GRI Introduces Revised Disclosures for Labour-Related Standards

June 13, 2024

The Global Reporting Initiative (GRI) has launched a new review of all its labour-related standards to inform the introduction of proposed changes that address policies on employment relationships.

The review aims to enable companies to report on their impacts on workers and improve transparency on employment practices and working conditions.

GRI said the need for increased corporate accountability for labour-related impacts was highlighted by the International Labour Organization’s (ILO’s) findings that 435 million people around the world are deprived of earning an income through employment.

The GRI is seeking feedback on three standards: GRI 402: Labour/Management Relations, GRI 401: Employment and GRI 202: Market Presence.

The revised disclosures relate to employment, which covers non-standard forms of employment, fair recruitment, personal data and hiring and turnover metrics.

They also cover remuneration and working time, including policies and metrics of cost-of-living estimates, basic gender pay gap and social protection coverage.

Finally, they cover significant changes for workers, comprising consultation and notice periods to workers’ representatives, redeployment and up-skilling and re-skilling as well as employment termination.

The GRI enlisted the help of the International Trade Union Confederation, Global Union Federation, International Organization of Employers and the ILO to draft the revised disclosures.

This process aims to ensure that the GRI Labour Standards are fully aligned with intergovernmental instruments for business and human rights, such as those set by the ILO, the United Nations (UN) and the Organisation for Economic Co-operation and Development.

Carol Adams, chair of GRI’s Global Sustainability Standards Board (GSSB), said: “Revising labour-related disclosures is a high priority for the GSSB, given widespread recognition of the need for organisations to do more to protect human and labour rights and ensure decent conditions and treatment of workers. Better information and disclosure are key to achieving the UN’s Sustainable Development Goals and improving decision-making.”

The global public comment period will be underway until October 4, 2024.

Minerva’s blog focuses on the latest developments in ESG investing and stewardship.

Minerva is a global provider of sustainable stewardship solutions with over 25 years of expertise. Minerva empowers investors by providing essential tools, including ESG research and data, enabling them to navigate the intricate landscape of stewardship and proxy voting, whilst ensuring their decisions are well-informed and aligned with sustainable principles.

Last Updated: 13 June 2024