{"id":5688,"date":"2021-07-12T14:22:20","date_gmt":"2021-07-12T14:22:20","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=5688"},"modified":"2021-07-12T14:22:25","modified_gmt":"2021-07-12T14:22:25","slug":"gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/","title":{"rendered":"GRI, EFRAG, Collaborate on Development of EU Sustainability Reporting Standards"},"content":{"rendered":"\n<p>The Global Reporting Initiative (GRI) and the European Financial Reporting Advisory Group (EFRAG) announced a new cooperation agreement for the development of EU sustainability reporting standards and supporting convergence with global standards.<\/p>\n\n\n\n<p>Judy Kuszewski, Chair of the GRI\u2019s Global Sustainability Standards Board, said:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u201cThe EU and GRI are both committed to standards that are multi-stakeholder inclusive and address the impacts organizations have on the environment, society and the economy, based on international and authoritative instruments.\u201d<\/p><\/blockquote>\n\n\n\n<p>EFRAG was mandated by the European Commission in June 2020 to prepare for new EU sustainability reporting standards, as part of the revision of the Non-Financial Reporting Directive (NFRD), and is currently leading the technical work to develop European sustainability reporting standards for companies, as required by the new Corporate Sustainability Reporting Directive (CSRD) proposal.<\/p>\n\n\n\n<p>Under the new collaboration, GRI and EFRAG have agreed to share technical expertise to foster the development of the reporting standards, as well as the progress of converged standards at the international level.<\/p>\n\n\n\n<p><strong>GRI Chairman Eric Hespenheide said:<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u201cThe CSRD has the potential to raise the bar for corporate accountability and transparency, in Europe and beyond. There are strong parallels between the double materiality-based proposals in the CSRD and the GRI Standards.<\/p><p>\u201cWe firmly believe that requirements that position sustainability reporting on an equal footing with financial disclosure \u2013 as set out in the EU proposals \u2013 will ensure transparency for all stakeholders on the impacts of companies while acting as an enabler for responsible business conduct and societal dialogue on pivotal issues.\u201d<\/p><\/blockquote>\n\n\n\n<p>Patrick de Cambourg, Chair of the EFRAG Project Task Force, added:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u201cIn the spirit of co-construction and convergence we promote, we want to benefit from long-standing precursors and avoid reinventing the wheel while contributing at the same time to further substantial progress globally.\u201d<\/p><\/blockquote>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-5688\" data-postid=\"5688\" class=\"themify_builder_content themify_builder_content-5688 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>The Global Reporting Initiative (GRI) and the European Financial Reporting Advisory Group (EFRAG) announced a new cooperation agreement for the development of EU sustainability reporting standards and supporting convergence with global standards. Judy Kuszewski, Chair of the GRI\u2019s Global Sustainability Standards Board, said: \u201cThe EU and GRI are both committed to standards that are multi-stakeholder [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":5689,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[37],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GRI, EFRAG, Collaborate on Development of EU Sustainability Reporting Standards - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GRI, EFRAG, Collaborate on Development of EU Sustainability Reporting Standards - ESG Today\" \/>\n<meta property=\"og:description\" content=\"The Global Reporting Initiative (GRI) and the European Financial Reporting Advisory Group (EFRAG) announced a new cooperation agreement for the development of EU sustainability reporting standards and supporting convergence with global standards. Judy Kuszewski, Chair of the GRI\u2019s Global Sustainability Standards Board, said: \u201cThe EU and GRI are both committed to standards that are multi-stakeholder [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/\" \/>\n<meta property=\"og:site_name\" content=\"ESG Today\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ESGToday\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-12T14:22:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-12T14:22:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.esgtoday.com\/wp-content\/uploads\/2021\/07\/disclosure-checklist.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emanuela Kerencheva\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:site\" content=\"@EsgToday\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emanuela Kerencheva\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/\"},\"author\":{\"name\":\"Emanuela Kerencheva\",\"@id\":\"https:\/\/www.esgtoday.com\/#\/schema\/person\/dcdbeafac5cb38bf9c77e2c04ce8280b\"},\"headline\":\"GRI, EFRAG, Collaborate on Development of EU Sustainability Reporting Standards\",\"datePublished\":\"2021-07-12T14:22:20+00:00\",\"dateModified\":\"2021-07-12T14:22:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/\"},\"wordCount\":304,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.esgtoday.com\/#organization\"},\"articleSection\":[\"ESG Reporting\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/\",\"url\":\"https:\/\/www.esgtoday.com\/gri-efrag-collaborate-on-development-of-eu-sustainability-reporting-standards\/\",\"name\":\"GRI, EFRAG, Collaborate on Development of EU Sustainability Reporting Standards - 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