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Unit 2.3 NFIR Frameworks and Standards

Explore the definitions, structure, hierarchy, and interaction of NFIR frameworks and standards. Discover political agendas, operating standards, reporting frameworks, and more.

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Unit 2.3 NFIR Frameworks and Standards

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  1. Unit 2.3 NFIR Frameworks and Standards Structure, Hierarchy and Interaction Unit 2.3 NFIR Frameworks and Standards

  2. Definition No universal textbookdefinitionforconcepts, linesbetweensomeconceptsareblurry The followingdefinitionsaremeanttohelpunderstanding • similaritiesanddifferencesin termsof • structure • function, • hierarchyand • interdependence in thecontextofNFIR Unit 2.3 NFIR Frameworks and Standards

  3. Political Agenda • set of rules, ideas, or beliefs • value based • guiding function • broad orientation and classification • global concept • impulse for reporting i.e. Sustainable Development Goals, CSR Strategy EU, National Action Plans Unit 2.3 NFIR Frameworks and Standards

  4. Operating Standard • setofrequirements, guidelinesorcharacteristics • requirementbased • operational function • practicalapplicationforprocesses, materials, productsorservices • highlyspecificconcept • subjectofreporting i.e. ISO 14.001, OHSAS 18.000, SA 8.000 Unit 2.3 NFIR Frameworks and Standards

  5. Reporting Framework • setofsubjects, indicatorsandmeasures • requirementandvaluebased • informationfunction • categorizing, compilingandsummarizingdata • specificconcept i.e. UN Global Compact, Global Reporting Initiative, German Sustainability Code Unit 2.3 NFIR Frameworks and Standards

  6. Hierarchy Political Level Action Plan / Legislation Management Level Policies / Reports Business Level Processes Unit 2.3 NFIR Frameworks and Standards

  7. Intersection Non-financial information reported by companies Unit 2.3 NFIR Frameworks and Standards

  8. Cascaded Reporting Highly Relevant Relevant Not Relevant • Integrated Report • Combines Financial and Non-financial Information • Legally binding • Non-financial Statement • Separated statement, but… • …part of Annual Report • Covers mainly requirements from EU Directive • Legally binding • Frequently refers to other Reports! • CR, CSR or Sustainability Report • Reporting tool usually applying standards • Broad range of topics • Legally binding? • CR, CSR or Sustainability Brochure • Image brochure on ESG topics • Freedom of creativity Unit 2.3 NFIR Frameworks and Standards

  9. Reporting Frameworks Directive EU/2014/95: • Eco-Management and Audit Scheme (EMAS) • United Nations (UN) Global Compact • Guiding Principles on Business and Human Rights implementing the UN ‘Protect, Respect and Remedy’ Framework • Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises • International Organisation forStandardisation'sISO 26000 • International LabourOrganisation's (ILO) Tripartite Declaration of principles concerning multinational enterprises and social policy • Global Reporting Initiative (GRI) Unit 2.3 NFIR Frameworks and Standards

  10. Global Reporting Initiative (GRI) Most widely used reporting framework for NFIR • International • Multi-Stakeholder Initiative • Trade union included • Broad range of topics • Governance • Economic • Ecological • Social • Reference to Political Agenda • Broader Sustainability Context • Related to Operating Standards • Specific Indicators Unit 2.3 NFIR Frameworks and Standards

  11. GRI Structure and Options Two options: Core andComprehensive • Universal Standards • 101 Foundation StartingPoint forusing GRI = Manual • 102 General Disclosures (56)  Core: all except 15, 17 and19-39; Comprehensive: all • 103 Management Approach  Foreach material topic • Topic-specific StandardsForeach material topic • 200 Economic (6) complywith all reportingrequirementsfor: • 300 Environmental (8) - at least onetopic-specificdisclosure (Core) • 400 Social (19) - alltopic-specificdisclosures (Comprehensive) Unit 2.3 NFIR Frameworks and Standards

  12. The European Commission support for the production of this publication does not constitute an endorsement of the contents, which reflects the views only of the authors, and the Commission cannot be held responsible for any use, which may be made of the information contained therein. Unit 2.3 NFIR Frameworks and Standards

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