Project update

The Global Sustainability Standards Board (GSSB) has appointed three multi-stakeholder Technical Committees to develop Standards for Banking, Capital Markets and Insurance sectors. Each Technical Committee consists of 13 financial service experts representing civil society, mediating institutions, business enterprises, labor and investment institutions. 

Starting September 2023, the three committees will provide technical advisory for the development of the content of the Standards, collaborating via a cross-sector exchange in which all committees are present.  The public exposure draft(s) is aimed for Q4 2024. 

For more information about the responsibilities of the Technical committees, see the Terms of Reference. 

The importance of this Standard 

Financial services organizations are intermediaries between all other economic actors, allocating capital through investments, channeling funds from savers to borrowers, facilitating payments, and allowing people and companies to transfer risk. The significance of these sectors lies in their central position in the economy, in which few activities could function without credit, insurance, capital markets or payment services.

Banks, insurers and actors in capital markets have impacts through their own operations - such as employment practices, customer privacy, financial inclusion as well as investment activities. By investing in businesses that have human rights or environmental impacts, financial sector actors facilitate impacts that reach beyond their operational boundaries.

About this project

The Financial Services Sectors have been approved by the Global Sustainability Standards Board (GSSB) to be included in the next sectors for which Standards will be developed, as part of priority group one. Sectors are prioritized based on the seriousness and the likelihood of their impacts, considering size, worldwide distribution, and the number of organizations from that sector that can use GRI Standards. 

If you have questions or would like more information about this project please contact [email protected].