The GRI Standards are one of the most widely used ESG reporting frameworks in the world, with over 10,000 organisations publishing GRI reports, including nearly three-quarters of the world’s largest 250 companies. This framework offers agencies in every sector a clear, comprehensive path to transparent reporting, better risk management, and improved stakeholder and employee engagement, among many other advantages.
The authors of the GRI Standards recognise that it’s necessary to keep their work relevant to companies in a changing global environment. As such, they update the framework periodically in recognition of significant changes in sustainability and companies’ efforts to achieve it. To that end, GRI updated its standards in late 2021 to better reflect today’s sustainability challenges.
An Overview of the Revised GRI Standards
Why were the GRI Standards updated?
As part of GRI’s regular review process, feedback and recommendations are requested from committee specialists and partnering organisations and stakeholders. Prior to the 2021 update, the GRI Technical Committee on Human Rights Disclosure suggested several changes. Responses from the Global Sustainability Standards Board (GSSB) and other stakeholders were also considered to assess and revise shortcomings in the previous version of the standards.
Because of these recommendations and responses, the authors recognised the need to incorporate due diligence reporting and mandatory human rights-related disclosures into the revised Standards. Other changes were required to align key concepts and reporting practices with newer developments in ethical business conduct. They also aimed to facilitate greater clarity on these subjects and their impact on the GRI ESG Standards. Important secondary objectives included efforts to encourage consistent application of the Standards, more comprehensive reporting, and improved usability for reporting groups.
How was the revision carried out?
Changes to the GRI Standards were developed through the Due Process Protocol, a standardised procedure reliant upon a range of mandatory requirements administered by the GSSB’s Due Process Oversight Committee.
The first step of the Protocol involves the identification and prioritisation of relevant projects. After that, specialist committees and working groups are formed as needed. Draft standards are devised with the involvement of the GRI Board, the Stakeholder Council, and members of the public. Proposed standards are then subjected to a review process before final approval and publication.
The current Topic Standards, along with the existing Universal Standards, will be superseded on January 1, 2023. However, reporting organisations are encouraged to transition to the 2021 GRI Standards as early as possible. The new GRI Standards, along with an updated glossary, are free to download in several languages.
What Are the Latest Changes in the GRI Standards?
Previous iterations of the GRI framework were based on two subsets of standards:
- GRI Universal standards, covering matters of global importance and best practices and distinguished by a green cover page accompanied by a single-digit identifying code;
- And Topic standards, addressing specific social, economic, and environmental subjects, each of which is indicated by a purple cover and a three-digit identifying code.
The latest edition features the following changes:
- Reduction of the Topic Standards from 34 to 31, with the discarded topics discontinued or absorbed into aspects of the Universal Standards.
- The introduction of GRI Sector Standards, identified by a brown cover and a two-digit code and covering specific industries and economic sectors. Thus far, only the Sector Standards for Oil and Gas, Coal, and Agriculture, Aquaculture and Fishing have been released for public use. Sector Standards in development include:
- Mining
- Food and beverages
- Textiles and apparel
- Banking
- Insurance
- Capital markets
- Utilities
- Renewable energy
- Forestry
- Metal processing
Proposed standards will address all 40 sectors that the 2021 update encompasses.
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