GRI Archives

March 11, 2022

The Colombo Stock Exchange entered into an understanding with Global Reporting Initiative (GRI) in 2018 to foster effective sustainability performance and communication among Listed Companies. The CSE and GRI, through multiple engagement initiatives have facilitated Sri Lankan Listed Companies to discover the business case and importance of embracing sustainability reporting. The collaboration offered the CSE an opportunity to deliver internationally renowned ESG reporting expertise and know-how to Sri Lanka.

GRI pioneered sustainability reporting in the late 1990’s and has since become the globally accepted standard for enabling business, governments and other organizations to understand and communicate their impacts on critical sustainability issues. Any organization can use the GRI Standards to report on its impacts. The information produced by GRI reporting is highly relevant to many stakeholders, including investors, policymakers, capital markets.

As a part of the collaboration with CSE, GRI is looking to support companies in Sri Lanka with the help of a consultant to take them through the process of preparing a GRI based sustainability report.

The GRI & CSE in collaboration with a consulting organization will provide technical support free of any cost to the selected companies to enable them to prepare a GRI Standard based report. Companies that wish to avail themselves of this opportunity to join this exclusive programme are requested to write to the CSE requesting access to a selection survey that must be completed by sending an email to dilhani@cse.lk before 16^th of March 2022.

The program is exclusively for companies who are not using or referring to GRI Standards.

June 4, 2021

Following the success of the first batch of Technical series 2019-2020, Global Reporting Initiative (GRI) in collaboration with Colombo Stock Exchange (CSE) is organizing the second batch of the Technical Series titled “Preparing a Sustainability Report” on 15^th, 17^th, 22^nd June 2021, from 10.30 AM to 12:00 PM.

The Global Reporting Initiative (GRI) is an independent international standard-setting organization that helps businesses and governments worldwide understand and communicate their impact on critical sustainability issues such as climate change, human rights, governance and social well-being.

GRI pioneered sustainability reporting in the late 1990’s and has since become the globally accepted standard for enabling business, governments and other organizations to understand and communicate their impacts on critical sustainability issues. Today the framework is being used by governments, financial regulators, capital markets, businesses in more than 100 countries around the world. GRI has also been working very closely with the UN to move businesses to report clearly on the UN Sustainable Development Goals (SDGs).

While Sri Lanka does not currently have a regulation that mandates sustainability reporting, the practice is encouraged by the voluntary adoption under the Code of Best practice on Corporate Governance issued by the Institute of Chartered Accountants of Sri Lanka (CASL) together with The Securities and Exchange Commission of Sri Lanka (SEC). GRI South Asia in collaboration with CSE actively engaged with listed companies through a series of workshops, sessions and, virtual roundtables. As a result, we have seen 5 times rise in sustainability reporting and 6-fold rise in GRI reports among the listed companies (from 2013 to 2019). Furthermore, it has been established that reporting on impacts using GRI, helps organizations better anticipate risk, and develop strategy for long term sustainability of the business.

CSE in collaboration with GRI, launched the ESG Guidance document titled ‘Communicating Sustainability: Six Recommendations for Listed Companies Version 02’. The Technical Series will refer to this publication and several other GRI resources and tools to support participating companies to prepare a GRI Standard based report. In addition to this we will also invite practitioners and experts from various organization to share their perspectives, tips, experience and expectations from reporters.

In this high value, professional workshop, we will discover why it makes business sense to adopt sustainable business practices, how to monitor, manage and communicate on your performance. The workshop will be facilitated by GRI South Asia. In addition to GRI and CSE, external experts are also invited to share their perspectives and experience from DNV, Ernst & Young, KPMG and invited speakers from Listed companies in Sri Lanka. It is an ideal opportunity for listed companies to start their reporting journey.

The Technical Series is exclusive for Listed companies & large companies in Sri Lanka (Manager and above) from diverse department who would contribute to preparing the sustainability report of the organization (e.g.: CSR or sustainable development department of the company, HR, Communication, Finance, Operation, Corporate Planning, Risk, Health and Safety). No prior knowledge on CSR/Sustainability is required for attending the series. This is a three-part workshop series.

There is no registration fee for attending the Technical series i.e. all the three workshops. However, seats are limited to the first 40 companies to register. You are requested to nominate maximum up to two representatives from your organization. The participants should commit to initiating sustainability reporting process within their organization and should participate proactively in all the 3 workshops of the series. Participants of the Technical Series will receive a certificate on successful completion of the Technical series.

For registration details please send a mail to chanuka@cse.lk on or before 10^th June 2021. First come, first served basis is applicable.

April 7, 2021

Global Reporting Initiative (GRI) in collaboration with Colombo Stock Exchange (CSE) are hosting an exclusive session on “Why organizations worldwide and in Sri Lanka are adopting sustainability reporting using GRI Standards and how it benefits them”. This is an online session on 09^th April 2021 (Friday), 10:00- 11:00 hours.

The practice of disclosing sustainability information inspires accountability, helps identify and manage risks, and enables organizations to seize new opportunities. Reporting with the GRI Standards supports companies, public and private, large and small, to protect the environment and improve society, while at the same time thriving economically by improving governance and stakeholder relations, enhancing reputations and building trust. The GRI Standards help companies disclose relevant ESG information that support decisions in the best interest of investors and society at large.

2020 KPMG Survey of Sustainability Reporting shows a record number of companies, spanning sectors and geographic regions, are voluntarily choosing to disclose their sustainability impacts – with the GRI Standards the most widely used for reporting. Across all companies surveyed, the GRI Standards is the only sustainability reporting framework that can demonstrate widespread global adoption. Around three-quarters (73%) of the G250 and two-thirds (67%) of the N100 now use GRI. As per a research done by GRI South Asia, 29% of the public listed companies (83 companies) are currently reporting using the GRI standards in Sri Lanka.

GRI’s publication Carrots & Sticks (C&S 2020) provides an analysis of the latest trends in reporting provisions. It reveals 614 reporting requirements and resources across over 80 countries, including Sri Lanka. In 2019 CSE published the ESG guidance document titled Communicating Sustainability Version 02.

As sustainability reporting becomes more widespread, regulators, investors as well as stock exchanges and industry bodies have started to encourage and even demand sustainability data from companies

This is free of charge and the registration link can be obtained by sending an email to chanuka@cse.lk

May 21, 2020

Global Reporting Initiative (GRI) in collaboration with Colombo Stock Exchange (CSE) conducted the third and final workshop of the Technical Series titled “Practical Tips for preparing your next report: Bringing it all together” on 20^th May in Sri Lanka. This workshop focused on practical tips that can be adopted by the organizations to prepare their sustainability reports.

The session was facilitated by Dr. Aditi Haldar, Director, GRI South Asia and Ms. Rubina Pal, DFAT Programme Manager, GRI South Asia. In addition to this, there were other dignitaries such as Mr. Rajeeva Bandaranaike, CEO, CSE and Dr. Thomas Davis, First Secretary Development, Australian High Commission, Sri Lanka. Experts were also invited from VNV Advisory Services, and Dialog Axiata. The session was conducted online.

Addressing the participants Ms. Rubina Pal noted that adopting sustainability reporting is more important now following the outbreak of COVID-19. Embedding ESG into the fundamentals of the company is key to showcase business resilience. She also noted that the process of reporting will help in enhancing trust among stakeholders and analyse the risks and opportunities that would make companies future ready.

CSE and GRI have been working closely since early 2018 to create a conducive environment for publicly listed companies to report on their sustainability impacts. CSE also published the ESG guidance document (Communicating Sustainability: Six Recommendations for Listed companies) with technical inputs from GRI. GRI collaborated with CSE to initiate focused technical series workshop for listed companies that are yet to start reporting using the GRI Standards. 35 listed companies signed up for the Technical Series on “Preparing a Sustainability Report”. The series comprised of 3 workshops spaced out over a period of time. While the first two workshops of the technical series focused on the ‘Why’, ‘How’ & ‘What’ comprises reporting, this workshop helped address some of the key challenges and questions around preparing a sustainability report. In December GRI and CSE celebrated their 2 years collaboration with a Bell ringing ceremony. GRI’s work with CSE is supported by the Department of Foreign Affairs and Trade (DFAT) and the Australian Government. The practice of sustainability reporting aims to contribute to more sustainable trade in the region on the long-term.

GRI & CSE to support companies to start sustainability reporting

CSE and GRI to Host Technical Series: Preparing a Sustainability Report Batch II

CSE and GRI to host Leadership Forum on the business benefits of sustainability reporting using the GRI Standards

CSE and GRI host final workshop of the series ‘Preparing a Sustainability Report’ as an online event