Project Update

The Global Sustainability Standards Board has appointed a multi-stakeholder Project Working Group to revise GRI's Economic Impact related Topic Standards. The expert Working Group consists of 17 members from a broad range of organizations representing civil society, mediating institutions, business enterprises, labor and investment institutions.

The Working Group will provide technical expertise to inform the revision of the Topic Standards for the consideration of the Global Sustainability Standards Board (GSSB).

You can read the Working Group member biographies here.

For more information regarding the responsibilities of the Working Group, please see the Terms of Reference.

About this Project

This project's main objective is to review and update the set of GRI topic standards related to economic impact. The goal is to develop a revised set of new disclosures and standards that represent internationally agreed best practices.

The revision process will use a programmatic approach to align the topic standards. The project will revise the portfolio of economic impact related topic standards in three phases.

Currently, the following economic impact related GRI Topic standards are set to be revised:

Phase 1: Distributed value

• GRI 201: Economic Performance 2016

Phase 2: Impact on institutions

• GRI 205: Anti-Corruption 2016
• GRI 206: Anti-Competitive Behavior 2016
• GRI 415: Public Policy 2016

Phase 3: Economic multiplier, Job creation and Goods and services

• GRI 202: Market Presence 2016
• GRI 203: Indirect Economic Impacts 2016
• GRI 204: Procurement 2016

Background

The world has significantly changed over the last decade since our Economic Impact Standards were first published. While the global economy is starting to recover from the pandemic, the situation remains fragile. Growth is forecasted to be slow and, with high interest rates, rising debt levels, and pressure on global trade, there are still many challenges on the horizon for all sizes and sorts of organizations.

There is an urgent need to reconsider the traditional approach of reporting organizational impact on the economy. GDP growth, profitability, and shareholder returns are not a true measure of economic impact. Instead, organizations need to take a more holistic approach, taking into account the UN’s Sustainable Development Goals (SDGs) and broader societal and environmental factors.

The GSSB has therefore prioritized the revision of GRI’s economic impact related disclosures and standards to better reflect the socio-economic developments of the last decade, and to align the standards with international authoritative instruments. Through our updated Economic Impact Standards, we will help organizations understand and report how their work impacts their stakeholders and economic systems – not just their finances.