"Reporting and Accounting Initiatives" [2005] ELECD 349; in Tully, Stephen (ed), "International Documents on Corporate Responsibility" (Edward Elgar Publishing, 2005)

Book Title: International Documents on Corporate Responsibility

Editor(s): Tully, Stephen

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843768197

Section: Chapter 126

Section Title: Reporting and Accounting Initiatives

Number of pages: 4

Extract:

126. Reporting and Accounting Initiatives

Commentary: Beginning in 2005, EC Directive 2003/51/EC will require large and
medium-sized enterprises to report on environmental and employee issues where
such information is `necessary for an understanding of the company's development,
performance or position'. This part presents a brief overview of contemporary PVIs
aiming to enhance corporate reporting on the `triple bottom line' of economic, social
and environmental performance. Since many of these initiatives institute management
systems, they are not strictly classified as codes of conduct, principles or guidelines
reflective of corporate policy: see, for example, UNEP/ICC/International Federation
of Consulting Engineers (FIDIC), Environmental Management System Training
Resource Kit. For environmental accounting procedures at the enterprise level, see
the UN Intergovernmental Working Group of Experts on International Standards of
Accounting and Reporting, Guide on Environmental Reporting, 1991 and its Position
Paper on Accounting and Financial Reporting for Environmental Costs and Liabilities,
1998. See also, UNCTAD (2003), `Disclosure of the Impact of Corporations on
Society: Current Trends and Issues', UN Doc TD/B/COM.2/ISAR/20.




i. UNEP Global Reporting Initiative (GRI): GRI Sustainability Reporting
Guidelines, 2002


Commentary: The GRI is a permanent, international body with a multi-stake-
holder governance structure involving companies, NGOs, international organisations,
UN Agencies, consultants, accountancy organisations, business associations, universi-
ties and other stakeholders. First formulated in 2000, the GRI Guidelines (www.glob-
alreporting.org) adapted the financial accounting tradition to facilitate reporting on
economic, environmental and social performance. The 11 principles are designed ...