The GRI (Global Reporting Initiative) is an international independent standards organisation promoting the importance of sustainability reporting and disclosure. It provides a fundamental framework for organisations to measure, report, and communicate their environmental, social, and governance (ESG) performance. When our new Interim Chair, Kye Gbangbola, joined Smarter Services in April, he brought with him a wealth of knowledge about the GRI, how we can effectively measure our impact and why it’s so important that we do!
“WE’RE DRIVING TOWARDS A TIME WHERE SUSTAINABILITY REPORTING IS MANDATORY” – KYE GBANGBOLA
Kye tell us: “It will be my job to reinforce the governance structure and to support continued business growth and development strategy. My role includes creating value through my sustainability and assurance expertise, which includes awareness and action for the protection of the environment. I’ve worked in a range of director-level roles across housing, health, construction, and real estate. For the past decade, I’ve enjoyed the role of chairman for a national patient health organisation with global reach.
My work in sustainability covers all organisations of all types, of all sizes. I train and certify international executives across all business sectors. Enabling these companies to meet mandatory corporate sustainability requirements. My company was the official sustainability reporting consultant to the London 2012 Sustainable Olympic Games. The 2012 Olympics delivered many environmental achievements, including the 249-hectare Queen Elizabeth II Park and, of course, Gold Standard corporate sustainability reports using the Global Reporting Initiative Framework. My past achievements across the built environment and in sustainability are significant.”
How GRI will make us more accountable on our sustainability journey
With Kye’s guidance, we’re looking to be the first to achieve the gold standard in our industry. Our GRI journey will not only enhance our transparency and accountability as a business, but it will also fundamentally benefit our clients and stakeholders; by fostering trust and building credibility even further.
“In regards to Smarter Services Limited and the Global Reporting Initiative,” Kye expands, “the task is to develop a business case. And if our emerging governance structure approves its recommendations to be the first in the sector to deliver gold-standard sustainability reporting to our stakeholders across the environment, social, governance and economic impacts and targets of the business. Please be assured it’s early in the journey, but a great message of aspiration for Smarter Services Limited.
So broadly, GRI is a global sustainability reporting framework held to a global standard. Sustainability reporting involves the determination of what’s called material topics based on, in this case, Smarter Services Limited’s most significant impacts covering the environment, economy, people and human rights, and what it results in is a public declaration and a report about the information and the organisation’s impacts, and of course, its intentions targets and goals.”
“SUSTAINABILITY REPORTING WILL PRODUCE A CONSISTENT AND COMPARABLE HIGH-QUALITY TOOL TO ENABLE SMARTER SERVICES TO DEVELOP INTO THE FUTURE.” – KYE GBANGBOLA
So when we look at the proposal, organisations must first understand what their impacts are. To understand what these are, you want to get a very good high level overview, engaging with stakeholders. You want to evaluate the relationships and the activities that you have with those stakeholders and then you want to consider the way in which the organisation is going to change by setting clear targets.
A sustainability report is the only report where you will look at previous years’ performance in order to project into future years’ performance. And increasingly, the issues that relate to impact and creating value are conjoined. When the Greening Finance Roadmap to Sustainable Investing paper was released in 2021, the Chancellor stated that investors must select organisations that have sustainability credentials. So we’re driving towards a time where sustainability reporting is mandatory.”
So, what are the benefits for a company like Smarter Services?
“Well, the benefits are future-proofing the company. You don’t want to get left behind; no one wants to get left behind. This is the fourth Industrial Revolution. And those organisations that failed to keep up in previous revolutions know exactly what happened. We want to enhance trust and reputation, and that’s exactly what you get from sustainability reporting. You get greater visibility. You get seen as a leader.”
“75% OF THE WORLD’S TOP 250 ORGANISATIONS USE THE GLOBAL REPORTING INITIATIVE” – KYE GBANGBOLA
With the Smarter Services board officially approving the GRI process and our senior team training sessions well underway, we’re excited to be on the journey to complete transparency and greater accountability! Follow along on our LinkedIn and Twitter to stay up to date with our GRI progress.
