Backing from PwC for GRI's Sustainability Standards Setting

PwC supports Global Standards Fund
May 28, 2021 8:30 AM ET
Press Release

May 28, 2021 /3BL Media/ - An initiative to safeguard the continued development of the GRI Standards has secured a new supporter. Multinational professional services network PwC has joined the GRI Global Standards Fund.

The Fund enables the continued independent and multi-stakeholder development of the world’s most widely used sustainability reporting standards, and their access as a free public good. It also ensures the GRI Standards reflect ever-increasing stakeholder and societal expectations for responsible business conduct, including the creation of new Sector Standards.

The Global Standards Fund seeks support from governments, corporates, philanthropic foundations and individuals who share a belief in the power of sustainability reporting to affect change through transparency. PwC will help the Fund support the crucial yet resource intensive work to deliver and update the GRI Standards, under the Global Sustainability Standards Board Terms or Reference and free from external influence.

Nadja Picard, Partner and Global Reporting Leader, PwC, said:

“PwC believes that the GRI Standards will play a major role in the coming transformation to a more sustainable economy. PwC is committed to design solutions that improve prosperity, health and equality, including working with standard setters to ensure higher quality corporate reporting.

We are increasingly seeing moves towards mandatory and assured reporting requirements by companies on environmental, social and governance factors. The provision of GRI’s globally relevant sustainability standards are essential to ensure comparable and comprehensive reporting. PwC is pleased therefore to contribute to the Global Standards Fund and continue to support the mission of GRI.”

Marco van der Ree, GRI Chief Development Officer, said:

“I am delighted that PwC has answered our call and will help progress GRI’s mission to the next stage. We are hugely ambitious for the GRI Standards in the light of global sustainability challenges and – through transparency – in their key role to empower organizations to take responsibility for their impacts on sustainable development.

Yet that ambition comes at a cost. That is why we launched the Global Standards Fund, as a mechanism for strengthening the GRI Standards, based on the independent and multistakeholder process. I am confident that PwC will be the first of many to commit to the new Fund, and we expect to announce further supporters in the coming months.”

The Global Standards Fund priorities reflect the work program as set by the GRI Global Sustainability Standards Board. The Fund meets the requirements of the GSSB Terms of Reference, which ensures the Standards are developed in line with the needs of companies and the global community, free from external influence.

Supporters of the Global Standard Fund enter into a minimum financial commitment of €200,000 (US$240,000) per year. GRI is engaging with potential partners and supporters to join the Fund. Find out more about the opportunities to get involved.

PwC support for GRI goes back to the early years of the organization’s formation and they have been a GRI Community Member since 2003. Eelco van der Enden, PwC Partner and ESG Platform Leader, recently joined the GRI Board. PwC is a network of firms in 155 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services.

Global Reporting Initiative (GRI) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts, by providing the global common language to report those impacts – the GRI Standards.

Alongside income from commercial services, memberships and events, GRI has donor-funded programs with strategic partners. These funders include the Department of Foreign Affairs & Trade (Australia); State Secretariat for Economic Affairs SECO (Switzerland); the Swedish International Development Cooperation Agency (Sweden), the Robert Wood Johnson Foundation (USA), UK PACT (UK), and ClimateWorks Foundation (USA).