Companies are being asked more frequently by their stakeholders to identify, assess, manage, and publicly disclose their impacts on communities and the environment. As a result, many companies are asking questions about double materiality as a way to explore financial and impact materiality within their organization.
The GRI standards are the most widely used sustainability reporting standards globally utilized by more than 10,000 organizations in over 100 countries. In 2021, GRI released its updated Universal Standards to reflect leading best practices for reporting on an organization’s impacts on the economy, environment, and people, including impacts on their human rights. These updated standards highlight the importance of human rights reporting through the lens of double materiality, which incorporates guidance from the United Nations Guiding Principles on Business and Human Rights (UNGPS), as well as the Organization for Economic Cooperation and Development (OECD) Guidelines.
Check out our webinar, "The Key to Impactful Reporting: Understanding Double Materiality and the Updated GRI Standards" to learn more about the updated GRI standards, the concept of double materiality, and how this will impact your sustainability reports.
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