Five global organizations involved in sustainability standards and reporting said Friday that they will collaborate on a more integrated system of frameworks and standards for corporate reporting.
The institutions — CDP, the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council and the Sustainability Accounting Standards Board — said in a joint statement that they intend to work together to achieve comprehensive corporate reporting.
The organizations also pledged to engage with the European Commission, the World Economic Forum's International Business Council and other groups involved in corporate reporting.
GRI, SASB, CDP and CDSB set the frameworks and standards for sustainability disclosure, including climate-related reporting, while the IIRC provides the integrated reporting framework that connects sustainability disclosure to reporting on financial and other capitals. SASB produces 77 industry-specific standards designed to be decision-useful for investors and cost-effective for companies.
CDP Paul Simpson said in a news release that over the last two decades, his organization has seen environmental disclosure "move from being almost non-existent to fully mainstream."
IRRC CEO Charles Tilley noted in the same statement that this year,"the connectivity between sustainability-related factors and immediate financial-viability is clearer than ever before (as companies) are forced to pivot their business models overnight, to prioritize the health and safety of their employees and customers above the immediate financial success of the business."