GRI (Global Reporting Initiative) was established over 20 years ago to help businesses and governments worldwide understand and communicate their impact on critical sustainability issues such as climate change, human rights, governance and social well-being. To achieve this, the organisation has developed several worldwide reporting standards, the Global Sustainability Reporting Standards, which large public companies are increasingly adopting voluntarily.
The latest global standard published on 5 December 2019, focuses on Tax. It’s referred to as Disclosure 207 “GRI 207: Tax” and comes into effect for reports or other materials published on or after 1 January 2021, though earlier adoption is encouraged. GRI 207 comprises 2 overarching disclosures:
Management approach disclosures
Topic-specific disclosures
Whilst CbCR data is currently disclosed privately to tax authorities, there is a view that public disclosure should be accompanied by explanatory narrative. We are aware of six companies in the FTSE100 that currently voluntarily publish CbCR data, together with explanatory narrative. To see who they are and what they’re doing follow this link to the “Country-by-country” insight here.
