The Global Reporting Initiative (GRI) is an organization that produces a comprehensive sustainability reporting framework that is widely used around the world. It started with a vision of a sustainable global economy where organizations manage their economic, environmental, social and governance performance and impacts responsibly and report transparently. GRI has a mission to make sustainability reporting standard practice by providing guidance and support to organizations. It’s about disclosure of organization’s economic, environmental, social and governance performance in credible way and subsequently helping them to identify business risks and opportunities to the organization due to these parameters.
GRI provide framework to report organization’s sustainability performance. It is known as the sustainability reporting framework and consists of three parts – (1) Sustainability Reporting Guidelines, (2) Sector Supplements and (2) The Technical Protocol – Applying the Report Content Principles. All it provide guidance on how organizations can disclose their sustainability performance in true manner. Organization of any size and type can use this framework to assess their performance indicators in economic, environmental, and social domain. Organization that creates their non financial report based on GRI sustainability reporting framework can be considered as credible output aligned with applicable standards and norms. Such report can be used to demonstrate organizational commitment to sustainable development. It can also qualitatively and quantitatively used to measure and compare organization performance based on environment, social and economic dimensions.
By September 2011, 43 corporate sustainability reports published by different organizations in India. TATA (Automotive) is pioneer in sustainability reporting in India. It has started reporting their sustainability performance from year 2001 based on GRI protocol. Following table shows the list of Indian companies with GRI based sustainability reports;
|Sr. No||Organization||Sector||Starting Year|
|1||Mumbai International Airport Private Limited||Airport operator||2012|
|3||JSW Steel||Metals Products||2011|
|4||Jubilant Industries Limited||Chemicals||2011|
|5||Transport Corporation of India (TCI)||Logistics||2011|
|6||UltraTech Cement||Construction Materials||2011|
|8||Jain Irrigation Systems||Agriculture||2010|
|12||Multi Commodity Exchange of India (MCX)||Financial Services||2010|
|13||Oil and Natural Gas Corporation (ONGC)||Energy||2010|
|14||Small Industries Development Bank of India (SIDBI)||Financial Services||2010|
|15||Sree Santhosh Garments (SSG)||Textiles and Apparel||2010|
|16||Grasim Industries||Construction Materials||2009|
|17||Moser Baer India||Other||2009|
|18||V. S. Dempo & Co.||Mining||2009|
|20||ABN AMRO INDIA||Financial Services||2008|
|23||Dr. Reddy’s Laboratories India||Healthcare Products||2008|
|24||Indian Oil||Energy Utilities||2008|
|25||Infosys Technologies India||Computers||2008|
|26||Larsen & Toubro||Conglomerates||2008|
|32||Tata Tea||Food and Beverage Products||2008|
|34||Tata Consultancy Services (TCS)||Computers||2007|
|36||Shree Cement||Construction Materials||2005|
|38||Jubilant Life Sciences Ltd||Chemicals||2004|
|39||Reliance Industries Limited||Conglomerates||2004|
|42||Paharpur Business Centre||Commercial Services||2002|
|43||Tata Steel||Metals Products||2002|
Considering the importance of sustainability in businesses, Ministry of Corporate Affairs, Government of India has launched Corporate Social Responsibility Voluntary Guidelines (2009). This voluntary CSR Policy addresses six core elements – Care for all Stakeholders, Ethical functioning, Respect for Workers’ Rights and Welfare, Respect for Human Rights, Respect for Environment and Activities for Social and Inclusive Development. At this stage these are voluntary guidelines, but there is a possibility of mandatory guidelines too in the near future.
The companies with GRI based sustainability reports in India have started accounting and then disclosing their impacts on the environment and society. Sustainability reporting is now becoming a standard practice for global companies and If Indian companies want to be a competitive with their global counterparts; need to adopt GRI based sustainability reporting framework positively.
Reference: Global Reporting Initiative (GRI)