The G3 launch was the centerpiece of GRI’s global conference on sustainability and reporting that took place 4-6 th October 2006 in Amsterdam, where 1000 opinion leaders and experts from around the world have gathered. The event represented the pinnacle of a three-year intensive development process which engaged thousands of stakeholders in business and civil society worldwide.
Business leaders now see a clear business case for sustainability reporting, which reduces risk and the cost of capital, helps attract and retain customers and staff, supports stakeholder engagement and creates new business opportunities.
It is important to note that at the G3 conference for the first time since the inception of the GRI in1998 both the speakers and the audience addressed the GRI with a tone demonstrating full acceptance and agreement on its role and position as global sustainability reporting standard: “As G3 is being launched, we enter a new era in the quality of non-financial reporting. GRI is absolutely important platform for partnerships. ” (A.Steiner), “G3 launch is an enormous achievement, now we all have to apply it.” (M.M. Stuart)
Other key points highlighted throughout the conference include:
1. A call to the governments to take a more proactive role by establishment of “...smart regulation” on CSR and sustainability reporting
2. Evidence of growing interest from the investment community in sustainability aspects of business performance and their place in the investment analysis and decision-making
3. Strong consensus on the business case of CSR and the value of sustainability reporting as a “tool for change” within the company, and special focus on the reporting as a tool for strengthening the business competitiveness through boosting innovation, development of new business models and products, attracting and retaining talent
4. The importance of the SME sector for the successful implementation of the CSR and sustainability agendas: “We will not address G3 if we don’t bring SMEs and introduce them to CSR and sustainability reporting. We need to reach million people and businesses in developing countries. We need leadership, need global corporations to use their supply chains to lead the process.” ( M.M. Stuart); “We need a positive locally based sustainable development agenda based on common values: prosperity, solidarity, security.” (M. Wallstrom).
5. Recommendations for further development of the GRI framework:
· Indicators and technical protocols, sector supplements, national annexes: “The quest for widening and deepening of the current reporting framework would continue by focusing on indicators improvement, one by one: “Impact indicators are new area not included in G3. Identification of critical issues is what the GRI process is expected to do…New discussions have started addressing innovation based on sustainability reporting, and related to indicator protocols.” (E. Lighteringen, GRI) and by further expansion of the sector supplements and development of national annexes. Sector specific issues will be the key for further growth of the GRI.
· Recommendations sustainability reporting to be combined with financial reporting: “CSR reporting must be combined with financial reporting – this is critical for the sustainability of the company.” (ABN AMRO)
6. A call for partnerships and collaboration between the CSR initiatives and standards.