IFC_GRI_GettingMoreValueOutofSustainabilityReporti

8/9/2019 IFC_GRI_GettingMoreValueOutofSustainabilityReporti

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G ing Mor Valu Ou ofSus ainabili y R por ingConn c ing IFCs Sus ainabili y P rformancS andards and h GRI R por ing Fram work

A Good Prac ic No by IFC and GRI In par n rship wi hI aly, Lux mbourg, h N h rlands, and Norway.


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We have o nd that more e ective dialog e abo t

s stainability with o r clients enables s to o er

better assistance to strengthen their b sinesses.


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CONTENTS

Foreword - B ilding stronger b siness relationships ...........................................iii

How to se this Good Practice Note ...................................................................v

IFCs Per ormance Standards and the Global Reporting Initiative ............ ........... 1

S stainability Reporting as a b siness process ......................... ............... ........... 5

Engaging with IFC as one o the stakeholders or yo r report .............. ............ 10

Practical Alignment o IFC and GRI reporting req irements ............. ............... .. 13


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FOREWORDB ilding stronger b siness relationships

The last decade has seen a steady rise in p blic demand or b sinesses to be transparent abo t theirenvironmental, social, and governance (ESG) per ormance, incl ding their contrib tions to local economies.Companies worldwide have met this trend with increasing ptake o what is now commonly calleds stainability reporting.

As a member o the global investment comm nity and a leader in s stainability standards in emerging markets,IFC sees s stainability reporting as an opport nity or a more dynamic engagement between investors andb sinesses. There is a clear link between good ESG per ormance and the ability o enterprises to be pro tableand s rvive t rb lent times. We have integrated s stainability in o r own approach to investments in emerging

markets and we have seen the val e and the importance o adeq ate disclos re.

However, there is still a big gap, especially in emerging markets, when it comes to material ESG in ormationabo t company per ormance. Many investors, incl ding instit tional investors, need this in ormation to makein ormed investment decisions. The lack o s stainability reports is a signi cant constraint on their ability toanalyze and channel capital to s stainable emerging market companies.

IFC has been working or several years now to address the in ormation gap, and o r partnership with theGlobal Reporting Initiative (GRI) is part o that on-going e ort. Over the last decade, GRI has established theinternational standard or s stainability reporting by organizations worldwide. IFC has there ore partneredwith GRI to o er this Good Practice Note or interested companies on how to improve their s stainabilityreporting sing the GRI G idelines in conj nction with IFCs S stainability Framework.

IFC sees s stainability reporting as a timely next step to improve transparency and strengthen tr st in the privatesector. It is also a management tool that can help companies to identi y operational e ciency improvements,innovate in their prod cts and services, b ild stronger relationships with stakeholders, enhance rep tationalval e and, increasingly, attract investors.

We wo ld like to see many more o o r clients ndertaking GRI-based reporting alongside and as part otheir traditional ann al reporting. Companies achieving excellence across all aspects o management arecompanies most likely to grow and s cceed over the long term.

We hope yo will nd this doc ment se l and we welcome yo r eedback.

RACHEL KYTE

Vice President, Business Advisory Services, IFC

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IFCs Sus ainabili y Fram work R vi w and Upda Proc ss 2009-2011In September 2009, IFC began a review and pdate o its S stainability Framework, which incl desPer ormance Standards on Social and Environmental S stainability (IFCs Per ormance Standards) andPolicy on Disclos re o In ormation (IFCs Disclos re Policy). The pdate, which will r n ntil Jan ary 2011,intends to ens re that the Standards, which came into e ect in April 2006, refect lessons learned rom thelast three years o implementation and evol tions in the global environment. It will also give stakeholders theopport nity to provide inp t thro gh a p blic cons ltation process.

This g ide is designed to help companies develop systems that respond to the Per ormance Standardsreq irements aro nd reporting. Conseq ently, the c rrent version is being released as a Road Test dra t tosolicit eedback on its se lness. A nal version will be p blished in 2011, ollowing the completion o thestandards review and pdate.

For more in ormation or to participate in the Per ormance Standards review process,visit www.i c.org/policyreview


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HOW TO uSE THiS GOOD PRaCTiCE NOTE

This Note is intended as a g ide or companies on how to incl de in ormation and indicators in theirs stainability reports that are likely to be material to IFC and to other organizations that may se IFCsS stainability Framework as a benchmark. In addition to this note, there are several other GRI reso rces thatprovide rther in ormation and can be o nd thro gh the GRI website.

It also aims to show the links between the speci c in ormation needs o these instit tions and the opport nitiesor companies to align their strategy and management systems with broad stakeholder expectations, as

refected by the Global Reporting Initiative (GRI) Sustainability Reporting Framework

This g ide there ore works at two levels:

To s pport sen or exec t es nd n gers in establishing an e ective internal system orthe s stainability reporting process as well as promoting an innovative and strategic approach tos stainability at the corporate level.

To assist corpor te report ng te s in the comparison o indicators between the IFC and GRIrameworks, thereby str ct ring in ormation more e ciently. In some cases there is clear alignment

and strong overlap. In other cases, one ramework will richly complement the other and o ergreater g idance on how to cover a partic lar aspect o b siness per ormance.

The recommendations in this p blication are part o IFCs e orts to show how the Per ormance Standardsalign with leading standards in the market place. They do not g arantee that a company will meet thedisclos re req irements in IFCs Per ormance Standards and Disclos re Policy.

However, co p n es w th s st n t reports th t o ow the GRi pr nc p es w h e gre tere hood o ddress ng iFC n or t on needs . Similarly, IFCs per ormance req irements and disclos re

req ests may set a company on its way to having the components o a comprehensive s stainability report.

The g iding theme is that, when done well, s stainability reporting is a b siness process that can createinternal management bene ts as well as enhance rep tational val e.

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iFCS PERFORmaNCE STaNDaRDS aNDTHE GlObal REPORTiNG iNiTiaTivE

SeCtION1For almost two decades, IFC has been applying environmental and social standards to all the projects it

nances, in order to mitigate negative impacts on the environment and on a ected comm nities and enhancethe positive development impacts. This refects IFCs belie that environmentally and socially s stainablecompanies are well-r n companies with red ced risk and greater opport nities to s cceed.

IFCs Per ormance Standards were prod ced thro gh a rigoro s process, incl ding a wide stakeholdercons ltation, and have become a leading benchmark or international nance instit tions working with theprivate sector. In 2006, the newly released Per ormance Standards were adopted as a basis or the Eq atorPrinciples, a benchmark or s stainable nance in emerging markets (www.eq ator-principles.com).

To date, over 70 banks and nancial instit tions rom developed and emerging markets have adopted theEq ator Principles. In addition, 32 export credit agencies o the OECD co ntries and 16 E ropean development

nance instit tions now benchmark private sector projects against the Per ormance Standards. At the sametime, while not adopting the Standards in their entirety, some m ltilateral instit tions are looking to achieveStandards eq ivalence in their latest policy pdates.

There are c rrently 8 Per ormance Standards (PSs), which o tline the responsibilities o companies receivingor applying or IFC investment. They cover:

PS1: Social and Environmental Assessment and Management Systems

PS2: Labor and Working Conditions PS3: Poll tion Prevention and Abatement PS4: Comm nity Health, Sa ety, and Sec rity PS5: Land Acq isition and Invol ntary Resettlement PS6: Biodiversity Conservation and S stainable Nat ral Reso rce Management PS7: Indigeno s Peoples PS8: C lt ral Heritage

Thro gho t, the standards incl de vario s req irements or companies to monitor and disclose in ormationexternally as well as internally.

PS1, which acts as an overarching ramework or the other standards, req ires that companies report toa ected comm nities on

1) Their environmental and social Action Plans2) Progress on implementation, and3) Whether there have been any material changes in the mitigation meas res described in the Action Plan.

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PS1 req ires that these reports be in a ormat accessible to the a ected comm nities. The req ency othese reports will be proportionate to the concerns o a ected comm nities b t not less than ann ally. 1

PS1 also req ires ntern report ng , whereby a companys sen or n ge ent sho d rece e per od cssess ents o the e ectiveness o its environmental and social management program, based on

systematic data collection and analysis. 2

The Per ormance Standards rther t within a broader policy ramework o iFCs own respons t es.These incl de

Reviewing assessments o environmental and social risks in any new proposed investments3

Reviewing the companys Action Plan to address these risks and identi ying additional or correctiveactions to be incorporated in the Action Plan to address any gaps in meeting the Per ormance Standards

Disclosing a s mmary o risks and relevant mitigation meas res to the p blic in advance o anyinvestment (this is done thro gh IFCs Disclos re Portal, www.i c.org/disclos re)

Checking on an ongoing basis, once investment takes place, that the Action Plan is implementedand any new risks are mitigated 4

In this way, IFCs Standards set o t req irements and recommendations or the kinds o systems that

companies sho ld establish to better manage and mitigate environmental and social risks and impacts.A cr cial part o this is the need to comm nicate e ectively with stakeholders incl ding comm nities andinvestors abo t s stainability in b siness operations and s pply chains. Proactive comm nication b ildstr st and strengthens rep tation, which in t rn protects a companys investors and acilitates its ability toimplement strategy. The q ality o reporting is also a direct refection o the companys own grasp o itsenvironmental and social per ormance.

1 External Reporting on Action Plans, section 26

2 PS 1 Internal Reporting (Para 25), Note: the management program A program of mitigation and performance improvement measures and actions that address the identi ed social and

environmental risks and impacts Consists of a combination of operational policies, procedures and practices May apply broadly across the clients organization, or to speci c sites, facilities, or activities Will de ne desired outcomes as measurable events to the extent possible, with elements such as performance indicators,

targets, or acceptance criteria that can be tracked over de ned time period,

3 IFC o cers ollow a p blicly available Environmental and Social Review Proced re when reviewing compliance andimplementation by private sector projects. This is available online at http://www.i c.org/i cext/s stainability.ns /Content/ESRP

4 Ibid

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The G o Report ng in t t e (GRi)was established in 1997 with the vision that reporting on economic,environmental, and social per ormance by all organizations sho ld become as ro tine and comparable as

nancial reporting. In 2006, GRI released G3, the third generation o its now globally recognized rameworkor s stainability reporting.

The GRI ramework sets o t the principles and indicators that any organization can se to meas re and reporton its s stainability per ormance. It also provides detailed g idance to companies o di erent sizes and indi erent sectors on how to navigate the reporting process. This ramework has been developed thro gh aglobal, m lti-stakeholder process and is s bject to ongoing revision and pdating. It is now the most widely

recognized, international plat orm or s stainability reporting.The GRI G idelines are there ore a global standard that companies can se to p blish a p blic s stainabilityreport which is relevant to a wide range o stakeholders. By sing the G idelines a company knows it

Has covered the key iss es that most stakeholders are concerned abo t

Has sed per ormance indicators and methods or calc lating per ormance data that are acceptedby global experts in these areas

Is reporting in a way that can be compared with its peers

In addition, the G idelines steer companies thro gh an examination o the nder ng str teg es nds ste s they have established or need to establish in order to manage environmental, social, economic, andgovernance aspects o b siness operations and engagement with their s pply chain and distrib tors.

The process o preparing a GRI report can there ore be sed to promote and g ide the development ostr ct res o management and monitoring that help a company anticipate and respond to an increasingrange o q estions rom stakeholders.

D e to the strong alignment between the g iding principles o the GRI Framework and IFC Per ormanceStandards, the content o a companys s stainability report can there ore be a good starting point or manyo the speci c q estions an investor like IFC will ask.



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th Inv s or P rsp c ivEnvironmental, social and governance (ESG) in ormation has become increasingly important to investors oall types. At the time o p blication o this doc ment, more than 600 investors responsible or approximatelyuS$20 trillion in assets had committed to the united Nations Principles o Responsible Investment (www.

npri.org), on the basis that ESG actors can be material to investment decisions.

A n mber o key s stainability challenges have become areas o intense investor concern, as it has becomemore widely recognized that the long-term s stainability o a b siness is directly tied to its ability to weatherenvironmental and social trends. For instance, in the case o climate change, investors have recognized thatthere will potentially be direct costs and bene ts rom the emergence o emissions trading schemes, as wellas indirect challenges and opport nities res lting rom the geophysical changes and technology shi ts thatwill be driven by climate change.

However, or investors to integrate ESG per ormance into their decisions, they req ire disclos re that iscomprehensive, consistent across markets, and rob st. As a res lt, demand rom banks and investors orq ality corporate reporting has grown. This demand has mani ested itsel thro gh activities ranging romshareholder engagements with companies, to enco raging reg latory bodies, to enhancing ESG disclos rereq irements in a n mber o regions.

Investors need a combination o data and analysis o how s stainability relates to and inf ences the strategy othe company, as well as comparable per ormance data that can be sed in order to benchmark per ormance.Good s stainability reporting can help investors nderstand the key strategic iss es or a company, and alsoprovides data that can be sed to benchmark across a sector or a region.



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SuSTaiNabiliTy REPORTiNGaS a buSiNESS PROCESS

SeCtION2Wha is Sus ainabili y R por ing?S stainability Reporting is a orm o ntern on tor ng, n ge ent nd extern co n c t on ,which enables organizations o all sizes to meet the growing in ormation needs o their vario s stakeholders,both internal and external. In addition, reporting also he ps re n orce ntern c p c t esto engage the llorganization in de ning a corporate s stainability strategy, setting p blic targets, implementing plans, andreviewing res lts.

Developed chiefy or the private sector, b t now being adopted by cities, NGOs and government agenciesaro nd the world, s stainability reporting capt res dimensions o an organizations practices that havetraditionally not been meas red or reported in a systematic way. For this reason, s stainability reports o er aval able insight into drivers o organizational per ormance that may previo sly have been overlooked.

Wha yp of informa ion is includ d in a sus ainabili y r por ?In the broadest sense a s stainability report is abo t the economic, social, and environmental aspects o acompanys operations; the related impacts it has thro gh its everyday activities; and the conseq ences o thoseimpacts or the company and others. It can also respond to speci c q estions rom a companys stakeholdersabo t key s stainability topics, s ch as relationships with local comm nities, protection o h man rights,adaptation to climate change, and corporate governance per ormance.

Increasingly, the investment comm nity is sing s stainability reports to assess how environmental, social,and corporate governance (ESG) per ormance might a ect their investments. Some companies are combiningtheir Ann al Reports and their S stainability Reports into an integrated report and are sing the Internet ininnovative ways in order to make in ormation easier or investors to nd.

A s stainability report sho ld contain in ormation that is material, or, more simply stated, in ormation that matters to stakeholders so that they can better engage with the company and make in ormed decisions. Beca se therange o a companys stakeholders may be broad, so will the range o in ormation that may be incl ded.

The GRI G idelines o er a set o principles and per ormance indicators that have been developed over more

than 12 years o global, m lti-stakeholder dialog e to g ide companies on what to report. These can be sedin combination with other tools s ch as IFCs Per ormance Standards and the united Nations Global CompactPrinciples (www. nglobalcompact.org), to design internal commitments and management approaches.



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Sus ainabili y R por ing and Good Corpora Gov rnancTransparency is a ndamental component o good corporate governance and serves to b ild vital relationshipso tr st with key partners o any b siness. These range rom shareholders and c stomers to employees, civilsociety and governments. Each has a di erent relationship with the company and there ore di erent interestsin its per ormance.

With the greater nderstanding o what makes a s stainable b siness, stakeholders want to know that acompany is not only nancially strong b t also whether it has properly taken into acco nt, and has systemsto manage, other material aspects o its b siness. Fail re to manage across all dimensions o the b siness willbe refected in the res lts achieved either in terms o direct nancial conseq ences or diminishment o keyintangible assets, s ch as employee prod ctivity, or tangible and meas rable assets, s ch as c stomer loyalty.

The King III Code o Corporate Governance in So th A rica states that

Strategy, risk, per ormance and s stainability have become inseparable and recommends integrateds stainability per ormance and integrated reporting to enable stakeholders to make a more in ormedassessment o the economic val e o a company 5

The GRI G idelines set o t the ollowing principles or de ning report content and q ality:

Content Materiality, Stakeholder incl siveness, S stainability context, and Completeness

Q t Balance, Comparability, Acc racy, Timeliness, Reliability, Clarity

m ter n or t on will refect the organizations signi cant economic, environmental, andsocial impacts, or be in ormation that wo ld s bstantively inf ence the assessments and decisionso stakeholders.

When determining materiality o report content, GRIs g idelines state that organizations sho ld alsotake into acco nt the basic expectations expressed in the international instr ments and standardswith which the organization is expected to comply. In this regard, IFCs Per ormance Standards are a

key s stainability benchmark or many companies operating in emerging markets.

5 Instit te o Directors So thern A rica (2009) King Code o Corporate Governance or South A rica (King III), pgs 11 and 12



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1. Company identifiesrelevant sustainability issuesand understands how theseare linked to its business

2. To address these issues,company defines action plansto implement business caseswith performance targets

3. Company commits toperformance targets, monitorsand reports annually tostakeholders, and feeds backstakeholder perspectives intocompany strategy

Sus ainabili y R por ing as a Manag m n Proc ssThro gh the reporting process, companies identi y policies and systems that have to be enhanced in order toimprove per ormance and comm nication. This is in line with IFCs commitment to help clients contin o slyimprove their environmental and social management systems and thereby their overall b siness per ormance.

S st n t Report ng h s extern s we s ntern enefts or co p n . Externally, itdemonstrates a commitment to transparency and b ilds tr st with shareholders, employees, c stomers,s ppliers, comm nities, and other b siness partners.

Internally, when done well, the process o p blishing a s stainability report can help a company stim lateinternal comm nication and alignment o vision, b ild management systems, develop sta competencies,and promote behavior change. It can be partic larly se l in oc sing attention and reso rces on meas ringand improving per ormance in line with corporate targets and or identi ying gaps in existing practices.



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Sustainability Reporting is a good

practice because it acilitates and creates

a system to engage stakeholders and rein orce management

systems. It also serves a purpose when there isa specifc demand or in ormation.

A s stainability report and the reporting process o er ways or a company to channel data collection andeval ation so that it in orms corporate strategy on an ann al basis. Many leading companies cite the internalstrategic val e o reporting as one o the main bene ts to their b siness.

For instance, reporting provides a reso rce or sta to serve as ambassadors and comm nicate abo t theircompanys e orts. This in t rn helps a company to harness sta inp t in planning e ective s stainabilitystrategies and achieving contin o s improvement in their operations, prod cts and services.

Who should b involv d in pr paring a sus ainabili y r por ?O ten in ormation abo t a companys social and environmental per ormance as well as economic and corporategovernance aspects will be split between vario s departments and levels o operations. I this in ormation hasnot been collected be ore, it presents an opport nity to establish a system to gather the needed in ormationin an e ective way and to make s re it is conveyed in a comprehensive and nderstandable ashion.

Many times, companies will have done a speci c social report abo t their comm nity involvement. They mayalso have prepared and s bmitted environmental reports or environmental a thorities. They will o ten alsohave initiatives to improve attraction and retention o employees.

However, these activities will most likely have been managed by specialists in di erent areas, s ch ascomm nity development, engineering, comm nications or h man reso rces management, who may not bein reg lar contact with each other.

The s stainability reporting process can acilitate the integration o these vario s aspects and provide inp t toa crossc tting, corporate s stainability strategy. The ollowing are two e ective ways to initiate s ch a process:

Create a cross-departmental task orce to initiate and acilitate the reporting process: the taskorce sho ld consist o knowledgeable sta or managers rom the relevant areas o companyoperations who can ens re that q ality data is collected. It sho ld also meet reg larly to ens rethat in ormation is shared, compared and integrated e ectively in an overall corporate strategy.

Provide leadership rom the top: A senior exec tive or director sho ld have responsibility andacco ntability or the reporting process and nal o tcome, similar to the ann al report process. Cleardirection rom the o tset will help g ide the task orce in terms o corporate priorities and messages.A senior exec tive can also p sh the task orce to achieve a more ambitio s standard and can ens rethat the report aligns with and in orms corporate strategy in the most e ective way.

The bene t o this kind o corporate str ct re or s stainability reporting is that, at any time, an investor canq ickly be g ided to relevant company contacts with regard to speci c s stainability q estions.



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The ollowing diagram shows an example o reporting responsibilities inside a company:

Deploy sustainability report contentin different forms and channels

through an integratedcommunications strategy

Contact point forquestions frominvestors and

the public

Operational departmentsHuman ResourcesInvestor RelationsHealth & SafetyEnvironmental managementCommunity program

Cross-departmentalTask Force to plan

and compile annualsustainability report

Board of directors, Chairman and CEO

Senior Executive responsible forSustainability Reporting



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ENGaGiNG WiTH iFC aS ONE OF THESTakEHOlDERS FOR yOuR REPORT

SeCtION3S stainability Reports are a way or companies to explain in their own words their strategies and systems ormanaging social and environmental risk as well as opport nities. For any company, the providers o capitalare a key stakeholder gro p.

As one s ch provider, IFC has established a process o assessing per ormance, risks, and management systemso potential clients. S stainability reports can be part o the rther so rces o in ormation that help IFC

nderstand the s stainability pro le o the companies it seeks to do b siness with.

There are di erent ways in which in ormation will be relevant to IFC, which will depend on the partic larclient circ mstances. For example,

IFC needs to ens re that recipients o its nding are adhering to the environmental and socialcovenants in the investment agreement, incl ding the req irements o the Per or nceSt nd rds and act on P ns . IFC maintains a system or this task, which req ires that clientss bmit an ann al report on their per ormance.

IFCs reporting req irements incl de q estions abo t s gn fc nt e ents that may have occ rredd ring the year and how the company has responded to them.

IFC will also want to know details abo t en ron ent nd soc n ge ent s ste s . Ageneral description and organizational diagrams will be relevant or many stakeholders and co ld actas starting point when talking to an IFC environmental or social specialist d ring an appraisal visit.

Most importantly, IFC will want to know abo t n en ron ent nd soc r s s that co lda ect the s ccess o the investment partnership and the long-term strength o the b siness. Inmany cases, IFC can assist to address these risks as part o the loan agreement.

In addition, the presence o a report is also relevant or IFC as evidence o the clients e orts to engage withdi erent stakeholders. The report itsel represents a base o in ormation that can be extracted into other

ormats (e.g., websites, incorporated into ann al reports) and also demonstrates openness to engagement.

There sho ld be a way to capt re eedback and q estions rom these gro ps. Speci c q estions rom one

stakeholder gro p may also improve comm nication with another stakeholder gro p.



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Opport n t es or in o ng iFC n the GRi Report ng Process

Preparation

Consulting withstakeholders

Planning

Data collection

Writing, Review

and Editing

Externalverification

GRI ApplicationLevel

Production andLaunch

Is your company an IFC client? If so, then the IFC Sustainability Performance Standardsare a key benchmark that you should consider for your report.

Your GRI-report can provide descriptions to IFC of efforts to engage with differentstakeholders as well as being a tool for stakeholder dialogue.

IFC will have identified sustainability performance issues during appraisal orsupervision, which your company needs to address. This could inform what content youcover in your report.

Data that your company collects in order to report to IFC could be used in a public,GRI sustainability report.

Under appropriate circumstances, an IFC staff member could provide feedback ondrafts of your report.

IFC, like other readers, will want assurance that nothing significant has been left outand that the information in the report is reliable. External assurance or verification canhelp achieve greater credibility for your report.

Declaring a GRI Application level (C for beginners, B for intermediate, or A forcomprehensive) lets readers know how much of the GRI Guidelines you have covered.

Congratulations on launching your report! Establish a contact point to respond toquestions. If IFC asks for more information then this can help inform futurereporting cycles.



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th IFC Appraisal and Sup rvision proc ssIFC monitors the environmental and social per ormance o its investments and manages associated risks atthe beginning o an investment and as part o its ongoing port olio management.

The scope and reg larity o reporting that IFC req ires rom clients are determined or each investmentdepending on

The sector and type o b siness

The nat re and level o risks identi ed

The nat re o the investment (e.g. loan or eq ity)

These aspects are explained to the p blic thro gh IFCs Disclos re Portal (www.i c.org/disclos re) or everyinvestment be ore approval by IFCs Board o Directors.

In ormation is sed d ring the Appraisal stage to

understand the nat re o the b siness (governance, strategy, systems)

Ascertain the scope o impact o the companys operations (a ected stakeholders; scope oinf ence)

Assess environmental and social impacts and risks

Assess the companys act on P n to address their environmental and social risks and impacts

Identi y b siness opport nities that can be achieved thro gh greater s stainability (e.g. e cientenergy se, more e ective waste management, improved labor standards)

In ormation is sed d ring the S pervision stage to

Monitor implementation o act on P ns and ens re that the client remains in compliance withthe Per or nce St nd rds

Identi y any new risks arising rom operations (e.g. environmental impacts or relations withemployees or the comm nity)

Assist companies to improve their E&S management systems and per ormance over time

Work with the client to develop b siness opport nities thro gh s stainability (e.g. carbon nance,renewable energy, access to nance or women)


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The GRI Framework is designed to help organizations nderstand the range o s stainability iss es that aremost req ently aced by b sinesses and comm nicate more e ectively with stakeholders.

The ollowing section explains how companies can link their GRI-based, s stainability reporting activities withIFCs own in ormation needs. It also provides an indication o the types o in ormation and engagement thatother types o investors may begin seeking more actively in the t re.

The GRI ramework req ires in ormation on three n e e s :

*The GRI ramework incl des occ pational health and sa ety (OHS) nder the topic o labor. OHS is o tenincl ded nder environmental per ormance in other contexts.

1.

2.

3.

Strategy & AnalysisOrganization ProfileCorporate GovernanceCommitments and Engagement

Disclosure on Management Approach (DMA)and performance indicators

Environmental indicators(e.g. energy, emissions, water, biodiversity)Social indicators (e.g. labor*, human rights, society)Economic indicators (e.g. employment, taxes)

High-levelinformation thatwould be valuableto any investor

Strategies and

systems for managingsustainability risk andopportunity

Material performanceinformation accordingto key categories

PRaCTiCal aliGNmENT OF iFC aNDGRi REPORTiNG REQuiREmENTS

SeCtION4



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The ollowing tables show the alignment between the GRI ramework and IFCs own in ormation needs:

iFC req re ents GRi D sc os resIFC promotes principles o good corporate governanceand seeks evidence o good corporate governance inpotential client companies (see www.gcg .org)

Corporate Governance Commitments and Engagement

iFC req re ents GRi D sc os resPer ormance Standard 1 (PS1) on Social andEnvironmental Assessment and Management Systems

Disclos res on Management Approach

IFC Per ormance Standard 1 (PS1) speci cally req ires that the client establish and maintain a Soc ndEn ron ent m n ge ent S ste appropriate to the nat re and scale o the project and commens ratewith the level o social and environmental risks and impacts.

The Management System will incorporate the ollowing elements: (i) Social and Environmental Assessment; (ii)management program; (iii) organizational capacity; (iv) training; (v) comm nity engagement; (vi) monitoring;and (vii) reporting. 6

iFC req re ents GRi Per or nceind c tors

PS2: Labor and Working Conditions Labor Practices

PS3: Poll tion Prevention and Abatement Environment

PS4: Comm nity Health, Sa ety, and Sec rity Society

PS5: Land Acq isition and Invol ntary Resettlement Society (Indirectly covered)

PS6: Biodiversity Conservation and S stainable Nat ral Reso rce Management Environment

PS7: Indigeno s Peoples H man Rights

PS8: C lt ral Heritage Not covered

On the ollowing pages, we show in greater detail how these two rameworks overlap. PS8 on C t rHer t ge s not co ered n th s co p r son , as the GRI ramework c rrently doesnt address this area.

6 IFC Per ormance Standard 1, Social and Environmental Management System, Page 1



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Cap uring S ak hold r P rsp c iv sIn addition to per ormance req irements, IFC ses a stakeholder ramework to assess the potent nd

ct de e op ent p cts o the projects it nances. This ramework ill strates who may gain and whomay lose rom a project and helps to assess the distrib tion o impacts on society.

No project engagement a ects stakeholders eq ally. It is there ore necessary to nderstand the di erencesbetween and within stakeholder gro ps. For instance, within a comm nity, men, women, and people odi erent ages or stat s may be a ected by the project in di erent ways.

Eq ally, the reporting, disclos re, and ongoing comm nication with these stakeholders sho ld be tailored tovarying levels o ed cation, access to in ormation, and need or in ormation abo t how they will be a ected.Reporting sho ld be combined with or ms or two-way engagement, partic larly d ring the planning andimplementation o projects. This helps ens re that stakeholder views can be addressed and incorporated.

Finally, the impacts o the company or project sho ld be assessed in terms o how well it improves thelivelihoods and living conditions o di erent stakeholder gro ps. For these p rposes, impact indicators sho ldbe tailored to best respond to the partic lar context and needs o the project and stakeholders.

For more in ormation on how IFC meas res development e ectiveness, visit www.i c.org/res lts



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iFC Per or nceSt nd rds on Soc

& En ron entS st n t

Re ted GRi G3 S st n t Report ng G de nes St nd rd D sc os res

Str teg nd Prof e m n ge entappro ch

Per or nce ind c tors

Per ormance Standard 1:

Social and Environmental Assessment and Management Systems

O ject es (i) To identi y and assess social

and environmental impacts, bothadverse and bene cial, in theprojects area o inf ence

(ii) To avoid, or where avoidanceis not possible, to minimize,mitigate, or compensate oradverse impacts on workers,a ected comm nities, and theenvironment

(iii) To ens re that a ectedcomm nities are appropriatelyengaged on iss es that co ldpotentially a ect them

(iv) To promote improved socialand environment per ormance ocompanies thro gh e ective seo management systems

Req re ents ( )Social and Environmental

Management System ( )Social and Environmental

Assessment ( )Management Program ( )Organizational Capacity ( ) Training ( )Comm nity Engagement ( )Monitoring ( )Reporting

3.5 Process o de ning report content,incl ding: Determining materiality,Prioritizing topics within the report; andIdenti ying stakeholders the organizationexpects to se the report. ( i, iii, , )

3.6 Bo ndary o the report (e.g., co ntries,divisions, s bsidiaries, leased acilities, jointvent res, s ppliers). ( )

3.7 State any speci c limitations on thescope or bo ndary o the report. I bo ndaryand scope do not address the ll rangeo material economic, environmental, andsocial impacts o the organization, state thestrategy and projected timeline or providingcomplete coverage. (i, iii, , )

3.9 Data meas rement techniq es and thebases o calc lations, incl ding ass mptionsand techniq es, nderlying estimationsapplied to the compilation o the Indicators,and other in ormation in the report. (iv, )

4.11 Explanation o whether and howthe preca tionary approach or principle isaddressed by the organization. (ii)

4.14 List o stakeholder gro ps engaged bythe organization. (iii, )

4.15 Basis or identi cation and selection ostakeholders with whom to engage. (iii, )

4.16 Approaches to stakeholderengagement, incl ding req ency oengagement by type and by stakeholdergro p. (iii, )

4.17 Key topics and concerns thathave been raised thro gh stakeholderengagement, and how the organization hasresponded to those key topics and concerns,incl ding thro gh its reporting. (iii, , )

Economic + Environmental+ Labor Practices andDecent Work + H manRights + Society +Prod ctResponsibility: Disclos reon ManagementApproach. (ii, iv, i, , )

For e ch o the top cso e (en ron ent,

or, etc.), the co p nsho d descr e ts

n ge ent ppro chnc d ng:

1. goals and per ormance

2. policy

3. organizationalresponsibility

4. training and awareness

5. monitoring and ollow- p

6. additional context alin ormation

Re erences to theDisclos res on ManagementApproach (DMA) in the resto this doc ment re er to theabove six points.

EC8: Development and impacto in rastr ct re investmentsand services provided primarily

or p blic bene t thro ghcommercial, in-kind, or pro bonoengagement. (i)

EC9: understanding anddescribing signi cant indirecteconomic impacts, incl ding theextent o impacts. (i)

EN14 Strategies, c rrent actions,and t re plans or managingimpacts on biodiversity. (i)

EN26 Initiatives to mitigateenvironmental impacts o prod ctsand services, and extent o impactmitigation. (i)

SO1: Nat re, scope, ande ectiveness o any programs andpractices that assess and managethe impacts o operations oncomm nities, incl ding entering,operating, and exiting. (i, iii)



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GRi G3 S st n t Report ng G de nes St nd rd D sc os res

Str teg ndProf e

m n ge entappro ch Per or nce ind c tors

Performance Standard 2:

Labor and WorkingConditionsO ject es

To establish, maintainand improve the worker-management relationship (i)

To promote the airtreatment, non-discrimination and eq alopport nity o workers,and compliance with

national labor andemployment laws (ii)

To protect the work orce byaddressing child labor and

orced labor (iii)

To promote sa e andhealthy working conditionsand promote the health oworkers (iv)

Req re ents

Working Conditions andManagement o WorkerRelationship ( )

Protecting the Work Force( )

Occ pational Health andSa ety( )

Non-employee Workers ( )

S pply Chain ( )

3.6 Bo ndary othe report (e.g.,

co ntries, divisions,s bsidiaries, leasedacilities, joint

vent res, s ppliers).( , )

3.7 State anyspeci c limitationson the scope orbo ndary o thereport. I bo ndaryand scope donot address the

ll range omaterial economic,environmental, andsocial impacts o theorganization, statethe strategy andprojected timeline

or providingcomplete coverage.( , )

Labor Practicesand Decent Work

+ H man Rights:Disclos re onManagementApproach. (i, ii, iii,iv, , , , , )

HR1 Percentage and total number o signifcant investment agreements that include humanrights clauses or that have undergone human rights screening. (ii, iii, i, , , )

HR2 Percentage o signifcant suppliers and contractors that have undergone screening onhuman rights and actions taken. ( , )

HR3 Total hours o employee training on policies and procedures concerning aspects ohuman rights that are relevant to operations, including the percentage o employeestrained. (ii, iii, )

HR4 Total number o incidents o discrimination and actions taken. (i, ii, ) HR5 Operations identifed in which the right to exercise reedom o association and

collective bargaining may be at signifcant risk, and actions taken to support these rights.(ii, )

HR6 Operations identifed as having signifcant risk or incidents o child labor, andmeasures taken to contribute to the elimination o child labor. ( )

HR7 Operations identifed as having signifcant risk or incidents o orced or compulsorylabor, and measures to contribute to the elimination o orced or compulsory labor. ( )

LA1 Total work orce by employment type, employment contract, and region. LA2 Total number and rate o employee turnover by age group, gender, and region. LA3 Benefts provided to ull-time employees that are not provided to temporary or part-

time employees, by major operations. LA4 Percentage o employees covered by collective bargaining agreements. LA5 Minimum notice period(s) regarding operational changes, including whether it is

specifed in collective agreements. LA6 Percentage o total work orce represented in ormal joint managementworker health

and sa ety committees that help monitor and advise on occupational health and sa etyprograms. e

LA7 Rates o injury, occupational diseases, lost days, and absenteeism, and number owork-related atalities by region. ore

LA8 Education, training, counseling, prevention, and risk-control programs in place to assistwork orce members, their amilies, or community members regarding serious diseases. ( )

LA9 Health and sa ety topics covered in ormal agreements with trade unions. ( ) LA10 Average hours o training per year per employee by employee category. LA11 Programs or skills management and li elong learning that support the continued

employability o employees and assist them in managing career endings. LA12 Percentage o employees receiving regular per ormance and career development

reviews. LA13 Composition o governance bodies and breakdown o employees per category

according to gender, age group, minority, group membership, and other indicators odiversity.

LA14 Ratio o basic salary o men to women by employee category.



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Str tegnd Prof e

m n ge entappro ch Per or nce ind c tors


Pollution Prevention and Abatement

O ject es (i) To avoid or minimize

adverse impacts onh man health and theenvironment by avoiding orminimizing poll tion romproject activities

(ii) To promote thered ction o emissionsthat contrib te to climatechange

Req re ents ( )General Req irements ( )Ambient Considerations ( )Greenho se Gas

Emissions ( )E f ents ( ) Pesticide use and

Management

Environmental:Disclos re onManagementApproach. (i, ii)

EN1 Materials sed by weight or vol me. ( ) EN2 Percentage o materials sed that are recycled inp t materials. ( ) EN3 Direct energy cons mption by primary energy so rce. ( , ) EN4 Indirect energy cons mption by primary so rce. ( , ) EN5 Energy saved d e to conservation and e ciency improvements. ( , ) EN6 Initiatives to provide energy-e cient or renewable energy based prod cts

and services, and red ctions in energy req irements as a res lt o theseinitiatives. ( , )

EN7 Initiatives to red ce indirect energy cons mption and red ctions achieved. EN10 Percentage and total vol me o water recycled and re sed. ( , ) EN11 Location and size o land owned, leased, managed in, or adjacent to,

protected areas, and areas o high biodiversity val e o tside protected areas. *( ) EN12 Description o signi cant impacts o activities, prod cts, and serviceson biodiversity in protected areas and areas o high biodiversity val e o tsideprotected areas. *( )

EN13 Habitats protected or restored. *( ) EN14 Strategies, c rrent actions, and t re plans or managing impacts on

biodiversity. *( ) EN15 N mber o IuCN Red List species and national conservation list species

with habitats in areas a ected by operations, by level o extinction risk. *( ) EN16 Total direct and indirect greenho se gas emissions by weight. ( ) EN17 Other relevant indirect greenho se gas emissions by weight. ( ) EN18 Initiatives to red ce greenho se gas emissions and red ctions achieved. ( ) EN19 Emissions o ozone-depleting s bstances by weight. ( ) EN20 NOx, SOx, and other signi cant air emissions by type and weight. ( ) EN8 Total water withdrawal by so rce. ( ) EN21 Total water discharge by q ality and destination. ( ) EN22 Total weight o waste by type and disposal method. ( , ) EN23 Total n mber and vol me o signi cant spills. ( , ) EN24 Weight o transported, imported, exported, or treated waste deemed

hazardo s nder the terms o the Basel Convention Annex I, II, III, and VIII, and

percentage o transported waste shipped internationally. ( , , ) EN25 Identity, size, protected stat s, and biodiversity val e o water bodies and

related habitats signi cantly a ected by the reporting organizations dischargeso water and r no . *( )

* See also PS 6 on Biodiversity



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iFC Per or nce St nd rdson Soc & En ron ent

S st n t


Str teg nd Prof e m n ge entappro ch Per or nce ind c tors


Community Health, Safety and Security

O ject es (i) To avoid or minimize risks to and impacts

on the health and sa ety o the localcomm nity d ring the project li e cycle romboth ro tine and non-ro tine circ mstances

(ii) To ens re that the sa eg arding opersonnel and property is carried o t in alegitimate manner that avoids or minimizesrisks to the comm nitys sa ety and sec rity

Req re ents ( )Comm nity Health and Sa ety

Req irements ( )Sec rity Personnel Req irements

4.11 Explanation owhether and how thepreca tionary approachor principle is addressedby the organization. (i)

Society + H manRights: Disclos reon ManagementApproach. (i, ii)

SO1 Nat re, scope, and e ectiveness oany programs and practices that assessand manage the impacts o operations oncomm nities, incl ding entering, operating,and exiting. ( )

HR8 Percentage o sec rity personnel trainedin the organizations policies or proced resconcerning aspects o h man rights that arerelevant to operations. ( )


GRi G3 S st n t Report ng


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iFC Per or nce St nd rds on Soc &En ron ent S st n t

p gG de nes St nd rd D sc os res

Str teg nd Prof e m n ge entappro chPer or nce

ind c tors


Land Acquisition and Involuntary Resettlement

O ject es (i) To avoid or at least minimize invol ntary resettlement wherever

easible by exploring alternative project designs (ii) To mitigate adverse social and economic impacts rom land acq isition

or restrictions on a ected persons se o land by: (i) providingcompensation or loss o assets at replacement cost; and (ii) ens ringthat resettlement activities are implemented with appropriate disclos reo in ormation, cons ltation, and the in ormed participation o thosea ected

(iii) To improve or at least restore the livelihoods and standards o livingo displaced persons

(iv) To improve living conditions among displaced persons thro ghprovision o adeq ate ho sing with sec rity o ten re at resettlement sites

Req re ents ( )General Req irements ( )Displacement ( )Private Sector Responsibilities nder Government-Managed

Resettlement

4.14 List o stakeholdergro ps engaged by the

organization. (i, ii, ) 4.15 Basis or

identi cation andselection o stakeholderswith whom to engage.(i, ii, )

4.16 Approachesto stakeholderengagement,incl ding req ency oengagement by type andby stakeholder gro p.(i, ii, )

Society : Disclos reon Management

Approach. (i, ii,iii, iv)

SO1 Nat re, scope,and e ectiveness o

any programs andpractices that assessand manage theimpacts o operationson comm nities,incl ding entering,operating, andexiting. (i, ii, iii, iv, ,

, )




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iFC Per or nce St nd rds on Soc &En ron ent S st n t Str teg

& Prof em n ge ent

appro ch Per or nce ind c tors

Performance Standard 6:Biodiversity Conservation and Sustainable Natural Resource Management O ject es (i) To protect and conserve biodiversity (ii) To promote the s stainable management and se o

nat ral reso rces thro gh the adoption o practices thatintegrate conservation needs and development priorities

Req re ents ( )Protection and Conservation o Biodiversity ( )Management and use o Renewable Reso rces

Environmental:Disclos re onManagement

Approach. (i, ii,, )

EN11 Location and size o land owned, leased,managed in, or adjacent to, protected areas, andareas o high biodiversity val e o tside protected

areas. (i, ) EN12 Description o signi cant impacts o activities,

prod cts, and services on biodiversity in protectedareas and areas o high biodiversity val e o tsideprotected areas. (i, )

EN13 Habitats protected or restored. (i, ) EN14 Strategies, c rrent actions, and t re plans or

managing impacts on biodiversity. (i, ii, , ) EN15 N mber o IuCN Red List species and national

conservation list species with habitats in areasa ected by operations, by level o extinction risk. (i, )

iFC Per or nce St nd rds on Soc &En ron ent S st n t

GRi G3 S st n t Report ngG de nes St nd rd D sc os res

Str teg ndProf e

m n ge entappro ch

Per or nceind c tors


Indigenous peopleO ject es (i) To ensure that the development process osters ull respect or the dignity, human

rights, aspirations, cultures and natural resource-based livelihoods o Indigenous people (ii) To avoid adverse impacts o projects on communities o Indigenous Peoples, or when

avoidance is not easible, to minimize, mitigate, or compensate or such impacts, and toprovide opportunities or development benefts, in a culturally appropriate manner

(iii) To establish and maintain an ongoing relationship with the Indigenous Peoplesa ected by a project throughout the li e o the project

(iv) To oster good aith negotiation with and in ormed participation o IndigenousPeoples when projects are to be located on traditional or customary lands under use byIndigenous Peoples

(v) To respect and preserve the culture, knowledge and practices o Indigenous PeoplesRequ rements ( )General Requirements ( )Development Benefts ( )Special Requirements

4.14 List o

stakeholder gro psengaged by theorganization. (i, iii)

4.15 Basis oridenti cationand selection ostakeholders withwhom to engage.(i, iii)

4.16 Approachesto stakeholderengagement,incl ding req encyo engagementby type and bystakeholder gro p.(iii, iv)

Society +

H man Rights:Disclos re onManagementApproach. (i, ii,v, iii, iv)

SO1 Nat re, scope,

and e ectivenesso any programsand practices thatassess and managethe impacts ooperations oncomm nities,incl ding entering,operating, andexiting. ( , )

HR9 Total n mbero incidents oviolations involvingrights o indigeno speople and actionstaken. (i, ii)



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R por ing on G nd rThe case or promoting gender eq ality is driven by m ltiple actors. Beyond a legal and moral imperative,there are also b siness reasons or doing so s ch as improved rep tation and employee morale, andattracting and keeping talented employees.

However, to date, there has been a limited level o coverage o gender iss es in s stainability reports andspeci cally a low req ency o reporting against GRIs three gender-related indicators:

la2 Total n mber and rate o employee t rnover by age gro p, gender, and region

la13 Composition o governance bodies and breakdown o employees per category according to gender, age gro p,minority gro p membership, and other indicators o

la14 Ratio o basic salary o men to women by employee category

In 2009, IFC and GRI p blished a Practitioners G ide to Embedding Gender in S stainability Reporting.The G ide aims to assist companies in nderstanding the val e that women add to the workplace, andidenti ying ways to better s pport women employees. IFC is also contrib ting to the GRI working gro pwhich is orm lating ormal recommendations to GRIs Technical Advisory Committee regarding genderrelated pdates to the G3 G idelines.

Similarly, gender is one o the emerging iss es being addressed d ring the pdate o IFCs Per ormanceStandards in 2010. It is expected that gender iss es will be covered by general req irements in IFCs Per ormanceStandards that protect all members o the work orce, and red ce risks and impacts to all comm nities, e.g.:

PS1 nderscores the need to consider gender di erences d ring a projects li e-cycle. PS2 req ires clients to provide working conditions that are sa e and non-discriminatory.

PS4 addresses comm nity health, sa ety and sec rity iss es.

PS5 incl des targeted meas res to help ens re that womens perspectives are obtained and theirinterests actored into all aspects o resettlement planning and implementation, partic larly inrespect to compensation and bene ts.

PS7 calls or an engagement with Indigeno s People that speci cally considers womens role in themanagement and se o the land and nat ral reso rces.

PS9 req ires clients to identi y stakeholders, incl ding those that are disadvantaged or v lnerable,which may or may not incl de women.



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F rther reso rces on s stainability reporting are available rom the GRI and IFCwebsites, and, GRI-certi ed training now exists in many markets. For morein ormation on how IFC s pports clients in s stainability strategies and reporting,contact L is Iseppe, LIseppe@i c.org.

R sourc s:GRI G3 Framework and Sector S pplementshttp://www.globalreporting.org/ReportingFramework/G3G idelines/

IFC Per ormance Standardshttp://www.i c.org/envsocstandards

IFC Good Practice P blicationshttp://www.i c.org/envirop blications

IFC, 2007, Stakeholder Engagement: A Good Practice Handbook or CompaniesDoing Business in Emerging Marketshttp://www.i c.org/envirop blications

IFC and GRI, 2009, Embedding Gender in Sustainability Reportinghttp://www.i c.org/gender

Acknowl dg m n sThis p blication was made possible thanks to the inp ts o the ollowing IFC andGRI sta and external contrib tors:

Ed tor Te :Sean Gilbert and Bastian B ck (GRI) and Lo ise Gardiner (IFC)

iFC Re ewers: Mike Wallace (GRI), Motoko Aizawa, Maria Arsenova, StephenBailey, Rong Chen, Jose na Do mbia, Jo ni Eerikainen, L cie Gira d, Anna Hidalgo,L is Iseppe, Reidar Kvam, Br nno Maradei, E an Marshall, Piotr Maz rkiewicz,Roland Michelitsch, John Middleton, Alan Miller, Carmen Niethammer, Mandar

Parasnis, Aaron Rosenberg, Ho ria Sammari, Akira Tanabe, Shaza Zeinelabdin andRong Zhang (IFC)

Extern Re ewers: David Logan and Megan DeYo ng (Corporate Citizenship),Jean-Philippe Rena t (S stainAbility Ltd), and Marc de So sa-Shields (ESGlobal)


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2010 iNTERNaTiONal FiNaNCE CORPORaTiON nd GlObal REPORTiNG iNiTiaTivEa r ghts reser edFirst printing, J ne 2010

The ndings, interpretations, views, and concl sions expressed herein are those o the a thorsand do not necessarily refect the views o the Exec tive Directors o the International FinanceCorporation or o the International Bank or Reconstr ction and Development (the World Bank)or the governments they represent.

R ghts nd Per ss onsContent rom this doc ment may be sed reely and copied into other ormats witho t priorpermission provided that clear attrib tion is given to the original so rce.

All photographs and other images co rtesy o IFC

IFC2121 Pennsylvania Aven e, N.W.Washington, D.C. 20433 uSATelephone: +1 202 473-1000

Facsimile: +1 202 974-4384Internet: www.i c.org

Global R por ing Ini ia ivP.O. Box 100391001 EAAmsterdam

The NetherlandsTelephone: +31 20 531-0000Facsimile: +31 20 531-0031

S stainability reporting is important or companies in emerging markets,where credibility, transparency and the tr st o stakeholders are so cr cial tob siness s ccess. The GRI G idelines o er a consolidated ramework, oneinternational reporting lang age as it were, re erencing the most importantinternational standards o per ormance. This ramework has been created withthe involvement o stakeholders rom emerging markets and is widely sedaro nd the world. Thro gh this Good Practice Note on S stainability reporting,the IFC and the GRI aim to demonstrate how reporting can be linked with IFCsEnvironmental and Social S stainability Policy and Per ormance Standards.

Ernst Ligteringen, Chie Executive, Global Reporting Initiative

IFC_GRI_GettingMoreValueOutofSustainabilityReporti

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