The Global Reporting Initiative (GRI) and the International Integrated Reporting Council (IIRC) have signed an agreement that is to strengthen their relationship and common interest in enhancing the value of global corporate reporting.
"This Memorandum of Understanding cements the relationship and prepares us for the next phases of our work: the delivery of the Integrated Reporting Framework and then its implementation," said IIRC chief executive Paul Druckman.
The IIRC is working to create a globally accepted International <IR> Framework of corporate reporting which encourage organisations to make use of existing reporting standards and guidelines, such as GRI’s Sustainability Reporting Guidelines.
GRI chief executive Ernst Ligteringen said: "Integrated Reporting is a powerful lever to mainstream sustainability disclosure where it relates to a company’s ability to create and sustain value."
"Investors are increasingly recognising that the value of an organisation goes far beyond its financial statements. To truly assess and articulate value, a company must demonstrate that it has an integrated and sustainable strategy encompassing all of its capital," Ligteringen added.