Work Streams

The UNEP FI / GRI Working Groups

1. Development group (2003-2004)

In 2003, the GRI and UNEP FI co-convened a global, multi-stakeholder process involving key international financial sector and stakeholder leaders to create a pilot version of environmental performance indicators for the financial sector. The draft environmental indicators went through a rigorous process of development, which included a global public consultation period of approximately 90-days and received more than 70 responses. The strong response to the consultation signaled both an increase in reporting from a wide range of leading financial institutions and the level of interest that exists to develop a common framework for reporting within the sector. The environmental performance supplement was completed in the fourth quarter of 2004, and released March 2005. It complemented the existing pilot version of the social performance indicators which had been developed by SPI Finance and released November 2002.

The following institutions participated in the development of the environmental performance supplement:

2. Pilot group (2006-2008)

From 2006 to 2008 UNEP FI and GRI have jointly coordinated a working group to pilot and review the draft versions of the GRI Financial Services Sector Supplement (Environmental and Social Performance). A working group consisting of 11 financial institutions and 8 stakeholder groups was formed, representing a range of different regions and experience.

The aim of the pilot process was to:

1. Enhance ease and consistency of use of the indicators/supplement(s) for reporters by providing technical guidance on their application;
2. Gather feedback on the existing supplements and implement any necessary changes to develop a final version of a GRI Financial Services Supplement that combines both environmental and social performance; and
3. Build capacity amongst new reporters, particularly in developing countries and emerging economies.

The activities of the working group are based on the due process for developing sector supplements established by the GRI Board of Directors. They were designed with the intention of both improving the quality of the GRI’s reporting guidance and building capacity with new and existing reporters. During this process the working group has succeeded to:

• Refine the existing indicators
• Reduce the number of indicators through eliminating overlaps with the G3 Guidelines
• Develop technical guidance notes for all indicators in the Supplement
• Undertake research on relevant social topics for reporting in the financial sector and develop respective new indicators
• Merge the environmental and social indicator set into one Financial Services Sector Supplement
• Adapt the Supplement to the structure of the G3 Guidelines

The working group has consulted the public twice during the piloting process. Feedback was collected on new emerging topics in the financial sector, which should be covered in the Supplement. The revised supplement was made available for public comment for a 90-day period attracting over 35 responses.

Members