Have you been keeping up with the latest version of the GRI Reporting Guidelines (G4) set to launch next May? The next generation of G4 has many significant changes that will have implications for US reporting companies. Our friend Karl Pfalzgraf, Vice President of Sustainability Assurance at BPA Worldwide, attended the July GRI meeting in DC for Organizational Sponsors and received a full briefing on the proposed changes. In case you missed our Q&A with Karl, you can check out his insights here.
Along those lines, Karl recently shared with us a great list of all the new required disclosures on Executive Compensation that we thought you would find useful. Currently GRI has one compensation disclosure and only if you are reporting at the A or B Level. G4 has 11 disclosures. Whether you are currently an A, B, or C Level GRI reporter – you will be required to meet these Standard Disclosures if the proposed changes are incorporated into the final version of G4 when it launches next May.
Karl’s document, Remuneration and Incentives, outlines several new proposed profile disclosures. There are eleven new disclosures to be exact, beginning with a summary of remuneration policies for governance body members and senior executives. These new additions delve in to determining remuneration processes, considering your stakeholders throughout this process, defining a remuneration committee, describing how remuneration and incentive-related pay can result in more efficient performance from your team, and much more. Remuneration and Incentives also provides definitions at the end of the document to ensure you have a complete understanding of the G4.
Don’t let G4 evolve without you, check out these new updates in G4 Reporting Guidelines: Remuneration and Incentives. If you have concerns about this new level of disclosure, you still have time to let your voice be heard. The Public Comment Period on the proposed changes to the GRI Reporting Guidelines ends on September 25th. You can submit your comments here.