Submitted by: International Finance Corporation
Posted: Sep 16, 2008 – 05:51 PM EST
WASHINGTON, D.C. - September 16, 2008 - IFC, a member of the World Bank Group, today announced a joint project with the Global Reporting Initiative to help companies in emerging markets improve relationships with stakeholders and attract investors by better measuring, managing, and reporting their contribution to socially and environmentally sustainable development.
IFC and GRI will focus on bringing much-needed training and information to emerging markets on how to do GRI-based sustainability reporting. Certified training partners will soon be available in the Republic of Korea and South Africa, and in Latin America and other regions. In addition, a series of educational publications and online forums for practitioners will help forward-thinking companies become leading sustainability reporters.
The partnership with GRI is central to a new IFC advisory service that focuses on helping companies align their corporate social responsibility efforts with core business priorities. It is being tested in Brazil, China, and India.
Rachel Kyte, IFC Vice President for Business Advisory Services, said, "Good reporting is linked to corporate strategy. Deciding how to report and what to report helps focus a company's efforts and resources on tackling the most important sustainability issues affecting its business. It is also a way to demonstrate good management and performance in a way that attracts investors like IFC that increasingly assess these issues before investing."
Nelmara Arbex, Director of Learning and Services at GRI, said, "Time and again we hear that sustainability reporting is valuable in helping companies drive improvements to management systems and identify new risks and opportunities for their businesses. We've also been inundated with requests for training and more resources to help companies get started reporting on sustainability. We are delighted to have IFC as a partner in responding to this growing momentum in emerging markets."
GRI's guidelines for sustainability reporting are the most widely used global framework for companies and other organizations to publicly disclose their economic, social, and environmental performance in a systematic way. The guidelines are the only nonfinancial reporting framework developed and updated using a rigorous process involving many stakeholders. They represent the best current thinking on sustainability reporting.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
About the Global Reporting Initiative
The Global Reporting Initiative is a network of thousands of experts from business, civil society, labor, and professional institutions in more than 60 countries. GRI pioneered the development of the world’s most widely used sustainability reporting framework, and is committed to its continuous improvement and application worldwide. Its vision is that corporate reporting on economic, environmental, and social performance should become as routine and comparable as financial reporting. For more information, visit www.globalreporting.org
For more information, please contact:
For more from this organization:International Finance Corporation