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Global Reporting Initiative and Sustainable Reporting
Finance & Accounting
Pages 8 (2008 words)
Global Reporting Initiative and Sustainable Reporting Organizational sustainability reporting, which could cover the economic, environmental and social aspects of business operations is critical for companies for several reasons. The most important of which is how it serves the need of various stakeholders in and out of the organization, affected by its operations and activities.
The increase in regulatory scrutiny, the emergence of new standards and the heightened interest on the part of public and private policymakers are the reasons why sustainability reporting becomes imperative for organizations today. To demonstrate this, this paper will explore one of the most widely recognized sustainability standards, the Global Reporting Initiative. Reporting Standard The Global Reporting Initiative was established in the year 1997 and sponsored by the Coalition for Environmentally Responsible Economies; the Global Reporting Initiative (GRI) was formed for the purpose of outlining a set of guidelines that would deal with the economic, environmental and social consequences of organizational activity (Brown, 2005, p.90). Because of this objective, the initiative is often called as “sustainability reporting.” Its declared mission is “to create conditions for the transparent and reliable exchange of sustainability information through the development and continuous improvement of its Sustainability Reporting Framework” (GRI 2007). ...
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