The World Federation of Exchanges (WFE) has revised its sustainability reporting guidance for their member exchanges, which is now aligned with the Global Reporting Initiative (GRI) Sustainability Reporting Standards.

The benefit for companies which already report under the GRI standards is that they will not have to adopt a range of new standards introduced by the WFE.

GRI has produced a linkage document which makes it easier for companies to match the WFE standards to the corresponding GRI standards.

GRI is currently referenced by 36 stock exchanges globally.

GRI chief of standards Bastian Buck said: “Stock exchanges have a key role in driving sustainability reporting, which is a crucial element for corporate transparency and responsible business practices. We are pleased to see the World Federation of Exchanges take leadership with the initiative that will undoubtedly drive comparability in ESG reporting.

“GRI will continue working with stock exchanges around the world to establish the GRI Standards as the basis for reporting on the WFE recommendations.”

WFE head of research and public policy Siobhan Cleary said: “With more issuers engaging in ESG reporting, and more investors using this information, it is important to drive towards standardisation of ESG reporting.

“For this reason, the WFE is delighted to see the GRI’s publication of a tool which maps the WFE’s ESG metrics to the GRI Standards. This ensures alignment of reporting and will contribute to enhancing the overall quality of reporting.”