Every year, enterprises continue to face an increasing number of sustainability reporting requirements, internally and externally, as stakeholders demand more honesty, transparency and responsibility from organisations worldwide.
Reporting standards such as the Global Reporting Initiative (GRI) enable these organisations to present a unified picture of governance and sustainability with the goal of enhancing corporate transparency globally, by disclosing relevant information.
Most listed companies produce internal environmental, health, safety and social reports on a monthly or quarterly basis for management. Furthermore, to uphold sustainable practices for listed companies, governments and stock exchanges are constantly bringing in new layers of regulation for environmental, social and governance (ESG) disclosure.
Sustainable reporting has become important in recent years because of growing social and environmental injustices, high-profile corporate scandals and the global financial crisis.
Our Integrated Management System (MSX) merges all organizational systems and processes in to one common cohesive framework that drives business excellence and ensures continual improvement. MSX enables business leadership to view management performance across the business activities and assists leaders to make informed actionable decisions.
Companies listed on the Johannesburg Stock Exchange have to integrate sustainability reporting with financial reporting. Otherwise, they have to withstand scrutiny and explain non-compliance, which may attract penalties, brand damages, and customer complaints.
The GRI standards represent the global best practice for sustainability reporting and offer guidelines on sustainable reporting. There are no binding requirements.
GRI is meant to be used as a reporting standard, as with many other international standards focused on management and governance practices recommended by the United Nations or the European Union.
Due to the growing importance of sustainability and safe management practices at an enterprise level, listed companies in South Africa are urged to align their reporting with the latest international standards and compliance frameworks such as the GRI.
STRATEGIX assists management teams in organisations to drive performance and compliance with its integrated management system MSX, part of the XGRC product range.
The MSX framework is based on harmonised international standards and guidelines, including GRI Reporting. MSX Solution enables customers to perform GRI reporting directly from the platform.