OECD and GRI Partnership
GRI and OECD signed a new Memorandum of Understanding (MoU) in December 2010.
OECD-GRI Memorandum of Understanding
Companies worldwide were given greater guidance and support on how to conduct their business responsibly and report on their sustainability performance thanks to the partnership between the Organisation for Economic Co-operation and Development (OECD) and the Global Reporting Initiative (GRI). The partnership, announced on 13 December 2010, helps companies make greater use of the OECD Guidelines for Multinational Enterprises
and the GRI Sustainability Reporting Framework. This brings increased coherence and consistency to organizations’ efforts to act more responsibly and be more transparent about their sustainability.
The Memorandum of Understanding (MoU) established a three year program to encourage companies to use both the OECD and GRI’s guidance. The MoU also outlined the way GRI and OECD can work together to make use of the synergies between the two instruments and strengthen cooperation in other common areas of mutual interest.“We welcome today’s step forward in our work with OECD. GRI’s mission is to mainstream ESG reporting worldwide. By working with OECD, we can help responsible multinational enterprises lead the way to a sustainable future.”
- Mervyn King, Chairman of the Global Reporting Initiative’s Board of Directors
“This MoU not only attests to the excellent co-operation that already exists between the OECD and the GRI but also to a common determination to assist enterprises to become more responsible corporate citizens.”
- Richard Boucher, OECD Deputy-Secretary General
2010 update of OECD Guidelines for Multinational Enterprises
From the beginning of the update of the OECD Guidelines for Multinational Enterprises (OECD Guidelines) in May 2010, GRI was engaged in the consultation process with a wide range of other stakeholders. Special consultations were organized in Paris in June and December 2010 and in January 2011. GRI helped organize and provided key input to a special informal expert meeting on Transparency and Disclosure in January 2011.
The OECD Guidelines and GRI’s Sustainability Reporting Guidelines are complementary instruments. While the OECD Guidelines are the most comprehensive corporate social responsibility instrument developed by governments, the Sustainability Reporting Guidelines are unique in providing the most comprehensive framework to measure progress on sustainability issues.
Disclosure of financial and non-financial performance information plays a key role in the OECD Guidelines. It is addressed in the OECD Guidelines’ Chapter III, and the commentary, which refers to GRI.
The updated text of the OECD Guidelines was adopted at the OECD Ministerial Council Meeting in May 2011.
The 2011 OECD Roundtable on Corporate Social Responsibility provided the first occasion to discuss the results of the update and to start work on how best to continue reinforcing the role of the Guidelines as a leading instrument to promote responsible business conduct. GRI will be involved in this process, working closely with the OECD.