Without transparent and clear data, discussion is impossible. There is no trust where no discussion has taken place, and where there is no trust, there is no cooperation and partnership.
Owing to the diversity of stakeholder groups, the ability to communicate properly the benefits and impacts of industrial activities cannot rely on marketing tools or the usual public relations tools. The basis is in the mutual knowledge between the firm and the stakeholders (stakeholders engagement) and in the highly professional reporting of the impacts, benefits and developments in the areas concerned, i.e., disclosure of the data which – in the social and environmental areas – goes far beyond what is required of Annual Reports and marketing surveys. This is done through non-financial reporting – the yearly reports on sustainable development or social responsibility. Non-financial reporting is based on the globally recognised methodology of the Global Reporting Initiative (GRI): Sustainability Reporting Guidelines.
Non-financial reporting by the GRI standard follows the primary business motive – the generation of profit – and offers guidance for how to achieve competitive advantage.
Reporting according to GRI contributes significantly to identifying non-financial risks.
You will be more transparent and better understood. You will save time by not having to gather scattered information about your firm when needed, and your public information will be clearly distinguished from your business secret … simply speaking, your communication risks will be better controlled.
Non-financial reporting is required by investors on stock exchanges in Europe and America.
Non-financial reporting according to the GRI standard is a challenge for the companies aiming to operate on the market on a long term basis and to behave responsibly towards their environment and surrounding stakeholders.
The GRI standard offers a globally recognised and auditable method of how to measure such operation and behaviour and how to make it public.