GRI responds to EC consultation on disclosure of non-financial information

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09 Feb, 2011

The Global Reporting Initiative (GRI) has submitted a reply to the public consultation of the Services of the Internal Market and Services Directorate General of the European Commission on stakeholders' views on ways to improve the disclosure by enterprises of non-financial information (e.g. social and environmental).

In line with other responses GRI states that companies' stakeholders, including directly affected communities and the public at large, need comprehensive and credible information on corporate social and environmental impacts to identify problems with and monitor progress of the companies they deal with. GRI observes that the current system does not create a level playing field among business, as in most EU countries reporting by companies on their non-financial impacts is voluntary. Yet GRI also warns that the European Commission need not "reinvent the wheel" since there already are "guidelines that enable all companies and other organizations to produce comparable reports on their sustainability performance". According to GRI what is needed is mandatory application, not new standards.

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