With the IFRS Foundation serving as its convening partner, the Global Reporting effort (GRI) announced plans to create a new Sustainability Innovation Lab (SIL), a new effort designed to assist businesses in meeting the ever-evolving standards for sustainability disclosure.
The SIL will be based in Singapore, and initially be supported by offices throughout Asia, operated by the GRI ASEAN Network and managed by a steering committee that is led by senior representatives from GRI and the IFRS Foundation.
SIL will initially be operated by the GRI ASEAN Network and managed by a steering committee that is led by senior representatives from GRI and the IFRS Foundation—with representatives of key partners providing strategic direction. Multi-stakeholder working groups are being established to focus on four priority areas: digital taxonomies, audit and assurance, smaller companies, and public sector reporting.
The SIL will facilitate collaboration between GRI, the ISSB, and other relevant stakeholders in identifying and creating concepts, best practices, and data-driven solutions related to growing sustainability disclosure issues. In order to fulfil the rising information demands placed on supply chains, it will also help to enhance their capability.
The goal of the SIL:
- Support stakeholders and all market participants on their disclosure journeys.
- Guiding them to address disparities in sustainability reporting requirements while supporting the further harmonisation of the reporting landscape at the global level.
- It will seek to streamline the process for companies that report on a multi-stakeholder basis.
In an attempt to create a more unified strategy for the benefit of businesses, investors, and society at large, this agreement is the most recent evolution of several worldwide initiatives pertaining to sustainability reporting.