| In their annual summit, G8 members yesterday formally encouraged GRI reporting as a means to yield good governance and transparency and thereby achieve poverty reduction, conflict prevention, support sustainable investment decisions, and promote development in emerging economies. |
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Discussing transparency and sustainable growth – specifically for raw materials – the G8 from their summit in Heiligendamm, Germany said “The development of a consolidated set of principles and guidelines… would help ensue that the [mining] sector contributes to development while at the same time providing a clear and more predictable set of expectations for investors.” As a means to achieve such goals the G8 members said “We encourage mining sector companies to undertake regular reporting using inter alia the Global Reporting Initiative (GRI) framework.”
The G8 endorsement demonstrates significant leadership at a time where interest in corporate responsibility is booming. It also adds additional political weight to what is commonly regarded as the world’s de facto standard in sustainability reporting.
| Responding to the call for mining companies to report using GRI, Sir Mark Moody Stuart (Anglo American plc and member of the GRI Board of Directors) said “For the many extractive industries that already use the GRI the G8 reference underlines the importance that transparent reporting has in fostering strong development outcomes, particularly in emerging economies”. |
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As well as specifically referencing the mining sector, the G8 also mentioned the role of SMEs and investors in reporting, as well as highlighting the positive contribution that transparency and reporting can play in fostering sustainable development in emerging economies.
The UN Global Compact, with which the GRI has a special alliance, was also referenced by the G8.
See the full press release on this important event.