Research Method
The GRI or Global Reporting Initiative, developed by multinational stakeholders the GRI, now in its 4th edition G4, is an essential checklist or guidelines for GRI reporting. It focuses on two main aspects of reporting 1. Content of the sustainability report, and 2. Standard quality for sustainability reporting. While focusing on these two aspects, IR reporting or Integrated reporting has also been made an initiative to enhance reports. With a more significant need for these reports, the internet has become the base for these reports, increasing information accessibility and comprehension.
The current version of the GRI is G4, which defines the principles of content (what to include) and quality (setting standards). The content guidelines include stakeholder inclusiveness, sustainability context, materiality, and completeness. The quality guidelines include balance, comparability, accuracy, timeliness, clarity and reliability. GRI requires companies to consider the right stakeholders. Companies must identify their stakeholders and work to meet their information needs. Then explain its sustainability performance in the context of its overall strategy and the needs of its local and global communities. GRI's quality guidelines relate to the criteria for reporting. Balance means avoiding biased reporting that emphasises only positive impacts. Comparability is a standard that allows stakeholders to compare results over time and across companies. Accuracy means that the company explains how the data was collected. Timeliness means the data is up to date. Clarity means that stakeholders can easily access and understand the information, rather than using technical jargon that makes the report difficult to read and process. Reliability means that an independent auditor can examine the data and provide a statement of assurance.