Edited by Stephen Tully
Chapter 126: Reporting and Accounting Initiatives
Commentary: Beginning in 2005, EC Directive 2003/51/EC will require large and medium-sized enterprises to report on environmental and employee issues where such information is ‘necessary for an understanding of the company’s development, performance or position’. This part presents a brief overview of contemporary PVIs aiming to enhance corporate reporting on the ‘triple bottom line’ of economic, social and environmental performance. Since many of these initiatives institute management systems, they are not strictly classified as codes of conduct, principles or guidelines reflective of corporate policy: see, for example, UNEP/ICC/International Federation of Consulting Engineers (FIDIC), Environmental Management System Training Resource Kit. For environmental accounting procedures at the enterprise level, see the UN Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting, Guide on Environmental Reporting, 1991 and its Position Paper on Accounting and Financial Reporting for Environmental Costs and Liabilities, 1998. See also, UNCTAD (2003), ‘Disclosure of the Impact of Corporations on Society: Current Trends and Issues’, UN Doc TD/B/COM.2/ISAR/20. i. UNEP Global Reporting Initiative (GRI): GRI Sustainability Reporting Guidelines, 2002 Commentary: The GRI is a permanent, international body with a multi-stakeholder governance structure involving companies, NGOs, international organisations, UN Agencies, consultants, accountancy organisations, business associations, universities and other stakeholders. First formulated in 2000, the GRI Guidelines (www.globalreporting.org) adapted the financial accounting tradition to facilitate reporting on economic, environmental and social performance. The 11 principles are designed to ensure that reports contain balanced and reasonable accounts concerning an organisation’s long-term performance, identify contributions to sustainable development, facilitate comparisons over...
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