‘Encouraging’ findings for corporate transparency in KPMG survey
GRI provides the ‘first and foremost’ global standards, used by more leading companies than ever before. The news was released as a major stock-take on the state of sustainability reporting around the world has taken place. The KPMG Survey of Sustainability Reporting (published 26 October) analysed the disclosure practices of the global G250 companies – the largest by revenue, as well as a larger pool of the N100- 100 businesses in 58 countries.
Findings in their 2022 research include:
- 78% of the G250 now adopt the GRI Standards for reporting (up from 73% in 2020);
- More than two thirds - 68% of the 5,800 N100 companies use GRI (up from 67% in 2020, when N100 was a smaller sample size);
- 96% of G250 (same as in 2020) and 79% of N100 (77% in 2020) report on sustainability or ESG;
- 80% of G250 and 71% of N100 disclose Carbon reduction – yet under half (46% of G250, 40% of N100) report on biodiversity;
- Almost three-quarters of those surveyed (74% of G250, 71% of N100) report on the SDGs;
- GRI offers the only reporting standards used by a majority of surveyed companies in all regions (75% in the Americas, 68% in Asia-Pacific and Europe, 62% in ME & Africa).
Eelco van der Enden, CEO of GRI, said:
“With more companies committing to globally accepted reporting standards to deliver transparency on their impacts, this major research from KPMG offers reasons to be encouraged. If there was any remaining doubt, it is now abundantly clear that comparable sustainability reporting is widespread across countries and sectors – and it’s here to stay.
Deeper accountability, however, requires deeper disclosure, ensuring decisions are based on robust data and not just perceptions. While the research shows climate risks are widely addressed, recognition of biodiversity impacts is worryingly low. A revised GRI Biodiversity Standard, to launch in 2023, will be a key driver for increased reporting on this crucial topic, which goes hand-in-hand with efforts to tackle climate change.
What the survey does not yet reflect are new developments in the corporate reporting landscape, including incoming sustainability standards from the IFRS Foundation, and the European Union. I can reassure GRI reporters that we have an essential bridging role across both these initiatives, underlining the growing relevance of our Standards.”
The KPMG Survey of Sustainability Reporting, primarily released in 1993, has closely followed a continuous rise in reporting around the world, which equals GRI’s growth since the organization was established 4 years later. 45% of G250 companies conducted sustainability reports in 2001, which has risen to 96% today.
A project to update the Biodiversity Standard (GRI 304), in response to escalating concerns over biodiversity loss has been launched by GRI. A public comment for the exposure draft is due for this year, with the new Standard planned to be released in Q3 2023.