GRI / Deloitte XBRL Taxonomy for Sustainability Reporting

XBRL stands for eXtensible Business Reporting Language. It is one of a family of 'XML' languages and is machine readable. Use of XML language allows sharing not only the data, but also the format that is used for presenting the data. Machine readable means that computers can recognize various elements of the report and process it without manual labor. Computers can recognize the information in an XBRL document, and select, analyze, store, and exchange it with other computers. XBRL data is set out in taxonomies – data classifications that are defined by industries and organizations for their reports and communications. XBRL information can be presented automatically in a variety of ways.

The Global Reporting Initiative (GRI) Taxonomy, developed in collaboration with Deloitte, is one of the first XBRL taxonomies for sustainability reporting. It will help investors, auditors and analysts to access information in sustainability reports faster, and more simply. An XBRL taxonomy is an industry-specific categorization scheme that defines and 'tags' data in relation to its purpose, framework or outline. It enables users to uniquely tag and identify individual detailed reporting elements which can be easily shared electronically. In the case of the GRI Taxonomy, data can be tagged following the GRI Guidelines.

The new GRI Taxonomy enables organizations to tag their sustainability data in reports. This will help report users – including regulators, investors and analysts – to find and analyze sustainability information. Organizations can benefit from a well-defined structured format for collecting and disseminating sustainability information. It enables reporters, analysts, regulators and others to exchange sustainability data electronically and inform stakeholders with consistent and high quality information.

For more information, see the GRI frequently asked questions webpage. Reporters who use the GRI Taxonomy are asked to participate in the Voluntary Filing Program.

Sustainability: Environmental and Social Issues Briefing

Environmental and social issues are increasingly having an impact on the bottom line and future prospects of companies in many industries. They can present both opportunities and risks. In addition, they can have important implications for strategy, competitiveness, risk management, stakeholder relations and business resilience. A company’s board of directors has key oversight responsibilities in relation to environmental and social issues.


Board awareness and attention are essential in keeping abreast of the fast-evolving business impacts of these issues. Sustainability: Environmental and Social Issues Briefing highlights the environmental and social issues directors need to consider, providing an understanding of the potential business implications of these issues and offers questions that directors might ask in discharging their oversight responsibilities.

Corporate Sustainability: A progress report

Corporate Sustainability: A progress report is a KPMG research report, conducted in cooperation with the Economist Intelligence Unit. It reviews the importance of sustainability within business today and executive attitudes toward this issue. According to the report, sustainability is rapidly becoming a strategic priority for businesses.

Around the world, there are encouraging examples of pioneering companies that have recognized the imperative of sustainability and created strategies and solutions. For a growing number, the concept of sustainability goes far beyond corporate social responsibility (CSR). It has become the strategic lens through which they view their businesses. For these organizations, sustainability offers an undeniable opportunity to gain competitive advantage, drive innovation and generate real bottomline results. Despite a complex array of challenges, these companies are already taking great strides towards shaping the global approach to sustainability. What propels these organizations past their competitors is the recognition that sustainability goals must be tied to operational strategy and measured in the same way as other investments. By treating sustainability as an investment rather than a cost, they have adjusted their business models to drive long-term change and make them more competitive in the market. 

This research report is based on an October 2010 global survey of 378 senior executives encompassing a range of industries and evenly split among North America (US and Canada), Asia Pacific and Europe, with a smaller representation from the Middle East, Africa and Latin America. Organizations of all sizes were represented: 40% of respondents worked for firms with revenues of at least US$ l billion, whereas 47% were from firms with revenues of US$ 500 million or less. The respondent base was very senior: 26% were CEOs, presidents or managing directors of their firms; half represented the C-suite or board; and all respondents were in a management position. To complement this and to provide specific context, the Economist Intelligence Unit conducted extensive desk research and in-depth interviews with numerous corporate sustainability executives and experts.

What ethics means in business

On July 15, 2011, the Globe and Mail convened a panel of experts to discuss why companies should act with integrity. The panel comprised: Paul Klein, the founder of Impakt; Don McCreesh of Imagine Canada; Andrew Wilcynski, director of cause marketing for Telus; and Ben Packard, VP of global responsibility with Starbucks. Watch the video on What ethics means in business. Also, view related videos on corporate social responsibility at the Globe and Mail online.

Six Key Trends that are Shaping the Business World

A 2011 Ernst & Young report Tracking Global Trends looks at six broad, long-term developments that are shaping our world. Key trends include: Emerging markets increase their global power; Cleantech becomes a competitive advantage; Global banking seeks recovery through transformation; Governments enhance ties with the private sector; Rapid technology innovation creates a smart, mobile world; and Demographic shifts transform the global workforce.

The three underlying drivers that have helped establish and perpetuate these trends are:

1. Demographic shifts. Population growth, increased urbanization, a widening divide between countries with youthful and quickly aging populations and a rapidly growing middle class are reshaping the business world and society as a whole.
2. Reshaped global power structure. As the world recovers from the recession, the rise of relationships between the public and private sectors has shifted the balance of global power faster than most could have imagined just a few years ago.
3. Disruptive innovation. Innovations in technology continue to have massive effects on business and society. Emerging markets are now becoming hotbeds of innovation, especially in efforts to reach the growing middle class and low-income consumers around the globe.

Transocean: No Apologies Over Gulf Oil Spill

"Fourteen months after the Deepwater Horizon drilling rig exploded 50 miles southeast of Venice, La., killing 11 men and setting off the largest offshore oil spill in U.S. history, Transocean (RIG), the company that owned and ran the ill-fated 32,600-ton vessel, finally issued its official account of what happened and why. It produced a report on June 22 of no fewer than 854 pages, divided into two volumes, and spared no detail. The bottom line, though, isn’t complicated:It was BP’s (BP) fault." (Read the full story "Transocean: No Apologies Over Gulf Oil Spill" at Bloomberg Businessweek online.)

Sustainability Framework 2.0: Professional Accountants as Integrators

“The role of leadership and business strategy is to promote the integration of sustainability issues at a strategic level, so that they are embedded in organizational development covering strategy, planning, enterprise risk management, and operations. The importance of tone at the top is best captured by the King Code of Corporate Governance for South Africa, which specifically encourages the integration of governance and sustainability into strategy, operations, and reporting of an organization. The philosophy of the King code revolves around leadership, sustainability and corporate citizenship. Responsible leaders direct company strategies and operations with a view to achieving sustainable economic, social and environmental performance.” (Read the publication Sustainability Framework 2.0: Professional Accountants as Integrators, issued by the International Federation of Accountants (IFAC) in March 2011.)

Integrating the Business Reporting Supply Chain

High-quality business reporting lies at the heart of strong capital markets and sustainable economic growth. All those involved in the business reporting supply chain play a critical role in making business reports more relevant, understandable and reliable. This will enable the various stakeholders who use those reports to make informed decisions with respect to an organization’s social, environmental, and economic performance.

Recent interviews with key business leaders from around the globe capture recommendations on governance, financial reporting, financial auditing, and broader business reporting from prominent preparers, directors, auditors, standard setters, regulators and investors. This report analyzes what, according to interviewees, the various participants in the business reporting supply chain should do to further improve governance and the usefulness of business reports, as well as the preparation and audit of those reports. Unless otherwise stated, the recommendations in this report apply to all organizations and businesses. (For more information, read the March 2011 IFAC report Integrating the Business Reporting Supply Chain.)

Green Gauge

The idea that business organizations have a responsibility to account for their impact on the environment once seemed radical, even eccentric. Now, it is accepted as a mainstream concept – but to put it into practice, corporate reporting will have to evolve dramatically. It’s a challenge to which the accountancy profession must step up, if it is to retain its relevance in the 21st century. As a start, the Sustainability Advisory Group of the Institute of Chartered Accountants of Scotland (ICAS) has launched a dedicated section on the institute’s website providing links to a number of useful resources and a template Corporate Social Responsibility Report. (Read the article “Green Gauge” in the May 2011 issue of CA Magazine (Scotland) online.)

What's Next: Stay ahead of the future

What’s Next is a trends report offering clear, concise and non-sensationalist commentary on trends in society, business, science & technology, government and the environment. Each issue covers trends across twelve sectors and speculates about future risks and opportunities. The current issue of What’s Next is available free of charge on an online basis. Readers might also like to check out the Top Trends Blog.

ICAEW Library and Information Service - Gateway on Environmental, social and sustainability reporting

Environmental, social and sustainability reporting have grown substantially over the last decade.  The Institute of Chartered Accountants inEngland and Wales (ICAEW) provides access to a range of articles, publications and online resources including information on reporting trends and developments. (Visit the ICAEW Library and Information Service - Gateway on Environmental, social and sustainability reporting.)

FEE Factsheet on Integrated Reporting

Debates and developments around the concept of “integrated reporting” are growing in importance. According to the FEE (Fédération des Experts-comptables Européens - Federation of European Accountants), “integrated reporting is a holistic approach to enable investors and other stakeholders to understand how an organisation is really performing. Addressing the wider as well as longer-term consequences of decisions and actions, an integrated report makes clear the link between financial and non-financial value. The relationship between an organisation's strategy, governance and business model should be transparent through such reporting. It also gives an analysis of the impacts and interconnections of material opportunities, risks and performance across the value chain.” The FEE represents 45 professional institutes of accountants and auditors from 33 European countries, including all 27 EU Member States. (Read the FEE Factsheet on Integrated Reporting.

The whys behind sustainability

Compliance with legal and regulatory requirements is the most frequently cited driver of company sustainability initiatives in Canada, the UK and the US, according to a survey conducted jointly by the Canadian Institute of Chartered Accountants, the Chartered Institute of Management Accountants and the American Institute of Certified Public Accountants. Managing risk to the reputation of the company brand was the next most likely response, followed by achieving competitive advantage and long-term profitability. Read the article “The whys behind sustainability” in CAmagazine online.

Professor Mervyn King explains Integrated Reporting

South Africa is the first country to issue specific guidelines defining the content of an integrated report for listed companies. Integrated Reporting is now a stock exchange listing requirement for South African companies and will replace the old form of annual report which focused primarily on financial information and the short-term horizon. In a series of YouTube videos uploaded by the South African Institute of Chartered Accountants (SAICA), Professor Mervyn King explains Integrated Reporting, at the launch of South Africa's new Framework for Integrated Reporting and the Integrated Report Discussion Paper. The SAICA is the foremost accountancy body in South Africa and one of the leading Institutes in the world. It serves the interests not only of the Chartered Accountancy profession, but also of society in general through its key objective of upholding professional standards and integrity.

Global Reporting Initiative - G3.1 Sustainability Reporting Guidelines

The Global Reporting Initiative (GRI) has released guidelines that it describes as the most comprehensive sustainability reporting guidance now available. The G3.1 Sustainability Reporting Guidelines feature expanded guidance on issues including local community impacts, human rights and gender, as well as environmental, product responsibility, labor, governance and other existing GRI categories. GRI is also launching guidance to help companies determine what to measure and report on. The organization says that this publication, Technical Protocol – Apply the Report Content Principles, will allow companies to produce relevant reports more easily.

Global Survey Findings on Accounting for Sustainability Practices

The Chartered Institute of Management Accountants (CIMA), the American Institute of Certified Public Accountants (AICPA), and the Canadian Institute of Chartered Accountants (CICA) have published a survey measuring the state of accounting for sustainability in the UK and North America. It shows that compliance with regulatory requirements remains the most common driver of business sustainability (34% of large companies and 24% of small companies). In addition, 32% of large companies said managing reputation risk is a key driver while 19% of small companies identified cost-cutting efficiency. Also, 79% of large companies have a formal sustainability strategy, compared to 33% of small companies. The survey, called Evolution of corporate sustainability practices: Perspectives from the UK, US and Canada,  is available online.

IIRC Round Table to be hosted in India – January 19, 2011

The first of a series of round table events is to be held on January 19, 2011 at the Hotel Taj President in Mumbai. The International Integrated Reporting Committee (IIRC) Round Table will be part of the “Responsible Investment: Mainstreaming of Environmental, Social, Governance Factors” event hosted by German Development Corporation GTZ and the Global Reporting Initiative focal point in India. Indian stakeholders from the investment, business, financial and sustainability communities will be invited to discuss in groups proposals presented by the IIRC, the key themes around the questions of to what extent would integrated reporting help to incorporate a broader set of factors into investment decision-making and improving the company’s performances and, what are the key barriers to adoption of such a planned framework. Admission to this event is by invitation only. To learn more about the IIRC, read Governance and Collaboration – “Establishing an International Integrated Reporting Committee” published in December 2009 and updated May 2010.

A Workshop on Integrated Reporting: Frameworks and Action Plan

On October 14-15, 2010, “A Workshop on Integrated Reporting: Frameworks and Action Plan” was held at the Harvard Business School. The workshop was sponsored by the Business & Environment Initiative. Robert G. Eccles was the workshop chairman. For two days, over 100 of the world’s leading authorities on corporate disclosure discussed the concept of integrated reporting, what its contribution could be to creating a more sustainable society, and what must be done to ensure its rapid and broad adoption in a high quality way. The workshop participants included people from a wide range of countries and representing virtually every group that has a stake in integrated reporting and can help to make it happen: companies, analysts and investors, NGOs, regulators and standard setters, accounting firms, technology and data vendors, academics, students and civil society. An Executive Summary of the workshop is available online, as well as a compilation of the workshop papers, The Landscape of Integrated Reporting: Reflections and Next Steps.

Canadian Securities Administrators (CSA) - Environmental Reporting Guidance

The Canadian Institute of Chartered Accountants (CICA) commends Canada’s securities regulators for publishing additional guidance to help reporting issuers meet existing environmental disclosure requirements. The aim of the Canadian Securities Administrators (CSA) Staff Notice 51-333 on Environmental Reporting Guidance is to assist issuers in assessing which information must be disclosed on environmental matters, such as risks related to weather patterns or environmental legislation. (Read the CICA Media Release.)

PwC - CSR TRENDS 2010

CSR Trends 2010 is the fourth comprehensive survey of corporate social responsibility reporting trends, benchmarks and best practices. This research was conducted jointly by PricewaterhouseCoopers’ Sustainable Business Solutions practice and Craib Design & Communications, a group of communications consultants with decades of experience in corporate and investor communications. This report is divided into five chapters: Focus; Credibility; Context; Performance; and Accessibility.