We opted not to repeat the materiality assessment exercise in 2023. Therefore, material topics
covered in this report remain consistent with those identified in 2022:

GRI Standards
development
Standardized
impact reporting

Material
topics 2023

Driving reporting
uptakeIncreasing reporting
robustness

Impacts on people

Economic impacts

Based on the materiality assessment, no input was received from stakeholders regarding GRI’s
negative impacts. The precise definitions of each topic can be found in Appendix 1: GRI’s material
topics and their descriptions.

7● GRI 3-1
● GRI 3-2

2 GRI Annual Sustainability Report 2022: Towards a global
comprehensive reporting system

GRI Standards development

Creating the world’s most widely used impact
reporting standards
GRI’s most significant positive impact stems from the issuing of the GRI Standards. In 2022, 78%of the G250 (the 250 largest companies globally by revenue) and 68% of the N100 (the top 100
companies by revenue in each of 58 countries) used the GRI Standards for their sustainability
reporting3.
It has not been determined that the application of the Standards entails any negative impact. The
Global Sustainability Standards Board (GSSB) has sole responsibility for setting the GRI Standards.
Established as an independent operating entity under the auspices of GRI, GSSB members
represent a range of expertise and multi-stakeholder perspectives on sustainability reporting. The
GSSB works exclusively in the public interest and according to the vision and mission of GRI. The
Work Program 2023-2025 is based on stakeholder feedback to the GSSB, including feedback
received during the public consultation on the draft work program, recommendations from GRI Topic
Standards expert groups, the Sector Program recommendations to the GSSB, and priorities identified
by the GSSB. It covers a list of priorities for the next three years. The formally defined Due Process
Protocol that entails robust global multi-stakeholder engagement during the development process,ensures that the GRI Standards continue to promote the public interest and remain aligned with
GRI’s vision of a sustainable future enabled by transparency and open dialogue about impacts.

8● GRI 3-3 GRI Standards development

3 KMPG Survey of Sustainability Reporting 2022

Adoption of the GRI Standards
In 2023, there were 846,165 Standards downloads, marking a slight decrease compared to 2022. A
slight decline is attributed to the fact that the revised Universal Standards took effect on 1 January2023, requiring all organizations using GRI Standards to prepare by downloading the revisedStandards in 2022. In essence, the statistics for 2022 capture this one-off activity.

Total GRI Standards downloads 2021-2023

2,454,898

974.542846.165634.191

2023

2022

2021

GRI Standards downloads in 2023 per language (%)
ArabicJapanese

Bahasa Indonesia
Portuguese

EnglishFrenchSimplified Chinese

5

1

7

GermanSpanish

6

5
4
2
6

6
2

9

● GRI 3-3 GRI Standards development

56

ItalianTraditional ChineseLife after publication – GRI 13: Agriculture, Aquaculture and Fishing Sectors 2022
Donor: Walton Foundation
Since its publication in June 2022, there has been considerable interest in GRI 13: Agriculture,
Aquaculture and Fishing Sectors 2022. The Standard became effective on 1 January 2024 forreporting organizations in the agriculture, aquaculture, and fishing sectors. The number of downloads
from the GRI website indicates significant traction, with 12,536 downloads of the standalone
Standard and 140,956 downloads of GRI packages containing GRI 13.
In 2023, GRI 13: Agriculture, Aquaculture, and Fishing Sectors 2022 was released in English plus 10translations – Arabic, Bahasa Indonesia, Simplified and Traditional Chinese, French, German, Italian,Japanese, Portuguese, and Spanish. Multiple regional launch events were held, such as the ‘GRI
13: Empowering Sustainable Agriculture, Aquaculture, and Fishing in Southeast Asia’ webinar on 17
April, which had an impressive attendance rate of almost 50% of registrants.
Additionally, GRI published two thought leadership articles reflecting on how GRI 13 can assist
companies in addressing global food security and sustainability challenges:

Corporate Accountability inAgriculture: Why a Changing Policy
Landscape Matters to BusinessBusinesses have a role to playin achieving global food security.
This is what they can do

The GSSB formally approved two critical standards:
GRI 101: Biodiversity
In December 2023, the GSSB approved the GRI 101: Biodiversity 2024
Standard. This Standard, published in January 2024, enhances transparency
in reporting biodiversity impacts. It emphasizes the importance of site-specificimpacts and sheds light on the direct factors contributing to biodiversity loss,
among other considerations.

GRI 14: Mining Sector
In 2023, the Standards Division successfully finalized GRI 14: Mining
Sector 2024 Standard. This Standard outlines 25 likely material topics
for organizations in the mining sector. Notably, 17 topics recommend thedisaggregation of information at the mine-site level, particularly for operations
where significant impacts occur. The GSSB approved the Standard in
December 2023, and it was published in February 2024.

10● GRI 3-3 GRI Standards development

Ongoing GRI Standards projects
In 2023, the Standards Division made significant strides in its ongoing commitment to fostering
greater transparency in sustainability reporting. The Standards Division took a multifaceted approachto Standards development, working on various projects that involved revising and updating existing
Topic Standards, initiating new Sector Standards projects, collaborating with other standard-settingorganizations to ensure alignment, and fostering global adoption.
Reflecting the latest developments in sustainability topics and stakeholder expectations, theStandards Division continued revising and developing its Topic Standards across various impacts onsustainable development. In 2023, there were six ongoing GRI Standards projects:
Topic Standards

Sector Standards

GRI Topic Standard Project for Biodiversity

GRI Sector Standard Project for Mining

GRI Topic Standards Project for LaborGRI Sector Standards Project for Financial Services

GRI Topic Standard Project for Climate Change

GRI Sector Standard Project for Textiles and Apparel

GRI Topic Standard Project for Economic Impacts

Paving the way to enhanced transparency
One notable initiative is the Topic Standards Project for Labor, which aims to develop labor-related
standards that enable organizations to disclose their most significant impacts on workers and how
they manage those impacts. This project adopts a human rights-based and due diligence approachto reflect a deeper understanding of organizations’ responsibilities concerning human rights andlabor relations. Since September 2022, when the GSSB appointed 11 experts to the Advisory
Group to support and advise the Labor Technical Committee, the Standards Division has beenworking to revise eight different labor topic standards within two sets of complementary topics. The
Advisory Group provides topic-specific knowledge to ensure a comprehensive review with input andrecommendations from all constituencies.
In September 2023, the GSSB approved the Topic Standard Project for Economic Impact. This
project aims to revise GRI’s economic impact-related disclosures and standards to better reflectsocio-economic developments, incorporating a holistic approach that considers the UN’s Sustainable
Development Goals (SDGs) and broader societal and environmental factors. The project will revise
the portfolio of economic impact-related Topic Standards in three phases. Through its Working Group
recruitment process, GRI received around 120 applications, and by December 2023, the GSSB
had appointed a 17-member multi-stakeholder group to guide the revision of the economic Topic
Standards.
Throughout the year, the Standards Division also contributed to developing Sector Standards, which
enhance the quality, completeness, and consistency of reporting by outlining the likely material
topics for a given sector. The Sector Standard Project for Financial Services aims to develop new
Sector Standards for the banking, insurance, and capital markets sectors. These sectors are central
to the economy, as few activities can function without credit, insurance, capital markets, or payment
services. In July 2023, the GSSB appointed three multi-stakeholder technical committees, marking
the project’s commencement.
Similarly, the Sector Program of the Standards Division continued the development of the Sector
Standard Project for Textiles and Apparel. This sector’s complex and fragmented supply chain ischaracterized by various impacts related to labor and human rights in producing countries and its
significant contribution to increasing levels of GHG emissions. In early 2023, a call for participants
attracted 198 applications, leading to 61 interviews and the selection of 21 individuals for the Working
Group. In July, the GSSB approved the group’s formation and a project proposal amendment toinclude the jewelry sector.

11● GRI 3-3 GRI Standards development

The Standards Division also contributes to increased corporate transparency through various otheractivities. The Standards Research Team focused on supporting the development of new Standards
and assessing the global adoption of GRI Standards. The team conducted research to identify
key sustainability impacts of specific activities, refine the scope of the Standards, assess relevant
reporting landscapes, and suggest disclosure content. These efforts significantly informed theexposure draft of the Climate Change Standard and the proposal for the Economic Impacts project.
Additionally, the Standards Editorial and Publishing Team completed the translations of GRI 12: Coal
Sector 2022 into ten strategic key languages: Arabic, Bahasa Indonesia, Simplified and Traditional
Chinese, French, German, Italian, Japanese, Portuguese, and Spanish, bringing sustainability
reporting closer to all regions. The publication A Short Introduction to the GRI Standards was alsotranslated into 10 key language.
The Technical Committees appointed by the GSSB to lead the development or revision of the above
Standards represented diverse, multi-stakeholder backgrounds, as shown below.

Breakdown of all Technical Committee Members
by constituency and region
Type of constituent

Business enterprise

Civil society

Investment institution

33

22

28

North America

4Latin America and Caribbean

9

Sub-Saharan Africa

1Middle East and North Africa

3South Asia

14

East Asia and Pacific1Central Asia

54

Europe16

Labor constituency

11

Mediating institution

32

57

12

Region● GRI 3-3 GRI Standards development

57

“I’m pleased to have joined the Technical Committee of the GRI Climate
Change and Energy Standards project. How organizations communicate anddemonstrate accountability for their impacts on the environment, economy, andpeople is of utmost importance to the work I lead at UNEP FI. It’s importantthat we do our best to align voluntary metrics and progress reporting acrossinitiatives. The world is not on track to achieve 1.5˚C but enhancing more
standardized data disclosure is a critical element for making progress on
managing and ultimately reducing emissions.”
Jessica Andrews, Investment Lead for UNEP FI

GRI’s Project for Climate Change
The economy needs a systemic transformation to address the climate crisis and limit global warming
to well below 1.5°C. In response, GRI decided to revise its climate change-related Standards to enable
more impactful reporting. These Standards go beyond greenhouse gas (GHG) emissions, capturing
topics like mitigation, adaptation, and a just transition.
At the start of 2023, GRI launched a new project to develop a Climate Change Topic Standard andupdate its Energy Topic Standard. The objective was to enable organizations to disclose their mostsignificant climate change-related impacts, which meant engaging with stakeholders around the world
and translating their expertise into clear, concise, and targeted disclosures.
How a GRI Standard is created, from project initiation to publication

Project
initiation

Content
development

PublicexposureStandard
revisionStandard
publication

DESCRIPTIONDESCRIPTIONDESCRIPTIONDESCRIPTIONDESCRIPTIONDESCRIPTION

TEAMS

TEAMS

TEAMS

TEAMS

TEAMS

TEAMS

Project proposal
prepared by theStandards
Division andapproved by
GSSB• Project team• Researcher

13

Project
commencement

Formation of aTechnical
Committee (TC)or Working
Group (WG) for
consideration to
the GSSB• Project team• Researcher• Content
specialist

Development of
the exposure
draft andsubmission for
approval by the
GSSB• Project team• Researcher• Content
specialist• Editorial &Publishing team• Communications
team● GRI 3-3 GRI Standards development

Public forum androundtables togather global
input• Project team• Communications
team

Consideration of
respondentcomments• Project team
• Content
specialist• Editorial &Publishing teamApproval androllout of theStandard• Project team
• Editorial &Publishing team• Communications
team

“Climate disclosures have too often treated the human impacts of companies’
climate strategies as an afterthought or stopped at general commitments to‘leave no one behind’. It’s time to move from rhetoric to data – and we know
enough today to start doing so. It is heartening to see GRI’s Climate Standard
project move clearly and decisively in this direction.”
Caroline Rees, President and Co-Founder of Shift

We followed this process for the creation of the Climate Change Topic Standard and the updateof the Energy Topic Standard. An early step in both projects was establishing a multi-stakeholder
Technical Committee that reflected expertise from key stakeholder groups involved in tackling climatechange globally, including:● Mediation institutions (e.g., the GHG Protocol and the German Environment Agency’s Shift)● Academic institutions (e.g., University of Edinburgh and University of Oxford)● Global enterprises (e.g., Microsoft and Ørsted)● The investment community (e.g., United Nations Environment Programme Finance Initiative(UNEP FI) and SynTao Green Finance)● Civil society organizations (e.g., the World Wildlife Fund (WWF) and the African Centre forEnvironmental Rights)● Labor organizations (e.g., Confederación Sindical de Comisiones Obreras)
The team conducted a formal peer review process in which additional experts in specific climatechange-related fields provided further feedback on the content of the two Standards. Throughout
2023, GRI consolidated the diverse stakeholder expertise and shaped it into 15 disclosures, ranging
from setting GHG emissions reduction targets to transparently reporting the use of carbon credits
and GHG removals. The GSSB oversaw this entire process, and GSSB members reviewed theexposure drafts for the Climate Change and Energy Standards to ensure each disclosure adhered toa transparent and inclusive process – all in the public interest.
Following GSSB’s approval, the exposure drafts were released for public consultation on 21
November, when GRI began to collect stakeholder feedback from around the world. The consultation
finished on 29 February 2024. GRI is currently analyzing all feedback to consolidated into theStandards’ disclosures. These will then be reviewed again by the Technical Committee, peer
reviewers and the GSSB. The goal is to have the updated Climate Change and Energy Standards
reviewed, approved, and published in early 2025.
Greater transparency to deliver greater impact
The emphasis on due diligence ensures meaningful stakeholder engagement with no reporting stone
left unturned. This process has already shaped GRI’s Climate Change and Energy Standards into
a robust reporting tool that enables organizations to reflect on their most significant impacts acrosstheir activities and value chains. For example, the exposure drafts include a disclosure on setting
GHG emissions reduction targets and reporting relevant progress based on expectations from thelatest climate science and international agreements, which prioritize emissions reduction as theprimary mitigation action.

Supporting the sustainability reporting landscape
The GSSB identifies interoperability with other standards as a core ambition of its
standard-setting activities and promotes disclosure of impacts as complementary, on
an equal footing with disclosure of financial information. For the draft Climate Change
and Energy Standards, GRI created an overview that compares the new disclosure
elements with other standards and frameworks, showing how the disclosures enable
more transparency on key climate change impacts – see it here.

14● GRI 3-3 GRI Standards development

The exposure drafts also address new disclosures on carbon credits and GHG removals, withextensive quality criteria that encourage transparency on their effectiveness and credibility. The
aim is to align the use of carbon credits with stakeholders’ expectations that this solution cannot be
a substitute for widespread reduction of GHG emissions. Another crucial topic is a just transition,with new disclosures addressing the often-overlooked impact of climate change on workers, local
communities, and other vulnerable groups – an aspect that is unique to the current reporting
landscape. The draft requirements aim to establish impactful reporting on various metrics, including
job creation and elimination, and the specific locations impacted by an organization’s transition plan.
Energy-related disclosures enable organizations to report on their most significant energy-related
impacts, with the ultimate goal of supporting the transition to a decarbonized economy. This includes
a new disclosure on the role of energy policies and commitments, alongside a requirement to reporton the renewable or non-renewable nature of energy consumption and generation, among others.
Combined, the Climate Change and Energy Standards’ 15 disclosures will raise the bar fortransparency and accountability in the reporting landscape, while delivering a range of benefits forany organization – from enhancing stakeholder engagement and mitigating risks to aligning withregulations and customers’ sustainability demands. Above all, the Standards will serve as a crucial
tool to help organizations combat climate change and deliver sustainable development worldwide.

“Climate change is unfolding on an unprecedented scale and South Africa isparticularly vulnerable to its impacts, which is why the focus on a just transitionin GRI’s proposed Climate Change Standard is much needed. We needorganizations to use reporting on their climate change impacts to then makechanges in their underlying practices, which will ultimately lead to the protectionof both social and planetary boundaries.”
Brandon Abdinor, Climate Advocacy Lawyer and Zahra Omar, Attorney at
the Centre for Environmental Rights in South Africa

15● GRI 3-3 GRI Standards development

Standardized impact reporting
Engagement with international organizations, policymakers, andregulators
Launch of Carrots & Sticks
Carrots & Sticks is the world’s most comprehensive database for ESG and sustainability policies,
and it is freely accessible to assist a broad range of users – from businesses to policymakers andacademics – in navigating the complex landscape of sustainability and ESG policies. The databaseincludes 2,461 policies from 131 countries, 75 international and regional organizations, ranging intime from 1897 to the present day, and it continues to grow as new policies are added. The database
underscores GRI’s significant role in the sustainability reporting landscape, with the GRI Standards
referenced in various policies across over 80 countries.
The 2023 edition harnesses cutting-edge advancements in natural language processing (NLP) andmachine learning (ML), enabling users to investigate the content and characteristics of the policy
instruments. Carrots & Sticks transforms policy documents into
precise, measurable, and data-enriched outputs. By distinguishing
between disclosure policies and broader sustainability and ESG
policies, we gained critical insights into varied policy approaches,
deepening our understanding of the ever-evolving policy landscapeworldwide. Monitoring of ESG and sustainability policies is pivotal inallowing effective policymaking, while supporting informed decision
making by companies, policymakers, and stakeholders.
The updated Carrots & Sticks database was virtually launchedduring the UN High-Level Political Forum 2023. The Carrots &Sticks report4 was presented alongside the UN General Assemblyand SDG Summit in September 2023 in New York City, during
the event ‘Aligning Private Sector Disclosure with the Sustainable
Development Agenda.’

16● GRI 3-3 GRI Standards development

4 Carrots & Sticks. Beyond Disclosure in ESG and
Sustainability Policy. Annual Report September 2023

Leveraging state-of-the-art advancements in NLP and ML is possible thanks to the expansion ofpartnerships for this edition of Carrots & Sticks, with the University of Edinburgh and King’s College
London joining GRI, Stellenbosch University, and the UN Environment Programme (UNEP) in thedevelopment of the database.
Additional materials available:● Carrots & Sticks Executive Summaries and translations● Carrots & Sticks User Guide and translations – Available in English, Spanish, Portuguese, andGermanGRI continues its work on advancing the SDGs through various initiatives. In 2023, GRI updated anessential tool for integrating the SDGs into business reporting – An analysis of the Goals and Targets
online database – with new sources of disclosures, such as the most recent GRI Sector Standards.
GRI also released a second series of The SDG Insider, a SDG podcast which provides insights
on the links between corporate reporting and the global sustainability agenda. To help reporters
integrate the SDGs Goals and Targets into their sustainability reports while using GRI Standards,
the GRI Report Services Team offers an SDG Mapping add-on service. This service reviews theconnections between SDG Goals and Targets and GRI disclosures, ensuring that the information
reported on both is easily accessible to stakeholders.
Mobilizing the private sector for women’s health and rights
GRI joined the Coalition for Reproductive Justice in Business, an initiative led by the United Nations
Population Fund (UNFPA) and partners to step up investment in sexual reproductive health andrights (SRHR) in the workplace. The private sector can play a significant role in enabling the deliveryof sexual and reproductive health information and services to 190+ million women working in supply
chains globally. As a global standard setter that advocates for more corporate transparency andresponsibility on societal issues, GRI became a member of the Coalition in 2023. We participatedin the ideation of the coalition’s objectives and have been a knowledge partner in the process ofdesigning and developing SRHR indicators and metrics, which are expected to be released in 2024.
Leading relationships and engagement with governments and policymakers
GRI convenes and leads the Governmental Advisory Group, which consists of members witha governmental or inter-governmental affiliation. Its main purpose is to serve as a platform fordiscussing national and international policy developments. In 2023, the Governmental Advisory
Group’s activities resulted in three key discussions between GRI and several governments, on theEuropean corporate sustainability reporting developments, due diligence policymaking, and GRI’s
standard-setting activities. In addition, GRI continued its membership of the Canadian GeneralStandards Board governmental working group on responsible business conduct, providing valuable
input across a wide spectrum of sustainability topics.

17● GRI 3-3 GRI Standards development

Fostering reporting harmonization
Enhanced GRI-EFRAG collaboration
In 2023, GRI continued to work closely with the European Financial Reporting Advisory Group(EFRAG), building on the partnership that began in 2020. GRI provided technical input for thedevelopment of the sector-specific European Sustainability Reporting Standards (ESRS) as well as
their implementation guidance. GRI and EFRAG also worked closely to establish the interoperability
between the GRI Standards and the first set of the ESRS.
In September 2023, EFRAG and GRI published a joint statement on the high level of interoperability
achieved between the ESRS and the GRI Standards. Interoperability simplifies reporting by avoiding
duplication, enabling ESRS reports to reference GRI Standards and allowing GRI reporters to easily
adapt their reports for ESRS compliance. Following the requirement of the Corporate Sustainability
Reporting Directive (CSRD) to adopt a double materiality approach and take existing standards
into account, the definitions, concepts, and disclosures regarding impacts in the ESRS and GRI
Standards are fully aligned or, when full alignment is not possible due to the content of the CSRD
mandate, closely aligned. As a result, existing GRI reporters will be well prepared to report under
the ESRS. In addition, organizations reporting under the ESRS are considered to be reporting withreference to the GRI Standards and will therefore avoid the burden of producing multiple reports (asdefined in GRI 1).
In November 2023, GRI and EFRAG signed a new Memorandum of Understanding (MoU), which
substantiates the benefits of the alignment achieved between the ESRS and the GRI Standards andcommits the organizations to continue working together to deliver technical support for reporting
companies. The areas of cooperation in the MoU include:
1. Further collaboration on standards and guidance development, including new and existing Sector
Standards; proportionate reporting for SMEs in the EU; standards for non-EU companies to which
the CSRD will apply.
2. Education and training for ESRS preparers and users, including steps to accredit GRI as an
ESRS training organization, leveraging its education and professional certification programs.
3. Interoperability of digital XBRL taxonomies, with a simplified tagging system and digitalcorrespondence table between both sets of standards.
In November 2023, GRI and EFRAG published a draft joint ‘GRI-ESRS interoperability index’. The
tool maps the relationship between the sets of standards, highlighting commonalities and establishinga basis for a reciprocal digital taxonomy. The index was complemented with a detailed draft ‘ESRSGRI Standards data point mapping’, which GRI published in December 2023. For each ESRS data
point, the tool simply illustrates the corresponding data point in the GRI Standards. This mapping is agreat help to reporters who are preparing to apply the ESRS for the first time.

18● GRI 3-3 GRI Standards development

Increasing reporting robustness
Capacity building in sustainability reporting
GRI is committed to advancing capacity building in sustainability reporting through its comprehensive
educational programs, which aim to foster a deeper understanding of sustainability reporting
practices. GRI’s education offerings provide a diverse audience, including reporting practitioners,
consultants, academics, and students, with opportunities to enhance their knowledge, expertise,and skills in implementing the GRI Standards and other reporting instruments. By empowering
participants with valuable insights and practical tools, the training sessions play a crucial role inelevating the quality of sustainability disclosure.
Participants have the flexibility to access selected training and pursue GRI’s Professional Certification
Program through the online platform the GRI Academy. Additionally, in-person training sessions areavailable through GRI’s Certified Training Program (CTP), giving participants immersive learning
experiences.
The GRI Academy in 2023
The GRI Academy had a significant impact on the reporting profession in 2023, with 1,468 people
from 98 countries becoming GRI Certified Sustainability Professionals – doubling the number from2022. Out of the 1,468 people, 245 have been re-certified. In May 2023, GRI launched the new
Spanish edition of the Professional Certification Program to reach a broader audience, attracting over
200 learners. Additionally, the Chinese translation of the certification exam was made available.
Overall, 3,729 people enrolled in e-learning courses on the GRI Academy in 2023 – a 16% increase
from 2022. The revenue from e-learning offerings in 2023 was approximately €2.5 million.

“Having completed an MSc in Environmental Sustainability in 2019, I wanted to continue
developing my sustainability knowledge. The Professional Certification Program helped
to refresh and refocus my perspective on sustainability. The holistic approach set by theStandards allows you to truly capture an organization’s contribution to sustainability.”
Alan Reynolds, Head of Regulation and Energy, Panda Power

19● GRI 3-3 Increasing reporting robustness● GRI 3-3 Impacts to people

“[The course] brings clarity and final delimitations of the different reporting instruments,
classifying them in categories…. Above all, it shows that an organization has to lookat itself, its circumstances, its objectives and stakeholders in order to define which
instrument(s) should and could be used best. This was extremely helpful. Although thechallenges stay ahead, and “the devil is in the detail,“ but I feel better prepared now toadvice companies on their reporting journey, mainly where to start from.”
A course participant

Decoding the sustainability reporting landscape
The GRI Academy team rolled out six online training courses this year, one of which is ‘Transparency
for Tomorrow: Decoding the Sustainability Reporting Landscape.’ This course offers a comprehensive
overview of the key sustainability reporting instruments, including the GRI Standards, the European
Sustainability Reporting Standards, the IFRS Sustainability Disclosure Standards, the U.S. SEC
Climate Disclosure Rule, and the TCFD and TNFD recommendations. It also explores how these
instruments align with each other and demonstrates how they can be used alongside the GRI
Standards to enhance reporting effectiveness. Participants valued the course highly: nearly 200
people enrolled, and 98% reported being satisfied with it.

Educating tomorrow’s sustainability professionals around the world
The Certified Training Partner Program comprises
instructor-led trainings and takes a localized
approach, with courses given in the local language
and training material featuring regional casestudies. The Program remains an essential tool inincreasing the impact of the GRI Standards andsustainability reporting worldwide.
GRI contributed to capacity building insustainability reporting by expanding the networkof CTPs . There was substantial growth in thenumber of partners and the Program’s total
revenue, with 100 CTPs fully certified as of 1
December 2023. In the course of the year, 12 newpartners completed their certification, and six left
the program. There was an impressive growthin the number of partners in previously underrepresented regions: Africa (four new partners)

and the Middle East and Arab States (four new
partners).
CTPs trained a total of 6,110 people in their GRI
training courses, an increase of 86% compared to2022. The 2023 revenue was more than €700,000– a growth of almost 50% compared to 2022.
Furthermore, the program launched a new, moreuser-friendly course calendar on the GRI website,and made two new training courses available forlicensing partners: ‘Reporting with GRI 11: Oil and
Gas Sector 2021’ and “Unlocking the ESRS for
GRI reporters”.
In August 2023, GRI distributed a survey to all
CTPs asking about their satisfaction with theProgram and the team’s support; over 85% of
respondents were either very satisfied or satisfied.

FEEDBACK FROM PARTICIPANTS“A thorough course thatencompassed the basics
and insights into the actual
workings of the industry.”

20● GRI 3-3 Increasing reporting robustness● GRI 3-3 Impacts to people“Great content and organized
in a way that walks you
through the process ofdeveloping a report in linewith the Standards.”“Since we were in the middleof creating a report, we wereable to incorporate many of
the things we talked about
in relation to GRI 2021. We
wouldn’t have done that if it
wasn’t for your class.”

The GRI Community: Fostering connectivity and peer-to-peer learning
With more than 500 members across 35 industries in 83 countries, the GRI Community is a global
network of organizations on a mission to advance sustainability reporting. As a group of reporting
pioneers and leaders working to improve their own practice,propel their business, and accelerate progress in the field, the
GRI Community has exclusive learning and knowledge-sharing
opportunities. In this unique networking space, members –including companies, non-profit organizations, consultants, andacademic institutions – can connect, share best practices, andenhance their knowledge of reporting. In 2023, GRI createdand successfully launched new membership packages for the Community, introducing newfeatures such as ‘Ask GRI’ and better integration with the GRI Academy. In 2023, GRI held four
Reporting in Practice webinars and four global member meetings, bringing together 329 people
from 225 organizations, as well as an ‘open support’ webinar to introduce GRI’s support options
to a wider audience.
GRI’s voice in global discussions
Whether virtual or in-person, events serve as pivotal platforms for GRI to underscore thesignificance of sustainability reporting, advocate for transparency, spread knowledge about the
GRI Standards, and invite valuable feedback from our stakeholders.
In 2022, GRI ran 110 events, predominantly webinars. Additionally, GRI representatives delivered
presentations at 200 events hosted by external parties. We held collaborative events with ourpartners throughout the year, exemplified by our involvement in the UN High-Level Political Forum(HLPF), where we co-hosted three side sessions in partnership with the UN Global Compact, The
Danish Institute for Human Rights, and CDP. GRI representatives also participated as presenters,
speakers, and panelists in more than 10 sessions at COP28, held in December in the United ArabEmirates.

Championing corporate engagement and reporting on the
SDGs
The Business Leadership Forum (BLF)
on Corporate Reporting as a Driver toAchieving the SDGs was recognizedwith the ISAR Honours award by the UN
Conference on Trade and Development(UNCTAD). The BLF, a joint initiativeof various GRI teams, an international
capacity-building and thought leadershipprogram, gathered sustainability reporting
practitioners, key stakeholders, anddata users with the purpose of raising
the bar for corporate reporting on the
SDGs. Through a series of eight online
workshops, we brought together morethan 130 sustainability experts andleaders across eight stakeholder groups.

21● GRI 3-3 Increasing reporting robustness● GRI 3-3 Impacts to people

We also developed seven summary
papers, which are freely available tothe entire community of sustainability
practitioners and advocates. To further
disseminate the learnings and thought
leadership, we held a series of four
masterclasses and open webinars,
reaching over 2,720 sustainability
practitioners.
The BLF was ranked the highest
among 70 competing initiatives in theinternational category at the ISAR
Honours Ceremony, held at the World
Investment Forum 2023 in Abu Dhabi.

Enhancing report quality
Reporters can face challenges throughout their sustainability journeys, and there are always
opportunities to improve understanding and use of the GRI Standards, therefore improving
disclosure. GRI Report Services aim to develop, apply and license methodologies and tools toenhance the usability of the GRI Standards, and spread its standardized and compliant adoption
through sustainability professionals.
To support organizations in complying with requirements in the GRI Standards and creating
accessible reports, we focus on three areas:● Compliant reporting – providing Content Index Services● Interoperability support – providing SDG add-on service and ESRS support under development● Tailored support for implementation of our feedback and inquiries on reporting with GRI
GRI’s team of expert analysts provides feedback on reports’ GRI content indexes using a
consolidated assessment methodology and offers tailored support for its implementation. An overview
of all services can be found on GRI Services page on our website.
During 2023, GRI provided around 450 services to reporters from 56 countries around the world,with a satisfaction rate of over 90%5, and earned €2 million to finance GRI’s mission. Thirty-threesustainability consultancy firms, mainly small and medium-sized, used multiple services to validate
and enhance the quality of their customers’ GRI reporting and their own professional reporting
practices. To recognize the strongest collaborations, nine consultancy firms were entitled to theConsultants Benefit Plan, accessing discounted or free GRI Community Membership.

Sustainability data management
Software and tools can help reporting organizations manage their data better, meet regulatory andreporting obligations more easily, and build trust with stakeholders. GRI Licensing aims to support
this by ensuring that software and tools accurately incorporate the GRI Standards, ensuring theircontent is reliable for users.
In 2023, the Certified Software and Tools program became ‘GRI Licensing – Software and Tools’,
emphasizing the value of GRI intellectual property and the importance of the technical support theteam provides to the Software Partners leveraging the GRI Standards.
This past year the program continued to expand, reaching new milestones:
Welcomed 24 new Software
and Tools Partners, bringing thetotal to 73.

Reached new geographic
regions, with partners in South
Korea.

Achieved its highest revenue todate, by over 20% compared to
2022.

Strengthened GRI’s
copyright protection througha comprehensive License
Agreement for all partners.

Expanded the program’s
methodology of verification tobetter support clients’ softwareneeds.

Increased Software Partner
involvement by hosting
participative webinars.

As the sustainability reporting software market expands and reacts to the landscape, GRI Licensing– Software and Tools will continue to strengthen GRI’s position by increasing the accessibility of theStandards through our Partners’ tools.
The effectiveness of actions related to the material topic “Increasing reporting robustness” ismonitored through each team’s KPIs. These KPIs are established at the beginning of the year andare regularly reviewed by both the team and management to assess progress. Lessons learned
during this process inform adjustments to the KPIs and the development of new programs aimed
at achieving the goals. Teams continuously engage with relevant stakeholders to receive input andprovide updates.

22● GRI 3-3 Increasing reporting robustness● GRI 3-3 Impacts to people

5 Percentage of users that responded to our customer survey(11% of our users). The satisfaction rate indicates theusers’ rating of their “Overall satisfaction” with the services
provided. 90% of the respondents provided a rating of 4 or 5,
on a 0-5 Likert scale.

Driving reporting uptake:the GRI Networks
Sustainability reporting is a global endeavor, and reporting organizations and professionals needsupport and guidance from GRI around the world. Our international network meets this need.

ASEAN
North America

LatAm

South Asia
AfricaGRI’s regional offices, or Networks, are strategically located around the world, helping advancereporting and responding to the needs of local stakeholders at the regional and country level. In
2023, GRI Networks were based in Africa, ASEAN, LatAm, North America, and South Asia. The
regional office in Hong Kong was closed in January 2023. All other regions, including Europe, aresupported from GRI’s head office in Amsterdam, the Netherlands.
Each Network is guided by advisory groups, which include high-level representation from the region.
GRI Networks participate in and launch various programs and engage in advocacy, sometimes
funded by donors. When an activity is covered by a grant, it has specific goals, targets, andindicators that the program must deliver. However, for non-donor-funded projects, it is challenging
to quantify the effectiveness of actions and to set specific goals and targets. Despite this, the heads
of Networks are in constant communication with GRI’s head office to analyze which programs andadvocacy measures have been successful, which have not, and the lessons learned. The Networks
continuously engage with relevant stakeholders, providing them the opportunity to express whether aparticular program or course of action has been effective.
This section presents case studies from each network, offering insights into their contributions toadvancing reporting.
23● GRI 3-3 Driving reporting uptake

Africa: Capital markets
Donor: The Swedish International Development Cooperation Agency (SIDA)

In 2023, the GRI Africa Network significantly impacted the landscape of sustainability reporting within
African capital markets and regulatory environments, demonstrating its pivotal role in advancing
ESG and sustainability disclosure standards. Through strategic alliances with the African Securities
and Exchanges Association (ASEA) and direct engagement with various African stock exchanges,
GRI Africa has been at the forefront of fostering a conducive atmosphere for sustainability reporting.
This collaborative endeavor has resulted in the ongoing development of ESG guidance documents
tailored for listed companies across several nations, including Eswatini, Kenya, Ghana, Rwanda, andBotswana, enhancing their capacity for comprehensive reporting.
GRI’s engagement with capital markets extended beyond this to include capacity-building initiatives
and educational sessions to promote responsible investment practices. These activities targeted
listed companies and aimed to sensitize investors to the critical role of ESG data. The GRI Africa
hub’s approach has been instrumental in bridging the gap in sustainability reporting standards acrossthe continent, aligning them more closely with global best practices and enhancing the overall quality
and credibility of ESG disclosures in the region.
The collaboration between GRI and the ASEA has garnered further interest from various stock
exchanges, leading to GRI’s engagement with the Rwanda Stock Exchange to develop ESG
guidance and consultations with the Botswana and Uganda Stock Exchanges to enhance their
ESG disclosure frameworks. GRI is also planning capacity-building workshops with the Egyptian
Stock Exchange and is developing case studies, aiming to close the knowledge gap in sustainability
reporting.

“The GRI Standards provide guidance for reporting on sustainability. The bibleof sustainability is GRI.”
Participant of a workshop with the Rwanda Stock Exchange

24● GRI 3-3 Driving reporting uptake

LatAm: Discovering GRI program
Donor: State Secretariat for Economic Affairs (SECO), Switzerland

The Discovering GRI Program aims to furnish participants with essential knowledge and concepts
in sustainability, empowering them to spearhead a comprehensive sustainability strategy within theirorganizations, based on the GRI Standards. In the two years of the Program’s implementation sofar, there has been a focus on SMEs, and more than 300 companies participated in the program in
2022 and 2023. Eleven regional catalyst partners are involved, promoting sustainability among theirmembers and affiliates across four countries: Chile, Bolivia, Panama, and Mexico. We plan to extend
coverage by 2025.
In 2023, the Program brought together 152 participatingcompanies in Latin America through a network of 12
accelerator partners; 78 companies, including 55 from
Bolivia, successfully completed all four modules. The
program catered to professionals representing SMEs
and those in the process of transitioning to sustainabilityfocused roles.
Conducted in Spanish, the program encompassed four modules, delivered through dynamic sessions
spread over a maximum timeframe of four weeks. The Program Structure included:● Module 1: Introduction to the Program● Module 2: GRI Standards● Module 3: Sustainability Reporting: Catalyst for Strategy● Module 4: Accelerating My Path to Sustainability
We have yet to conduct a formal impact evaluation focusing on business behavioral changes.
However, an external assessment provided valuable insights into the knowledge participantsacquired. Notably, 80% of participants felt that the program met their expectations, particularly
praising the clarity of the presentations, while some indicated a need for deeper knowledge to makeinformed decisions about reporting.

“At the end of the day, sustainability reporting is about organizations being able to identify
all their impacts, even those that are not necessarily positive.”
Liliana Carbajal, project leader GRI LatAm

25● GRI 3-3 Driving reporting uptake

South Asia: Regulators
Donor: The Swedish International Development Cooperation Agency (SIDA)

GRI’s engagement with national regulators streamlines reporting requirements for businesses,
ensuring they understand the value of sustainability reporting without feeling overwhelmed bymultiple standards. Capacity-building initiatives and joint events strengthen GRI’s brand, leading to
improved information disclosure and sustainable actions.
GRI South Asia Network has been instrumental in fostering impactful collaborations with regulatory
bodies across the South Asia region, notably with seven key regulators: Securities and Exchange
Board of India (SEBI), Bombay Stock Exchange (BSE), Bangladesh Securities and Exchange
Commission (BSEC), Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), Securities
and Exchange Commission (SEC) of Sri Lanka, and Colombo Stock Exchange (CSE).
GRI’s engagement with national regulators has streamlined reporting requirements for businesses,
ensuring they understand the value of sustainability reporting without feeling overwhelmed bymultiple standards. Capacity-building initiatives and joint events have strengthened GRI’s brand,leading to improved information disclosure and sustainable actions. GRI’s collaboration with theBombay Stock Exchange resulted in the release of the updated linkage document ‘Linking the GRI
Standards and the SEBI BRSR Framework’, mapping the GRI Standards against SEBI’s regulatory
requirements for a Business Responsibility and Sustainability Report. The collaborative development
and launch of latest editions of Sustainability Reporting Guidance Documents with CSE in Sri Lanka
and with DSE in Bangladesh serve as catalysts for companies to embark on their sustainability
reporting journeys and enhance existing practices.
Overall, GRI South Asia Network’s collaborations with regional policy makers, regulators, stock
exchanges, and businesses have significantly contributed to advancing sustainable reporting
practices, fostering stakeholder engagement, and driving positive impact across the South Asia
region. GRI South Asia also released several publications, tools, and guidance documents,
enhancing institutional capacities and equipping organizations with the necessary knowledge andresources for effective sustainability reporting and SDG alignment.

(Podium participants L-R) Prof. Lakshman
Watawala, Ms. Hafsa Banu Razzak,
Mr. Rahul Singh, Ms. Aroshi Nanayakkara, Mr.
Faizal Salieh, Mr. Dilshan Wirasekara, Dr. Aditi
Haldar, Mr. Chinthaka Mendis,
Ms. Aruni Rajakarier and Mr. Nuwan Withanage

26● GRI 3-3 Driving reporting uptake

ASEAN: Launching the Sustainability Innovation Lab
Corporate contributions: PwC, Deloitte, and KPMG

In November 2023, GRI took a significant step towards sustainable practices in the ASEAN region
with the inauguration of the Sustainability Innovation Lab (SIL) in Singapore, attended by esteemedfigures, including GRI Supervisory Board Chair Jack Ehnes and ISSB Chair Emmanuel Faber. The
SIL was established by GRI, with the IFRS Foundation as its Convening Partner. The goal is tosupport stakeholders and all market participants on their disclosure journeys, while ensuring thefurther harmonization of the reporting landscape. It will seek to streamline the process for companies
that report on a multi-stakeholder basis.
Through the SIL, representatives of GRI, the ISSB, and other key stakeholders will collaborate to
identify emerging sustainability disclosure topics, developing concepts, best practices, and datadriven solutions. It will also provide capacity building within supply chains that are being asked tomeet new information demands.
SIL is initially operated by the GRI ASEAN Network and managed by a steering committee led bysenior representatives from GRI and the IFRS Foundation, with representatives of key partners
providing strategic direction. Multi-stakeholder working groups are being established to focus onfour priority areas: digital taxonomies, audit and assurance, smaller companies, and public sector
reporting.
SIL swiftly gained traction post-launch, securing support through memorandums of understanding(MoUs) with prominent organizations, including the Center for Governance and Sustainability of
the National University of Singapore, Allen & Gledhill LLP, and the Mongolian Sustainable Finance
Association.

“Our new innovation lab aims to close the sustainability capacity and expertise gap,
allowing organizations to streamline and improve their reporting output. We appreciate thepartnership with the IFRS Foundation for this initiative and their commitment to working
with GRI to facilitate the advancement of sustainability reporting for all.”Eelco van der Enden, CEO of GRI

27● GRI 3-3 Driving reporting uptake

North America: Partnering with academia

It is critical to keep current and future stakeholders informed in today’s fast-changing sustainability
reporting landscape, GRI North America’s outreach efforts have been directed toward actively
engaging with stakeholders in the region, with an emphasis on strengthening partnerships withacademic institutions and event agencies.
Building partnerships with academic institutions enables GRI to engage tomorrow’s sustainability
professionals. GRI North America continues to collaborate with Columbia University, participating inexperiential learning initiatives within their Sustainable Investing Research Consulting Project.
In 2023, GRI conducted three research projects, in which graduate students addressed critical topics:● Biodiversity impact disclosures Analyzing the status of biodiversity reporting among 244 US
companies across the industries covered by the GRI Sector Standards. The researchers proposed
recommendations for how the GRI Biodiversity Standard can aid organizations in identifying andreporting biodiversity impacts.
● Sustainability reporting regulations Investigating the impact of the Corporate Sustainability
Reporting Directive (CSRD) on US companies. Students honed skills in utilizing platforms like
Bloomberg terminal, capital IQ and Refinitiv, with the objective of building a comprehensive
database of companies likely to be impacted by the mandate.
● Investors’ appetite for impact disclosures Understanding how investors utilize sustainability
information in making investment decisions. This involved conducting interviews to gain insights
into what sustainability information is being used, identifying opportunities for GRI to engage withthis stakeholder group regarding the value of the Standards as a decision-making tool.
GRI expanded the partnership with Columbia University by collaborating with the 2023 Capstone
Workshop course for the Master of Science in Sustainability Management program at the School ofProfessional Studies, in partnership with the Columbia Climate School. This course offers students
an opportunity to conduct sustainability-focused research and analysis. Through this collaboration,
students delved into GRI 13: Agriculture, Aquaculture and Fishing Sectors 2022, analyzing current
reporting status in the US. They also provided strategic recommendations to promote the adoption of
GRI 13. GRI is committed to continuing this academic collaboration in 2024.
The effectiveness of actions related to the material topic ‘Driving reporting uptake’ is monitored
through each program’s deliverables. If an activity is covered by the donor, the deliverables are set
up together with the donor. Lessons learned during achieving the actions inform the direction offurther actions and development of new programs aimed at achieving the goals. Network’s teams
continuously engage with relevant stakeholders to receive input and provide updates.

28● GRI 3-3 Driving reporting uptake

Our organization
Our operations
Since 2002, GRI has operated as a registered non-profit foundation in the Netherlands under thelegal name Stichting Global Reporting Initiative. Being a foundation (Stichting), GRI operates without
shareholders. In 2023, GRI maintained its organizational structure without engaging in mergers,
acquisitions, or entity disposals. GRI did not face any instances of non-compliance with laws andregulations during the reporting period. Our workforce was distributed across diverse locations
worldwide during the reporting period, reflecting our commitment to a truly international presence.

Headquarter

Network office

The Netherlands
United Statesof America

Colombia

India
Hong Kong(closed in January 2023)
Singapore

South Africa

29● GRI 2-1
● GRI 2-27

Our value chain
The GRI’s value chain encompasses the series of activities that deliver value to its stakeholders,
particularly through the creation and dissemination of the GRI Standards. Key elements of GRI’svalue chain include standard setting, capacity building, advocacy efforts, and implementation support.
As the GRI Standards can be used by any organization in the world, GRI’s activities, products, andservices cater to a global market and span various sectors.
GRI’s supply chain centers around maintaining office operations. Whenever possible, GRI purchases
energy, water, and paper – along with other services to keep the offices running – from suppliers ofsustainable products and services. There were no significant changes to the organization’s size orvalue chain during the reporting period.

Steps towards net zero emissions in 2030
During the materiality assessment for GRI’s 2022 annual sustainability report, emissions were
not ranked as a material topic for GRI. However, GRI recognizes the importance of this issue,
considering it is implicitly material to all organizations, regardless of size. Consequently, GRI isdedicated to monitor emissions moving forward and to create a plan to achieve net zero emissions
status by 2030. In this section, you’ll find an update on our progress.
Business travel
As an international organization with a global footprint, business travel is essential for GRI’s role inspreading awareness about the importance of impact reporting. Therefore, this is one of the primarycontributors to GRI’s greenhouse gas (GHG) emissions.
GRI provides two options for booking
business travel. One allows staff to booktheir travel directly and later request
reimbursement, making it challenging for
GRI to monitor CO2 emissions. Alternatively,
staff can utilize a dedicated travel agency,
HumanitAir, which supplies GRI withemissions data per flight. Booking businesstravel through HumanitAir is strongly
encouraged.
According to data supplied by HumanitAir,
GRI’s emissions for 2023 amounted to 199
tonnes of CO2 equivalent. GRI does not
currently monitor emissions from travel
booked by staff themselves, as there are no procedures in place to track them yet. In 2024, GRI
intends to explore net-zero strategies further, potentially incorporating emissions offsetting andimplementing a more comprehensive tracking system to capture all business travel emissions.

30● GRI 2-6

Staff commuting
Commuting is another significant contributor to GRI’s emissions. Staff based in Benelux have theoption to work remotely from home or from GRI’s head office in Amsterdam. Similarly, remote workers
and colleagues outside the Benelux region can use home offices or Spaces, a global co-working
space accessible to GRI staff worldwide.
To understand staff commuting patterns and establish their contribution to CO2 emissions, GRI
conducted a commuter survey, in which almost 40% of all staff participated.
How often do staff come to the office?
● Benelux: 45% opt for weekly office visits● Outside Benelux: Nearly 60% commute to a co-working space by-weekly
Which modes of transport are preferred?
● Benelux: 66% traveling by train, 50% by metro, and 45% by bicycle● Outside Benelux: 60% by train and 43% by metro
GHG Protocol recommendations were used to calculate GHG emissions from staff commuting.
Some employees provided their input based on the specific mode of transport they use, whileothers shared the total distance, they travel one way to the office using a combination of modes. For
those in the latter group – Benelux employees who travel by train in conjunction with other modesof public transport – it was assumed that travel by bus, tram, bicycle, or foot covers distances ofless than 10 km. This assumption is grounded in the proximity of the closest train stations to GRI’s
Amsterdam head office. For that same group, commutes by foot and bicycle were not accounted
for if the respondent did not specify the exact distance traveled. For busses, trains and trams, theemission factors from the list by CO2 emissiefactoren.nl have been utilized. Taking all factors into
consideration, the survey results reveal that in 2023, the GRI workforce emitted 0.65 tonnes of CO2
equivalent through commuting.
Carbon intensity of energy consumption at GRI’s head office
GRI’s Amsterdam head office operates within a dedicated office space at the global co-working hub
Spaces. While precise figures for GRI’s energy consumption are unavailable due to Spaces’ relianceon third-party utilities, estimates can be made based on energy consumption per square meter.
Based on available data, the standard CO2 emissions for a Spaces building housing GRI’s office
stand at 34.2 kg/m2, and the building’s energy label is A. Given the square footage of GRI’s office,this translates to approximate CO2 emissions of nearly 10 tonnes at GRI’s head office.

31

Economic impacts
GRI has two subsidiaries – one in the US and one in India. This report covers all entities included in
GRI’s financial statements, comprising GRI’s head office in the Netherlands and its regional offices(Networks) in Colombia, Hong Kong (closed in January 2023), Singapore, and South Africa, fallingunder the financial jurisdiction of the Secretariat at the head office.
The investments and the accumulated results in unconsolidated subsidiaries are reported by theequity method, while those of Global Reporting Initiative India Private Ltd have been accounted for
via Equity Investment. Stichting Global Reporting Initiative serves as the sole member of the Global
Reporting Initiative (USA) Corporation, a 501c3 tax-exempted not-for-profit entity under US Delaware
law. As membership does not necessitate an investment, the financial implications of the US entity
are not reflected in GRI’s annual accounts.
Financial management at GRI is centralized and overseen by a dedicated Finance team in the
Netherlands. The Management Board holds fiduciary responsibility for GRI, including its finances.
Detailed financial information is provided to the Finance, Audit, and Risk Committee (FAR) eachquarter, with an annual review of the auditing process and outcomes.
Through its structure and products, GRI has actual positive financial impacts in the regions where it
operates. Recognized financial systems and appropriate financial controls, including segregation ofduty, spending approval, and sign-off are in place. Budget holders engage with the Finance team to
discuss financial performance, expectations and lessons learned, contributing to the preparation ofan annual budget reviewed by the Supervisory Board’s FAR Committee. An independent audit firm
conducts a yearly financial audit.

32● GRI 2-2
● GRI 3-3 Economic impacts

Organizational resilience
GRI maintains a rolling forecast to actively manage the financial situation throughout the year, withregular financial reporting and forecasting processes effectively managing finances within Boarddefined boundaries. The Management Board and budget holders continually review the process tomonitor effectiveness and ensure expenses align with budget forecasts. The heads of the teams
engaged in activities that bring revenue meet regularly with senior management to assess financial
performance. If necessary, the forecasts are adjusted each quarter. Senior management continuously
monitors financial performance and shares the results with relevant stakeholders, including staff. If achange of actions is needed, senior management discusses it with the heads of the relevant teams.
Given the GRI Standards’ status as a public good, GRI is accountable to stakeholders and the wider
reporting community for financial management, fostering trust in the benefits of engagement throughfinancial transparency and clarity.
GRI receives financial assistance from two government agencies: SIDA (Sweden) and SECO
(Switzerland) for a specific period. The funds from these agencies are tied to contracts that outline
milestones and expected outcomes that GRI must adhere to while utilizing the funds. GRI does notreceive tax relief and tax credits, subsidies, awards, royalty holidays, financial assistance from Export
Credit Agencies, financial incentives, or other financial benefits from any other government for any
operation.

GRI 201-1: Direct economic value generated and distributed
2021 EUR

2022 EUR

2023 EUR

Direct economic value generated: revenues

9,978,256

10,181,923

14,206,198.00

Operating costs

3,383,108

4,357,401

5,050,458.00

Employee wages and benefits

4,549,879

5,764,242

8,352,031.00

Economic value retained: 'direct economic value generated'less 'economic value distributed'

2,045,269

60,280803,709.00

GRI 201-1: Income by source
2021 EUR

2021 %

2022 EUR

2022 %

2023 EUR

2023 %GRI Community

2,026,865

20.31

1,885,199

18.5

1,521,852

10.7

Services

2,675,799

20.28

2,853,695

28

3,283,433

23.1

Training

2,023,202

20.28

2,792,276

27.4

3,257,109

22.9

Grants and subsidies

3,118,409

31.25

2,494,564

24.5

2,611,541

18.4

Events and conferences

133,980

1.34

156,189

1.5

157,2631.1

3,375,000

23.8

Corporate contributions

These financial figures are derived from the financial statements of the Foundation. The financial
statements have been prepared in accordance with the accounting policies selected and disclosed by
the Foundation from page 15 forward as published in GRI’s annual accounts.

33● GRI 3-3 Economic impacts● GRI 201-1

Ethical fundraising
GRI is dedicated to conducting fundraising activities, including sponsorship, in an ethical manner.
These efforts strictly adhere to GRI’s purpose statement, strategic plan, and code of conduct. In 2018,
GRI introduced the Ethical Fundraising Policy, outlining the expected standards and guidance for
fundraising endeavors. This policy applies to GRI’s Boards, employees, contract staff, and individuals
specifically tasked with fundraising responsibilities. It is based on the requirements established by the
Dutch tax office for charities (ANBI) and the International Statement of Ethical Principles in Fundraisingby the Association of Fundraising Professionals (AFP). Regular updates to this policy ensure its
relevance and effectiveness, with the most recent revision conducted in 2020, as part of the ongoingpolicy review led by the Management Board.
GRI works jointly with the donors towards the purpose to achieve transparency in information so
decisions can be made based on facts and not on perceptions. With support from its donors GRI can
progress on its objectives in creating a happier and healthier world for all.
GRI 201-1: Largest donors and contributors
2023 EUR

2023 %

Corporate contributions (PwC, Deloitte, and KPMG)

3,375,000.00

23.8

Swedish development agency – SIDA

1,390,174.00

9.79

Swiss State Secretariat for Economic Affairs – SECO

926,663.00

6.52

Undisclosed donor

210,216.00

1.48

Walton Family Foundation

99,698.00

0.7

RVO

(15,210.00)-0.112023 EUR

2023 %

People8,352,331.00

58.7

Programs

2,763,453.00

19.5

Operations

1,913,065.00

13.4

Governance00

GRI 201-1: Spend by economic value distributed

Memberships and endorsements
GRI endorsed the following initiatives and principles in the reporting period, as:● Signatory of UN Global Compact● Member of the Global Partnership for Sustainable Development Data
● Member of the EU Technical Expert Group on Sustainable Finance; and● Co-constructor of the European Sustainability Reporting Standards (ESRS), together with EFRAG
In 2022, GRI signed an MoU with the IFRS Foundation to cooperate on standards development. As partof this MoU, GRIs CEO became a formal observer in the Sustainability Standards Advisory Forum.
GRI’s CEO, acted as:● Observer to the board of the International Foundation for Valuing Impacts
GRI’s Chief Policy Officer, acted as:● Member of the Leadership Committee of the Impact Management Platform● Member of the Integrated Reporting and Connectivity Council (IRCC), part of the IFRS Foundation● Member of the Annual Partner Advisory Board of the Global Child Forum34● GRI 2-28
● GRI 201-1● GRI 201-4● GRI 3-3 Economic impacts

Our governance

GRI has governance bodies that oversee the engagement and enhancement of our activities, bodies
that advise on key strategic issues, and others that oversee the development of the GRI Standards.
During 2023, GRI continued discussions regarding enhancing its governance practices to include
streamlining processes and eliminating redundancies. Subsequently, the GRI Articles of Association
were amended, and these governance changes will be implemented in 2024. As a part of thisprocess, the GRI Nomination Committee and Independent Appointments Committee were removed,
and responsibilities absorbed by the Nomination Committee of the Supervisory Board. Community
Members and the Secretariat were also removed. The information below reflects the governancestructure existing in 2023.

Supervisory Board
A brief description of GRI’s Supervisory Board (SB), its activities and core committees can be foundin our annual accounts and the GRI website. The competencies of the board members relevant to
GRI’s impacts, their other significant positions and commitments as the nature of the commitments,
as well as stakeholder representation are also reflected on the GRI Boards page on our website.
Sustainability reporting is one of the key areas of the Supervisory Board’s Finance, Audit and Risk
(FAR) Committee.
During the reporting period, the SB conducted a gap analysis regarding the composition of the SB.
The Nomination and Remuneration Committee used this information during the recruitment process
for new members. The GRI Nominating Committee used the information provided by the Nomination
and Remuneration Committee to provide a slate of candidates to the SB. The SB made final
appointments.
The legal and statutory responsibilities and competences of the SB are vested in the SB as a wholeand are exercised under common responsibility. The tasks of the SB are:● Supervising and advising the Management Board (MB) in several areas, including achieving
strategic objectives; ensuring the design, operation and security of internal risk management andcontrol systems; financial and non-financial reporting of the organization and the integrity andquality of that reporting; relationships with stakeholders.
35● GRI 2-9
● GRI 2-10
● GRI 2-12

● GRI 2-13
● GRI 2-14
● GRI 2-18

● Selecting, appointing, and dismissing the external auditor● Establishing a diversity policy for the MB and the SB that addresses the concrete objectives
regarding diversity and the aspects of diversity relevant to GRI, such as nationality, age, gender,
and background in terms of education and professional experience. During the reporting period,
the Supervisory Board Members came from China, Finland, Mexico, Nigeria, Singapore, theUK, and the USA. Members represented various stakeholder groups: investment institutions (2members), business enterprises (3 members), civil society (1 member), mediating institutions (1member), and labor organizations (2 members).
● Evaluating the functioning of the SB, the functioning of the individual SB committees, and thatof the individual SB members occurs at least once a year. The same goes for evaluating both thefunctioning of the Management Board (MB) as a collective and that of the individual MB members
at least once a year without the presence of the MB, as well as evaluating the cooperation
between the MB and the SB at least once every two years.
● Approving certain tasks delegated to the MB. Development of further policies, updating
the organization’s purpose, value, and mission statements and goals related to sustainable
development is delegated to the MB but requires approval from the SB. The same applies todue diligence and other processes that identify and manage the organization’s impacts on theeconomy, environment, and people, including engagement with stakeholders.
The Chairperson of the SB and the Chairperson of the MB meet on a regular basis. The number ofSB members is determined in consultation with the GRI Nominating Committee and the MB. During
the reporting period, the SB consisted of eight members – five male and three female. Four of themembers originated from countries with emerging economies, and none of the members represented
under-represented social groups. None of the members of the SB, including the Chair, are executivesof the organization. The Chair of the GSSB and the Chair of the Supervisory Board attends
Supervisory Board meetings as observers as well as provide updates. Supervisory Board members
may attend Stakeholder Council meetings as observers or provide updates or seek Stakeholder
Council input. Management Board members frequently attend Supervisory Board meetings.
Supervisory Board members may attend the private session of GSSB meetings to seek input on aparticular topic from the GSSB. The Supervisory Board believes its multistakeholder approach isessential for GRI.
Members of the SB are appointed for an initial term of (at most) three years. They may bereappointed for another consecutive (at most) three years if the member at the time of reappointment(still) meets the relevant requirements. New SB members complete an onboarding program,covering issues related to the organization itself as well as sustainable development. The number ofadministrative functions of a Supervisory Board member must be limited in such a way that a good
performance of duties by the Supervisory Board member in question is guaranteed.
New SB members are provided with onboarding. In addition, all SB members have access to the
GRI Academy. As per the SB bylaws, the SB assesses annually in which areas members of thesupervisory board need further training or education during their appointment period. GRI plays afacilitating role in this.
In cases of potentially conflicting interests of a SB member, the member in question shall report thisto the Chairperson of the SB. Subsequently, the SB determines whether a conflict of interest exists.
The relevant SB member is excluded from the deliberations of this assessment. A SB member does
not participate in the discussion and decision making (in meetings of the SB or its committees) on a
subject or transaction in which the member of the SB has a conflicting interest.
No remuneration is granted to the SB members, with reimbursement for expenses being an exception.
As per the Articles of Association, the SB must meet with the MB as often as the SB or the MBdeems necessary, but at least twice a year to discuss the general lines of the policy pursued andthe policy to be pursed in the future. Currently, the MB attends all SB meetings (some meetings may
include executive sessions or SB private sessions, which the MB would not attend). In addition, theSB meets four times per year. During the SB meetings, senior executives or other employees may
give presentations to the SB. The SB also receives a quarterly CEO update, which includes updates
from the various departments.

36● GRI 2-10
● GRI 2-11
● GRI 2-12

● GRI 2-13
● GRI 2-15
● GRI 2-17

● GRI 2-18
● GRI 2-19
● GRI 3-3 Impacts to people

Management Board
A brief description of GRI’s Management Board (MB), its main tasks and members can be found in
our annual accounts and on the Governance page of our website. The MB is tasked with preparingan annual sustainability report based on the GRI Standards, and the Secretariat provides support forthis activity. The Supervisory Board Chair, FAR Committee Chair, and the Governance and Strategy
Committee Chair are tasked with reviewing and approving the annual sustainability report.
Policies
The MB is tasked with the development of certain policies, including policies related to responsible
business conduct.
The topics covered by the policies include:● Anti-Corruption
This policy is aligned with the relevant sections of the OECD Guidelines and, to a lesser degree,
the Transparency International handbook, and the International NGO Accountability Charter. It
applies to all GRI staff and governance body members and, where feasible, to GRI’s business
partners. The update of the policy will include the overview of how the policy is implemented
through the business relationships.
● Diversity
In addition to a specific diversity policy for the Supervisory and Management Boards (which isdeveloped by the SB), GRI also has a policy that relates to its staff. This policy ensures that all
people have equal opportunity of employment and advancement based on ability, necessary
qualifications, and fitness for work, regardless of gender, age, civil status, sexual orientation,color, race, creed, religion, and national or ethnic origin. The update of the policy will include theoverview of how the policy is implemented through the business relationships.
● Ethical FundraisingThis policy aims to ensure that fundraising activities, including sponsorships, are carried out inan ethical manner. It applies to SB, the MB, staff, contract staff, and anyone explicitly requested
to carry out fundraising related activities on behalf of GRI. As a registered Dutch foundation withANBI (Algemeen Nut Beogende Instelling, or Public Benefit Organization) status, GRI adheresto the ANBI status requirements. As an international organization with activities worldwide, GRI
also adheres to the International Statement of Ethical Principles in Fundraising, as set out by the
Association of Fundraising Professionals (AFP). GRI will only undertake fundraising efforts thatare in line with its mission, vision, strategic plan, and code of conduct.
● Human Resources
GRI’s Human Resources (HR) Policy describes the strategic content for GRI’s people-focused
initiatives. The HR policy is based on GRI’s values, mission, and vision, as defined in GRI’s
business plan. With its focus on organizational effectiveness and employee welfare, GRI believes
that all people should have equal opportunity for job growth, employment security, and careeradvancement in a safe and nurturing environment, based on ability, necessary qualifications andfitness for work, and irrespective of gender, age, civil status, sexual orientation, color, race, creed,
religion, and national or ethnic origin. The update of the policy will include the overview of how thepolicy is implemented through the business relationships.
● Whistleblowing
This policy sets out the procedures for employees, as well as contractual third parties or partners
doing business with GRI, to report any concerns or suspicions regarding possible violations oflaws, rules, or regulations, or possible violations or suspected wrongdoing of internal GRI policies,
standards, or procedures, including GRI’s Principles and Values, for the countries in which it
operates. The policy also includes processes for handling of such concerns, as well as steps
towards remediation of established negative impacts, guaranteeing anonymity of the reporter ofthe concern.
Each policy is approved by the MB, and the SB co-decides with the MB on GRI’s policies. Each newstaff member is introduced to the policies in their onboarding procedures.

37● GRI 2-23
● GRI 2-24

The MB is planning to review the policies in the coming years. Although GRI does not currently
have a specific policy related to human rights in place, there are other foundational policies related
to workers’ rights, as described in this section, and GRI is committed to providing equal opportunity
in employment. Where relevant, GRI will include further commitments related to human rights into
policies as part of the review process.
The Human Resources department and the MB have oversight of the implementation of thesepolicies, as well as other internal policies. They are responsible for ensuring the policies areintegrated into organizational strategies, operational policies, and procedures.
Internal policies relevant to staff are made available through a dedicated area on the GRI intranet,and policies related to governance bodies through special communications from the MB. Policies
relevant for external parties, such as consultants and business relations, are shared as part ofMemoranda of Understanding or other types of contracts. None of GRI’s policies are currently
publicly available, but as part of the review process, the MB will consider which policies should bemade public through the GRI website. During the reporting period, GRI did not provide specifictraining related to the implementation of policies and related commitments, but this will be provided
as relevant when the ongoing policy review is complete.
Remuneration to the CEO is provided under the Dutch law and includes fixed pay. The termination
payments are subject to years of service and/or result from negotiations through lawyer, cappedat max termination fee identified by the authorities. The sign-on bonuses or recruitment incentive
payments, clawbacks and retirement benefits are not provided. Remuneration is not impacted by thesenior executive’s performance in relation to the management of the organization’s impacts on theeconomy, environment, and people.
Communication of critical concerns
In cases of potentially conflicting interests of an MB member, the member in question shall report
this to the CEO, who is also the Chairperson of the MB. Subsequently, the MB determines whether aconflict of interest exists. The relevant MB member is excluded from the deliberations. If the CEO hasa potential conflict of interest, they will immediately report this to the chairperson of the SB. Conflictsof interest are not being disclosed to stakeholders.
The employees can seek advice on implementing the organization’s policies and practices forresponsible business conduct from their line managers or other staff members responsible for aparticular policy and/or practice. The MB has implemented a ‘Whistleblowing Policy’ to provide
employees with a mechanism to report any concerns or suspicions regarding potential violations oflaws, regulations, or internal GRI policies, standards, or procedures, including GRI’s Principles &Values, across the countries where it operates. This policy outlines processes for addressing suchconcerns and steps for remediation of identified issues while ensuring the anonymity of the reporting
individual. No concerns were reported during the reporting period. Currently, there are no establishedpolicies or procedures for the communication of critical concerns from external stakeholders. The
MB intends to address this gap as part of the ongoing policy review, extending through 2024. GRI
aims to identify, prevent, and remediate negative impacts on the environment, society, and economy.
Although no specific grievance mechanisms are in place due to the unique nature of GRI’s impacts,
stakeholders are encouraged to contact GRI through any convenient method to express theirconcerns.

Stakeholder Council
The Stakeholder Council supports GRI’s objectives and serves as a sounding board for the SB andMB regarding key strategic issues facing the organization. Its purpose is to provide non-binding
advice on these issues to the SB and MB.
The Stakeholder Council consists of 30 people who represent a balance of the GRI Community
Members’ constituent groups and geographic locations. Members of the Stakeholder Council act as
individuals while broadly representing their constituency and not their organization.

38● GRI 2-16
● GRI 2-19
● GRI 2-24

● GRI 2-25
● GRI 2-26

GRI Nomination Committee
The GRI Nomination Committee is comprised of six members: two from the Stakeholder Council,
two from the SB, one from the GRI Works Council, and the Chairperson of the Management Board(CEO). Its function is to identify candidates for the Stakeholder Council, and the Independent
Appointments Committee and create a slate of nominees for vacant positions in these bodies.
The GRI Nominating Committee also identifies and presents a slate of possible candidates for theSupervisory Board to the Nomination and Remuneration Committee of the Supervisory Board. The
Nomination and Remuneration Committee makes the final selection, and the Supervisory Board
appoints its members. The committee considers diversity when fulfilling its duties and assessing
nominations, including gender balance and geographic diversity. There are five constituent categories
in the SB and the Stakeholder Council, organized into seven major geographic categories basedon the World Bank’s geographic distribution: East Asia and Pacific, Europe and Central Asia, Latin
America and the Caribbean, Middle East and North Africa, North America, South Asia, and SubSaharan Africa.
In 2023, the topic of remuneration fell under the Nomination and Remuneration Committee. A
salary benchmark is conducted every 3-4 years, though decisions are independently taken by the
management.

Governance for standard-setting activities
GRI’s governance structure is dedicated to standard setting aligned with the public interest. Beyond
the oversight provided by governance bodies managing GRI’s engagement and activities or advise
on key strategic issues, there are additional bodies specifically focused on guiding its standardsetting activities:● the Global Sustainability Standards Board (GSSB)● the Due Process Oversight Committee (DPOC)● the Independent Appointments Committee (IAC)
For detailed insights into the range of boards, committees, and groups driving the strategic planningat the core of GRI’s standard-setting efforts, refer to our annual accounts and visit our website.
External assurance engagement and its governance
GRI is committed to providing transparent and reliable sustainability information to our stakeholders.
To ensure the credibility and accuracy of the 2023 sustainability report, GRI selected an independent
third-party assurance provider BDO to conduct an external assurance assessment. The selection
process included rigorous criteria to ensure that the provider has no financial, operational, or otherrelationships with GRI that could compromise their objectivity. BDO has provided limited assurance
on GRI’s sustainability report on the base of Dutch Auditing Standards 3810N. There were no
limitations of the assurance process. BDO’s assurance statement can be found in Appendix 4.
The external auditor attends the meeting of the SB, at which the report of the external auditor
concerning the examination of the financial statements and the Foundation’s sustainability reportingis discussed and in which the adoption of the financial and non-financial statements is decided. At thesame time, the external auditor reports on his findings regarding the audit of the financial statements
and sustainability reporting to the SB and the MB. The SB is given access to the most important
points of discussion between the external auditor and the MB in response to the draft management
letter or the draft audit report.

39● GRI 2-5
● GRI 2-20

Our people
Creating a secure and supportive work environment
Over the course of 25 years, GRI has maintained a steadfast commitment to nurturing a dedicatedand skilled workforce, making it a top choice for sustainability professionals worldwide.
GRI upholds a distinct set of cultural principles and staff values to underscore the organization’s
ethos, offering employees clear direction and a sense of belonging. GRI’s Code of Conduct outlines
the expected conduct of our employees, fostering a productive, respectful, and secure workplaceenvironment.

Employment contracts
GRI has employees around the world, but there are no registered entities in all locations, so different
contractual employment arrangements currently apply:● Regular employment contract with the Dutch Stichting Global Reporting Initiative (GRI’s head
office, based in Amsterdam). These employees can have a fixed-term contract (a temporary
contract), which usually lasts a year, or a permanent contract.
● Employment contract with an Employer of Record (EOR – a business that employs an individual
on behalf of another company) in the country or territory where the employee is located. The typeand length of such contracts follows the local labor law in each country or territory.
● Long-term consultancy contract with the Dutch Stichting Global Reporting Initiative.
By the end of 2023, of the total workforce:● 84 people had an employment contract with GRI’s head office● 21 people had an employment contract with an EOR agency● 21 people had a long-term consultancy contract with GRI
Full-time and temporary employees receive identical benefits, including life insurance, health care,disability and invalidity coverage, parental leave, and retirement provisions. As GRI is a foundation
without stock, stock ownership is not available to any employees. See Appendix 2 for a further
breakdown and information on employment in previous years.
40● GRI 2-7
● GRI 2-8
● GRI 401-2

In 2023, GRI started transitioning staff with long-term consultancy contracts to an EOR Agency. Some
consultancy contracts have transitioned, while others are pending. Due to the nature of donor-funded
programs, some consultancy contracts will remain as such. While employment contract types may differ,the nature of work performed by employees under long-term consultancy contracts remains consistent
with that of other employees and extends across various departments within the organization. Regarding
calculations, full-time employees are defined as those with regularly scheduled and budgeted working
hours of no fewer than 40 hours per week, while part-time employees are those who work fewer hours
than specified for full-time employees during a standard work week.
See Appendix 2 for a detailed overview of the breakdown of staff by gender, type of employment
contract, age group, and location.
All workforce numbers are reported in head count at the end of the reporting period.

Supporting parents at GRI
GRI provides three types of leave for parents: maternity leave, paternity/partner leave, and parental leave.
Maternity leave: In accordance with Dutch law, female staff members employed at GRI’s head office
are eligible for 16 weeks of maternity leave, which can begin between six and four weeks before theanticipated delivery date. Throughout the maternity leave period, the employee is entitled to receive
100% of her most recent salary. For female employees with employment contracts through an Employer
of Record (EOR), local labor laws apply.
In 2023, two staff members started maternity leave.
Paternity/partner leave: Staff members employed at GRI’s head office whose partners have recently
given birth are entitled to six weeks of leave within the first six months following the baby’s birth. During
paternity/partner leave, GRI maintains the policy of paying 100% of the employee’s most recent salary,deviating from the legal requirement in the Netherlands, which mandates payment of 70% of the mostrecent salary. According to law, eligible staff members for paternity/partner leave must be either the
spouse, registered partner, or cohabitating with the mother of the child. For employees with employment
contracts through an Employer of Record (EOR), their entitlements are subject to local labor laws.
In 2023, one staff member requested paternity/partner leave.
Parental leave: Staff members with employment contracts at GRI’s head office are entitled, asper Dutch Law, to both paid and unpaid parental leave for children under eight years of age, up toa maximum of 26 times their contracted weekly working hours. GRI provides full payment for thecontracted hours for the initial one to nine weeks until the child reaches one year of age, with thesubsequent 17 weeks of parental leave being unpaid.
In 2023, a total of 82 employees – 57 women and 25 men – were eligible for parental leave. Amongthem, seven women and one man opted to take parental leave during the year.

“As a first-time parent, transitioning back to work was initially daunting. However, GRI
showed unwavering support and understanding and gave me the necessary time and tools
I needed for a smooth transition. Now, over a year in, I have been able to find the rightbalance between work and parenthood thanks to the immense support of my colleagues,
who helped me catch up on everything I missed. I also appreciate the flexibility that GRI
offers, allowing me to work remotely and having a flexible schedule, both of which havebeen invaluable in ensuring I can be there for my family while still contributing fully to our
team’s success.”
Alexandra Plachkova, Senior Educational Content Developer at GRI

41● GRI 2-7
● GRI 2-8
● GRI 401-3

As parental leave can be taken part-time during a period of eight years, a decision has been takenin the past that GRI is not reporting on staff resuming work towards their original contractual hours
as it may take up to eight years before they will do so. Therefore, all seven women and one man
who opted to take parental leave have returned to work whilst working part-time using their parental
leave. From those who returned to work after parental leave, all staff members were still employedas per 31 December 2023. From the 10 women granted parental leave during 2022, six women are
still employed (in 2023) 12 months after their return to work. During 2023, two women and one man
returned to work.

Monitoring staff turnover
Understanding the underlying reasons behind employees’ departures is key to managing turnoverrates effectively and extracting valuable insights for retention strategies. To achieve this, GRI’s HR
department conducts confidential, in-person exit interviews. These interviews serve to differentiate
between resignations, offering invaluable insights into the factors influencing employees’ decisions toleave.
21 departing employees exited for reasons beyond GRI’s control, such as returning to their homecountry, expiration of work permits, or spouse relocation. Reasons related to career development andadvancement comprise the majority of voluntary departures. In 2023, the staff turnover rate stood at
20%, a 12 percentage point decrease from 32% turnover rate in 2022.
See Appendix 2 for details on staff turnover, including new hires.
GRI also provides internship opportunities across various departments. These internships,
compensated through stipends, are generally three to six months in duration. During 2023, GRI
established four internships, and three of these interns were hired into a position.
In instances where GRI requires expertise not readily available among current employees, or
encounters temporary capacity constraints, the organization may opt to engage external parties for
short-term assignments.

GRI Works Council
The working conditions and terms of employment for GRI employees is not covered by a collective
bargaining agreement. However, in the Netherlands, companies that employ at least 50 people
are legally required to establish a Works Council – a group comprising employees elected by theirpeers. These employees collaborate with management to ensure that employee interests acrossthe company are being represented. On 31 December 2023, the GRI Works Council represented 84
employees. Although local labor laws apply to EOR or contracted staff, the Works Council listens tothe concerns of all staff, and one member is based outside the Netherlands. The GRI Works Council
comprises six staff members from different parts of the organization, bringing various perspectives todiscussions and decisions. In 2023, the Works Council focused on a number of priorities suggested
by colleagues, including salary and benefits, diversity and inclusion, and learning and development.

Supporting professional development
People are the cornerstone of GRI’s work and our collective impact on sustainable development. GRI
is dedicated to nurturing our employees’ professional growth, demonstrated through our commitment
to conducting annual performance and professional development appraisals (PA) and providing
comprehensive training opportunities.

42● GRI 2-30
● GRI 3-3 Impacts to people● GRI 401-3

Performance and professional development appraisals (PA)The PA process begins annually on 1 October. Employees who join the organization on or after thisdate are exempt from participating in the current year’s appraisal cycle. This exemption is due to thebrief timeframe between October and December, which does not allow for a thorough evaluation of
their performance.
Furthermore, departing employees can opt out of the performance review process. Those on longterm leave of absence are not included in the performance review process. This is why the total
number of eligible employees may exceed the number of those receiving appraisals each year.
During the reporting period, 91.04% of the total 67 eligible underwent performance appraisals. The
percentages are calculated using the total eligible employees.

Disclosure 404-3 Percentage of employees receiving regular performance and career development reviews per genderand employee category
PERFORMANCE AND
CAREER DEVELOPMENTREVIEWS

Male

25.42

26.86

2021

2022

2023

67.16

66.10

64.17

2021

2022

2023

17.90

FemaleSenior Management

2023

2.98

2022

3.39

2021

2.99

2023

Middle Management

Support Staff

44.77

2022

40.68

2021

38.81

2023

43.28

2022

42.37

2021

43.28

Due to a calculation error, the data for Disclosure 404-3 Percentage of employees receiving regularperformance and career development reviews per gender and employee category has historically
been reported with a one-year overlay. This means that the data intended for the 2023 report was
actually included in the 2022 report, and this applies for all previous reporting years when these
disclosures have been reported. Moving forward, the actual data established and implemented during
the calendar reporting year will be reported.

43● GRI 2-4
● GRI 3-3 Impacts to people● GRI 404-3

Staff training
GRI believes that fostering professional growth is a collaborative endeavor led by individual staff
members, supported by their line managers, and facilitated by the Human Resources department.
At GRI, employees can request training and development tailored to their specific needs andprofessional circumstances. This includes, but is not limited to, peer-to-peer learning and structured
training sessions. On average, GRI employees participated in 20.3 hours of organized training sessions
in 2023. Additionally, all staff members had unlimited access to the LinkedIn Learning Platform.
In 2018, GRI established the Approach to Professional Development – a comprehensive document
articulating our perspectives and strategies concerning professional growth. This document, integrated
into the Performance Management Methodology (PMM) process, guides the creation of individual
development plans for all employees, including those stationed outside of our Amsterdam head office,such as those in Networks or remote locations. GRI continuously monitors the implementation of thisapproach and is ready to adapt it as needed.
Feedback on professional development and other employee-related matters is communicatedthrough various channels, including line managers, the HR department, and the GRI Works Council.
Employees can discuss the topic of professional development with their line managers and provide
feedback on the matter. Despite the constraints inherent to a non-profit organization like GRI,
employee training and development remain fundamental aspects of our mission. While GRI does not
set standardized targets for professional development, the Management Board regularly evaluates
whether GRI continues to offer an enriching and supportive environment conducive to employees’
success in their roles. The HR department tracks training and other HR-related matters using our HR
software system.

Disclosure 404-1-i: Average hours of training per year per employee

2023

2023

2022
2021

2022
2021

Disclosure 404-1-ii: Average hours of training that the organization’s employees have undertaken during the reporting
period, by employee category

Support
Staff

MiddleManagement

2023

44

2022

● GRI 3-3 Impacts to people● GRI 404-1

SeniorManagement

2021

Other
(Interns andVolunteers)

GRI’s HR department regularly engages with staff by facilitating training opportunities, conducting
performance appraisals, meeting with the Works Council, and maintaining ongoing communication.
Employees are encouraged to reach out to their line manager or the HR department if they have any
concerns about how issues are being handled. At this time, GRI does not have specific goals, targets,or indicators for employment practices, and therefore does not monitor their effectiveness. However,if there are significant fluctuations in employment numbers, the HR department communicates this tosenior management, together with the lessons learned.

Diversity and equal opportunity
During the materiality assessment for GRI’s previous report, diversity and inclusion emerged as aprominent topic, drawing significant attention from numerous GRI employees. As outlined in our
HR Policy, GRI is dedicated to fostering an inclusive work environment, with equal opportunities
for professional development, job security, and career progression. This commitment ensures that
opportunities are based on individual abilities, qualifications, and suitability for roles, regardless offactors such as gender, age, civil status, sexual orientation, color, race, creed, religion, and nationalor ethnic origin. Additionally, GRI is committed to promoting diversity within its staff, striving to reflect
the rich tapestry of the local and global communities in which the Secretariat and GRI operate.
It was decided that GRI should make use of our own Standard regarding diversity and equal
opportunity, namely GRI 405: Diversity and Equal Opportunity 2016.

Disclosure 405-1-a: Diversity of governance bodies and employees
Supervisory
Board

Age

GSSB

Stakeholder
Council

DPOC

IAC

n/a

n/a

n/a

n/a

<30 years 0%30-50 years 18%>50 years 82%> 50 years

Gender

62

37.5

68

32

61

39

80
20

60

40

Three female members
resigned in 2023

Disclosure 405-1-b: Diversity of governance bodies and employees
Total
employees

Permanent
employees

Temporaryemployees

Full-time
employees

Part-time
employees

n/a

n/a

n/a

n/a

n/a

Age

Gender

45

68

32

69

● GRI 3-3 Impacts to people● GRI 405-1

31

66

24

65

35

100

Disclosure 405-2: Ratio of basic salary and remuneration of women to men*

Salaryband
Support
Staff

MiddleManagement

SeniorManagement

1.00

A

1.49

**
1.21

B
1.20

1.12

C

1.21

D

1.17

E

1.30

1.01
1.18
1.04

F

1.02

G

1.05

H

**

I

1.12
1.22

**

At this time, GRI does not have specific goals, targets, or indicators for diversity and equal
opportunity, and therefore does not monitor their effectiveness. However, if there are significant
fluctuations in diversity numbers, the GRI governance team and HR department communicates thisto senior management, together with the lessons learned.
Significant location of operations – the Netherlands.

46● GRI 3-3 Impacts to people● GRI 405-2*	As 2023 is the first year when this disclosure is being
reported, no historical data is available.
** Only 1 staff member.

Appendices
Appendix 1: GRI’s material topics and their descriptions
This table lists GRI’s material topics and sub-topics, and a description of each sub-topic.
Material topic

Sub-topic

Description

GRI Standards
development

Enabling impact
reporting

By using the GRI Standards, reporting organizations can identify
their impacts on sustainable development and report on how they are
managing this.

Global multistakeholder
engagement in the
public interest

The formally defined Due Process Protocol, which entails robust
global multi-stakeholder engagement during the development process,ensures that the GRI Standards continue to promote the public interest
and remain aligned with GRI’s vision of a sustainable future enabled bytransparency and open dialogue about impacts.

Standardized impact
reporting

Driving reporting
uptakeIncreasing reporting
robustness

Impacts on people

Economic impacts

47

Increased transparency By adopting the GRI Standards, reporting organizations are more
and accountability
transparent about their impacts, and subsequently, more accountable
to how they manage their impacts.
Streamlining/
harmonizing thereporting landscape

GRI’s collaboration with other standard setters and intergovernmentalorganizations enables interoperability and helps streamline the reporting
landscape.

Reporting for a multistakeholder audience

The GRI Standards generate information of interest to a diverse groupof information users.

Accessible Standards

GRI currently provides Standards in 11 languages and as a free public
good via the GRI website.

Advocacy efforts

GRI engages with investors, stock exchanges, and regulators to
improve sustainability disclosure, and with governments to develop
policies that stimulate corporate transparency.

Regional impact

Through the work of its Regional Networks, GRI introduces andpromotes sustainability and reporting in emerging markets.

Capacity building insustainability reporting

By providing training and certification programs (through the GRI
Academy and Certified Training partners), creating a community of likeminded reporters (GRI Community), and organizing events, GRI drives
capacity building in sustainability reporting.

Enhancing reportquality

GRI enhances report quality by offering Reporting Support services toreporting organizations.

Sustainability data
management

GRI contributes to sustainability data management and reduces
barriers to reporting by collaborating with software providers through its
Certified Software and Tools Program on the correct ways of including
the GRI Standards in reporting software.

Organizational diversity GRI maintains organizational diversity through its Diversity Policy
for both staff and governance bodies, as well as by ensuring multistakeholder representation as part of the Standards development
process.
Engaging with clients

GRI engages with clients by offering competitive services in terms of
quality and pricing.

Ethical fundraising

GRI engages with current and potential donors following ethicalfundraising policy and practices.

Organizational
resilience

To secure funding for Standards development, GRI maintains diverse
sources of income, including offering support services and training
through the GRI Academy and the network of GRI Certified Training
Partners.

Appendix 2: Employment tables
Disclosure 2-7: Information on employees by gender
The numbers below are reported in head count at the end of the reporting period. Permanent
employees hold a permanent contract, while temporary employees have a temporary contract.
Full-time employees are defined as those with regularly scheduled and budgeted working hours of
no fewer than 40 hours per week, while part-time employees are those who work fewer hours thanspecified for full-time employees during a standard work week.
Information on employees by gender
Reporting period

FemaleMale

Other5

Not disclosed

Total

31.12.2021

50

20

0

0

70

31.12.2022

58

23

0

0

81

31.12.2023

74

31

0

0

105

31.12.2021

41

12

0

0

53

31.12.2022

35

18

0

0

53

31.12.2023

46

21

0

0

67

31.12.2021

9

8

0

0

17

31.12.2022

23

5

0

0

28

31.12.2023

28

10

0

0

38

Number of employees

Number of permanent employees

Number of temporary employees

Number of non-guaranteed hours employees
31.12.2021

0

0

0

0

0

31.12.2022

0

0

0

0

0

31.12.2023

0

0

0

0

0

31.12.2021

41

20

0

0

61

31.12.2022

50

22

0

0

72

31.12.2023

67

31

0

0

98

31.12.2021

9

0

0

0

9

31.12.2022

8

1

0

0

9

31.12.2023

7

0

0

0

7

Number of full-time employees

Number of part-time employees

48● GRI 2-7

5 Gender as specified by the employees themselves.

Information on employees by region
Reporting period

AfricaAsia

EuropeLatin
America

North
America

Total

Number of employees
31.12.2021

0

0

67

3

0

70

31.12.2022

0

1

76

4

0

81

31.12.2023

0

2

100

2

1

105

0

51

3

0

54

Number of permanent employees
31.12.2021

031.12.2022

0

0

50

3

0

53

31.12.2023

0

0

65

2

0

67

Number of temporary employees
31.12.2021

0

0

16

0

0

16

31.12.2022

0

1

26

1

0

28

31.12.2023

0

2

35

0

1

38

Number of non-guaranteed hours employees
31.12.2021

0

0

0

0

0

0

31.12.2022

0

0

0

0

0

0

31.12.2023

0

0

0

0

0

0

Number of full-time employees
31.12.2021

0

0

58

3

0

61

31.12.2022

0

1

67

4

0

72

31.12.2023

0

2

93

2

1

98

31.12.2021

0

0

9

0

0

9

31.12.2022

0

0

9

0

0

9

31.12.2023

0

0

7

0

0

7

Number of part-time employees

49● GRI 2-7

Disclosure 401-1a: Total number and rate of new employee hires during the reporting period,by age group, gender, and region

2021
New
employee
hires

Numberof new
employee
hires

Number of
employees (excl.
interns)Rateof new
employeehires (%)

2022
Numberof new
employee
hires

Number of
employees (excl.
interns)Rateof new
employeehires (%)

2023
Numberof new
employee
hires

Number of
employees (excl.
interns)Rateof new
employeehires (%)

Age group
<30

8

13

62%

10

20

50%

8

17

47%

30-50

13

39

33%

16

45

36%

30

74

41%

>50

2

18

11%

4

16

25%

1

14

7%

11

20

55%

7

23

30%

11

31

35%

GenderMale
Female

12

50

24%

24

58

41%

28

74

38%

Total

23

70

33%

31

81

38%

39

105

37%

22

67

33%

29

76

38%

37

100

37%

RegionHead office, NL

50South Africa

-

-

0%

-

-

0%

-

-

0%

Brazil

-

-

0%

1

1

100%

-

-

0%

Greater China

-

-

0%

-

-

0%

-

-

0%

Colombia

1

3

33%

-

3

0%

-

2

0%

North America

-

-

0%

-

-

0%

1

1

100%

South Asia/India

-

-

0%

1

1

100%

-

1

0%

Indonesia

-

-

0%

-

-

0%

1

1

100%

Peru

-

-

0%

-

-

0%

-

-

0%

● GRI 401-1

Disclosure 401-1-b: Total number and rate of employee turnover during the reporting period,by age group

2021
New
employee
hires

Number of
employeeturnoverNumber of
employees (excl.
interns)

Rate ofemployeeturnover(%)

2022
Number of
employeeturnoverNumber of
employees (excl.
interns)

Rate ofemployeeturnover(%)

2023
Number of
employeeturnoverNumber of
employees (excl.
interns)

Rate ofemployeeturnover(%)

Age group
<30

3

13

23%

4

20

20%

4

17

24%

30-50

14

39

36%

19

45

42%

14

74

19%

>50

7

18

39%

3

16

19%

3

14

21%

Gender
Male

5

22

23%

6

23

26%

8

31

26%

Female

19

48

40%

20

58

34%

13

74

18%

Total

24

70

34%

26

81

32%

21

105

20%

RegionHead office, NL

23

67

34%

26

76

34%

19

100

19%

South Africa

-

-

0%

-

-

0%

-

-

0%

Brazil

-

-

0%

-

1

0%

1

-

100%

Greater China

-

-

0%

-

-

0%

-

-

0%
50%

Colombia

1

3

33%

-

3

0%

1

2

North America

-

-

0%

-

-

0%

-

1

0%

South Asia

-

-

0%

-

1

0%

-

1

0%

Indonesia

-

-

0%

-

-

0%

-

1

0%

Peru

-

-

0%

-

-

0%

-

-

0%

Disclosure 2-21
Data has been compiled from total overview of those eligible to PMM/PA process and related salary
review which has been generated from a download on GRI’s SympaHR system. Percentages of increase
have been added manually by typing them in. Calculation is done as follows: annual percentage totalcompensation of the highest paid individual is divided by median (all different percentages of increase
have been listed, from which the midpoint has been identified) which results in the ratio.
The ratio of the annual total compensation for the organization’s highest-paid individual to the median annual totalcompensation for all employees (excluding the highest-paid individual);*Ratio 2021

Ratio 2022

Ratio 2023

6.73

3.48

4.54

The ratio of the percentage increase in annual total compensation for the organization’s highest-paid individual to themedian percentage increase in annual total compensation for all employees (excluding the highest-paid individual)
Ratio 2021

Ratio 2022

Ratio 2023

4.44

0.6

1

Due to a calculation error, the data for Disclosure 2-21 Annual Total Compensation Ratio hashistorically been reported with a one-year overlay. This means that the data intended for the 2023
report was actually included in the 2022 report, and this applies for all previous reporting years whenthese disclosures have been reported. Moving forward, the actual data established and implemented
during the calendar reporting year will be reported.
51● GRI 2-4
● GRI 2-21
● GRI 401-1* The ratio for 2021 has been recalculated.

Appendix 3: GRI content index
For the Content Index - Advanced Service, GRI Services reviewed that the GRI content index is clearly presented, in a mannerconsistent with the Standards, and that the references for all disclosures are included correctly and aligned with the appropriate
sections in the body of the report. GRI Services reviewed the correct mapping of the GRI disclosures presented in the GRI content
index to Sustainable Development Goals (SDGs), based on the ‘Goals and targets database’ tool available from GRI website.

Statement of use

GRI has reported in accordance with the GRI Standards for theperiod 1 January to 31 December 2023.

GRI 1 used

GRI 1: Foundation 2021

Applicable GRI Sector Standard(s)Not applicable

GRI standard/
Other source

Disclosure

Location

SDGs

UNGC CoP

General disclosures
GRI 2: General
Disclosures 2021

52

2-1 Organizational details

29

2-2 Entities included in the organization’ssustainability reporting32

2-3 Reporting period, frequency and contact point

This report covers the reporting period from 1 January to
31 December 2023 and has
been published on 28 June
2024. GRI prepares andpublishes its Annual Reportfor every calendar year whichis the same period as its annual financial reporting. The
contact point can be found on
page 2.

2-4 Restatements of information

43, 512-5 External assurance

39, 54-56

2-6 Activities, value chain and other business
relationships

30

E12

2-7 Employees

40-41, 48-49

8.5, 10.3

2-8 Workers who are not employees

40-41

8.5

2-9 Governance structure and composition

35

5.5, 16.7

G5, G11

2-10 Nomination and selection of the highest
governance body

35-36

5.5, 16.7

G10

2-11 Chair of the highest governance body

36

16.6

2-12 Role of the highest governance body inoverseeing the management of impacts

35-36

16.7

2-13 Delegation of responsibility for managing
impacts

35-36

G4, G5

2-14 Role of the highest governance body insustainability reporting

35

G1

2-15 Conflicts of interest

36

2-16 Communication of critical concerns

38

2-17 Collective knowledge of the highest
governance body36

2-18 Evaluation of the performance of the highest
governance body

35-36

2-19 Remuneration policies

36, 38

2-20 Process to determine remuneration

39

16.6

G1, G7

GRI standard/
Other source

Disclosure

Location

SDGs

UNGC CoP

General disclosures continued
GRI 2: General
Disclosures 2021
continued

2-21 Annual total compensation ratio

51

2-22 Statement on sustainable development
strategy

32-23 Policy commitments

37

2-24 Embedding policy commitments

37-38

2-25 Processes to remediate negative impacts

38

2-26 Mechanisms for seeking advice and raisingconcerns

38

2-27 Compliance with laws and regulations29

2-28 Membership associations34

2-29 Approach to stakeholder engagement

5, 62-30 Collective bargaining agreements

42

G1
16.3

G2, G3, G7, G7.1,
HR2, HR2.1, L1.1

16.3

G8, G8.1

8.8

L1.2

Material topics
GRI 3: Material
Topics 2021

3-1 Process to determine material topics

7

G7, G7.1, HR3

3-2 List of material topics

7

G7

GRI 3: Material
Topics 2021

3-3 Management of material topics

32-34

G9, HR2, HR3, HR4,
HR5, HR6, HR7, HR8

GRI 201: Economic
Performance 2016

201-1 Direct economic value generated anddistributed

33-34

201-4 Financial assistance received fromgovernment

34

Economic impacts

8.1, 8.2,
9.1, 9.4, 9.5

GRI Standards development
GRI 3: Material
Topics 2021

3-3 Management of material topics

8-15

G9, HR2, HR3, HR4,
HR5, HR6, HR7, HR8

16-18

G9, HR2, HR3, HR4,
HR5, HR6, HR7, HR8

23-28

G9, HR2, HR3, HR4,
HR5, HR6, HR7, HR8

3-3 Management of material topics

19-22

G9, HR2, HR3, HR4,
HR5, HR6, HR7, HR8

GRI 3: Material
Topics 2021

3-3 Management of material topics

19-22, 36, 42-46

G9, HR2, HR3, HR4,
HR5, HR6, HR7, HR8

GRI 401:
Employment 2016

401-1 New employee hires and employee turnover

50-51

5.1, 8.5,
8.6, 10.3

401-2 Benefits provided to full-time employeesthat are not provided to temporary or part-time
employees

40

3.2, 5.2, 8.5

401-3 Parental leave

41-42

5.1, 5.4, 8.5

444.3, 4.4,
4.5, 5.1,
8.2, 8.5,
10.3

404-3 Percentage of employees receiving regularperformance and career development reviews

43

5.1, 8.5,
10.3

405-1 Diversity of governance bodies andemployees

45

5.1, 5.5, 8.5

G11405-2 Ratio of basic salary and remuneration of
women to men

46

5.1, 8.5,
10.3

L8Standardized impact reporting
GRI 3: Material
Topics 2021

3-3 Management of material topics

Driving reporting uptake
GRI 3: Material
Topics 2021

3-3 Management of material topics

Increasing reporting robustness
GRI 3: Material
Topics 2021
Impacts on people

GRI 404: Training
404-1 Average hours of training per year per
and Education 2016 employee

GRI 405: Diversity
and Equal
Opportunity 201653

Appendix 4: Limited Assurance Report of the Independent Auditor

Limited assurance report of the independent
auditor on the Annual Report 2023
To: the Management Board of Stichting Global Reporting Initiative

Our conclusion
We have performed a limited assurance engagement on the Annual Report 2023 of Stichting
Global Reporting Initiative based in Amsterdam.
Based on the procedures performed and the assurance information obtained, nothing hascome to our attention that causes us to believe that the Annual Report 2023 of Stichting
Global Reporting Initiative does not present fairly, in all material respects:
 the policy with regard to sustainability matters; and the business operations, events and achievements in that area in 2023.
in accordance with the applicable criteria as included in the ‘Criteria’ section of our report.
Basis for our conclusion
We have performed our limited assurance engagement on the Annual Report 2023 inaccordance with Dutch law, including Dutch Standard 3810N “Assurance-opdrachten inzake
duurzaamheidsverslaggeving” (Assurance engagements relating to Annual Reports). This
engagement is aimed to obtain limited assurance. Our responsibilities under this standard arefurther described in the ‘Our responsibilities for the assurance engagement on the Annual
Report’ section of our report.
We are independent of Stichting Global Reporting Initiative in accordance with the“Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten” (ViO,
Code of Ethics for Professional Accountants, a regulation with respect to independence) andother relevant independence regulations in The Netherlands. Furthermore, we have compliedwith the “Verordening gedrags- en beroepsregels accountants” (VGBA, Dutch code of ethics
for Professional Accountants).
We believe that the assurance evidence we have obtained is sufficient and appropriate toprovide a basis for our conclusion.
Criteria
The reporting criteria applied for the preparation of the Annual Report 2023 are the GRI
Annual Reporting Standards (GRI Standards).
The Annual Report 2023 is prepared in accordance with the GRI Standards. The GRI Standards
used are listed in the GRI Content Index as disclosed on page 52 of the Annual Report 2023.

54● GRI 2-5

The comparability of sustainability information between entities and over time may beaffected by the absence of a uniform practice on which to draw, to evaluate and measure thisinformation. This allows for the application of different, but acceptable, measurement
techniques.
Consequently, the Annual Report 2023 needs to be read and understood together with thecriteria applied.
Corresponding information not assured
The corresponding figures for the period up to 2022 in the Annual Report 2023 have not beenpart of an assurance engagement. Consequently, the corresponding figures in the Annual
Report 2023 and thereto related disclosures for the period 2022 are not assured. Our
conclusion is not modified in respect of this matter.
Responsibilities of the Management Board and Supervisory Board for the Annual Report
2023
The Management Board is responsible for the preparation and fair presentation of the Annual
Report 2023 in accordance with the criteria as included in the ‘Criteria’ section, including theidentification of stakeholders and the definition of material matters. The Management Boardis also responsible for selecting and applying the criteria and for determining that thesecriteria are suitable for the legitimate information needs of stakeholders, considering
applicable law and regulations related to reporting. The choices made by the Management
Board regarding the scope of the sustainability information and the reporting policy aresummarized in the chapter ‘Reporting process for the 2023 report’ of the Annual Report 2023.
Furthermore, the Management Board is responsible for such internal control as it determines
is necessary to enable the preparation of the Annual Report 2023 that is free from material
misstatement, whether due to fraud or error.
The Supervisory Board is responsible for overseeing the Annual Reporting process of Stichting
Global Reporting Initiative.
Our responsibilities for the assurance engagement on the Annual Report 2023
Our responsibility is to plan and perform the assurance engagement in a manner that allows
us to obtain sufficient and appropriate assurance evidence for our conclusion.
Our assurance engagement is aimed to obtain a limited level of assurance to determine theplausibility of information. The procedures vary in nature and timing from, and are less inextent as compared to reasonable assurance engagements. The level of assurance obtained ina limited assurance engagement is therefore substantially less than the assurance that is
obtained when a reasonable assurance engagement is performed.
We apply the “Nadere voorschriften kwaliteitssystemen” (NVKS, Regulations for quality
management systems) and accordingly maintain a comprehensive system of quality
management including documented policies and procedures regarding compliance withethical requirements, professional standards and other relevant legal and regulatory
requirements.

55● GRI 2-5

Our limited assurance engagement included among others: Performing an analysis of the external environment and obtain an understanding of
relevant sustainability themes and issues, and the characteristics of the foundation.
 Evaluating the appropriateness of the criteria applied, their consistent application andrelated disclosures in the Annual Report 2023. This includes the evaluation of the resultsof the foundation’s materiality assessment and the reasonableness of estimates made by
the Management Board.
 Obtaining through inquiries a general understanding of the control environment, thereporting processes, information systems and the entity’s risk assessment process relevantto the preparation of the Annual Report 2023, without obtaining assurance information
about the implementation or testing the operating effectiveness of controls.
 Identifying areas of the Annual Report 2023 where misleading or unbalanced information
or a material misstatement, whether due to fraud or error, is likely to arise. Designing andperforming further assurance procedures aimed at determining the plausibility of theAnnual Report 2023 responsive to this risk analysis. These procedures consisted amongst
others of: Obtaining inquiries from management (and/or relevant staff) responsible for thesustainability strategy, policy and results.
 Obtaining inquiries from relevant staff responsible for providing the information for,carrying out internal control procedures on, and consolidating the data in the Annual
Report 2023.
 Obtaining assurance evidence that the Annual Report 2023 reconciles with underlying
records of the foundation.
 Reviewing, on a limited test basis, relevant internal and external documentation;
 Considering the data and trends.
 Reconciling the relevant financial information with the financial statements.
 Considering the overall presentation and balanced content of the Annual Report 2023.
 Considering whether the Annual Report 2023 as a whole, including the sustainability
matters and disclosures, is clearly and adequately disclosed in accordance with applicable
criteria.
We communicate with the Supervisory Board regarding, among other matters, the planned
scope and timing of the assurance engagement and significant findings that we identify during
our assurance engagement.

Amstelveen, June 28, 2024
For and on behalf of BDO Audit & Assurance B.V.,

sgd.
drs. A.J. Knol RA

56● GRI 2-5

AA24-1408

57● GRIx-xx● GRIx-xx● GRIx-xx● GRIx-xx● GRIx-xx● GRIx-xx

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