The Global Reporting Initiative Essay Example | Topics and Well Written Essays - 1500 words

The Global Reporting Initiative - Essay Example To hold these expectations and to communicate clearly about sustainability, a global framework model and continuous metrics and language is required and Global Reporting Initiative (GRI) fulfills this. GRI relies on association of the expert from large networks in collaboration with consensus seeking consultation from groups of stakeholders. Since the foundation of GRI, these consultations with practical experience have constantly improved the framework of GRI (GRI 2011). Sustainability Reporting and GRI: A sustainability report allows the organization to reveal sustainable information in such a way that it looks similar like financial reporting. Comparable data that include metrics and agreed disclosures is given in systematic sustainability report. It is an organizational report that gives relevant information regarding economic, environmental, governance and social performance of the company. For the organizations sustainability, the capacity to resist or maintain depends on the p erformance of these key areas. Many companies want to make their operations sustainable and by making a sustainability reporting process, it helps them to set goals, manage change and measure performance. In a sustainability report, communication is made for positive and negative impacts for sustainability (ACCA 2005). ... This reporting is an important step for managing change to a sustainable global economy in which long-term profitability with social justice and environmental care is involved. The rising interest and focus on the impact of businesses on society and environment have increased the awareness level of people and demand for improve and better disclosures that are beyond financial figures have increased as well. The basis of sustainability is now dependent on social, environmental, and economic performance (Barner 2007). Best practices will tell that companies holding triple bottom line concept, are best positioned in terms of their competiveness and brands. The benefits for those companies include better risk management, reputation, and improved infrastructure of governance. Organizations are now expected to do and show more than just fulfilling their duty to give information to stakeholders in their company reports. It is very common now a days that global companies reports on all areas of sustainability reporting that is known as triple bottom line in which companies report on social, economic, and environmental responsibilities. Usually, the economic aspects of reporting have been the main theme of annual reports but now, the strength of annual reports is the disclosure of social and environmental performance (Elkington 1994). Improve reporting and disclosures, beyond the requirement of law or statement are the first step of sustainability report. Following are the drivers towards responsible businesses: Greater Disclosure and Accountability Demand: Different stakeholder groups give immense pressure to companies to display good controlling practices in all fields of their business operations.