n October 2023, the EU defeated an attempt by some of its Members of the European Parliament (MEPs) to water down the requirements regarding its European Sustainability Reporting Standards (ESRS), thereby ensuring that, through the incorporation of double materiality, it would achieve its ultimate goal of giving non-financial and financial reporting total parity. Following this news, the Global Reporting Initiative (GRI) claimed that “a high level of interoperability between the new ESRS and the GRI Standards - already widely used by thousands of organizations in Europe and around the world - [had] been achieved.” Although the GRI acknowledged that ESRS is mandatoiy and the GRI voluntaiy, their claim nevertheless called attention to the issue of fungibility, implying that the GRI stood alone in providing organisations with a truly global reporting standard. Our
THE FUNGIBILITY OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE REPORTING
Mar 27, 2024
5 minutes
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