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A new set of guidelines called the ISO ESG Implementation Principles was released by the International Organization for Standardization (ISO) with the goal of helping businesses all around the world enhance their ESG performance, integration, measurement, and reporting.
According to ISO, the new principles are being released as companies deal with a growing amount of ESG scrutiny and regulations, such as the EU’s CSRD, the UK’s Modern Slavery Act, and the ISSB’s IFRS S1 and S2 disclosure requirements. Sustainability reporting is still plagued by disparities and inconsistencies across different jurisdictions, company sizes, and sectors, and the guidance is intended to facilitate more consistent reporting. ESG consultants, academic institutions, research institutes, NGOs, and companies of all sizes can all benefit from the principles, according to ISO.
By aligning with current reporting standards, the new principles facilitate interoperability, support management of ESG performance, enhance measurement and reporting under existing disclosure frameworks to enable consistency, comparability, and reliability of ESG reporting and practices globally, and foster global consistency to enable clear communication of sustainability efforts, according to ISO. According to ISO, the guidelines will offer a framework to assist firms in establishing KPIs, integrating current ESG regulations, and evaluating the maturity of their ESG processes.
More than 1,900 industry experts worldwide contributed to the development of the principles, which are accessible on ISO’s website. They were created in cooperation with national standards organizations such as the Brazilian Association of Technical Standards (ABNT), the Standards Council of Canada (SCC), and the British Standards Institution (BSI).