IR1 G4 COMPARATIVE TABLE

3RD REVISED COMPARATIVE TABLE

on the core (should) requirements of the
International Integrated Reporting Council (IIRC)s International Integrated Reporting (IR)
Framework (IR1) and related requirements of the Global Reporting Initiative (GRI)s fourth
revised Sustainability Reporting Guidelines (G4)

Created by www.cornisvanderlugt.com - 2 January 2014

IIRC International GRI Guidelines
IR Framework December 2013 G4 May 2013

OVERVIEW PREFACE
GRI Second and
G4 Public PURPOSE
Comment Period

1A Definition: An integrated report is a concise Definition: A sustainability report conveys disclosures

OVERVIEW
communication about how an organizations on an organizations impacts be they positive or
strategy, governance, performance and
INTRODUCTION negative on the environment, society and the
prospects, in the context of its external economy. In doing so, sustainability reporting makes
GRI is issuing, for public comment, an exposure draft of the next generation of its reporting Guidelines (G4).
environment, lead to the creation Theof value
document willover
be available forabstract
comment fromissues tangible
25 June to 25 andDuring
September 2012. concrete, thereby assisting
this second Public
the short,
ents you have about medium and long term.
Comment Period, any interested party
Guidelines.
in understanding and
can provide feedback on specific managing
proposed revisions the effects
to the current of
sustainability developments on the organizations
addressed by your activities and strategy. (PREFACE)
This document outlines the G4 project development and the proposed significant changes to the current

comments on the
Guidelines. This document also explains how you can provide comments on the five proposed areas of
revision on which GRI is seeking public feedback. Your feedback is essential to assist GRI in achieving the

s [Section 5B] in
objectives set for G4 (below).
1B Objective: The purpose of this Framework Purpose of the Guidelines: The GRI Sustainability
is to establish Guiding Principles
GRIand
intendsContent Reporting Guidelines
Period in August offer Reporting
feedback on Principles,
ve rather than here).
to open a complementary Public Comment 2012 to gather proposed
updates to two or more of the following thematic topics: Anti-corruption, Biodiversity, Greenhouse Gas (GHG)
Elements that govern the overallEmissions
content of an HealthStandard
and Occupational and Safety. More Disclosures and an
information will be provided Implementation
at a later date. Manual
integrated report, and to explain the for the preparation of sustainability reports by
fundamental concepts that underpin them.
BACKGROUND organizations, regardless of their size, sector or
location. The Guidelines also offer an international
e over time, please In September 2010, GRIs Board of Directors (the Board) approved plans to start developing the next
reference fortheall those interested in the disclosure of
believe the content
generation of its reporting Guidelines (G4), and set out following objectives:
governance approach and of the environmental, social
opriate for use by
to offer guidance in a user-friendly way, so that new reporters can easily understand and use the
Guidelines and economic performance and impacts of
organizations. (1. THEin orderPURPOSE)
ntegrated report and
to improve the technical quality of the Guidelines content to eliminate ambiguities and
differing interpretations for the benefit of reporters and information users alike

nformation about an
to harmonize as much as possible with other internationally accepted standards
Target Audience: Providers of financial capital
to improve Targetmaterial
guidance on identifying Audience:issues fromMultistakeholder
different stakeholders perspective to

alue in the short, be included in the sustainability reports

to offer guidance on how to link the sustainability reporting process to the preparation of an
1C Purpose and users: The primaryIntegrated purpose Cf for example, in describing the materiality principle:
Report aligned with the guidance to be developed by the International Integrated
Reporting Council (IIRC)
of an integrated report is to explain to providers Organizations are faced with a wide range of topics on 1
creates
order to achieve
which they could report. Relevant topics are those that
In May 2011, GRI began informal external consultations , to understand what was considered to be needed in
of financial capital how an organization the objectives stated above. Formally, all GRI Reporting Framework development must
value over time. It therefore contains relevant
follow a Due Process , which ensuresmay that reasonably
2
all efforts are made to be considered
involve and consider the important for reflecting
interests of all GRIs
stakeholders (businesses, civil society organizations, financial markets, consultancy services, labor
information,
anatory material on both financial and other. the
representatives, academics, to name a few). organizations economic, environmental and social
impacts, or influencing the decisions of stakeholders,
rk, which three topics and, therefore, potentially merit ininclusion
G4. Visit the G4 in the report.
1
Informal consultations included a Primer Survey, Call for Topics and a call to register participation
priority? Why? development process page on GRIs website to download a copy of these documents.
2
Download a copy of GRIs Due Process document from the Due Process Reporting Framework page on GRIs website
(financial stakeholders as decision-makers) (open range of stakeholders as decision-makers)
i

1D Principles-based approach: This 4. REPORTING PRINCIPLES

ents not already
Framework is principles-based. The intent of
Questions 1-23.
the principles-based approach is to strike an
appropriate balance between flexibility and
prescription that recognizes the wide variation
in individual circumstances of different
organizations while enabling a sufficient degree
of comparability across organizations to meet
relevant information needs.
This Framework does not prescribe specific key
performance indicators (KPIs), measurement
methods
The Reporting Principles are fundamental to achieving
transparency in sustainability reporting and therefore
should be applied by all organizations when preparing a
sustainability report... The Principles are divided into
two groups: Principles for Defining Report Content and
Principles for Defining Report Quality.
G4 includes references to widely accepted and used
issue-specific reporting documents, and is designed as
a consolidated framework for reporting performance
against different codes and norms for sustainability.
(PREFACE)

NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
1

 IR1 G4 COMPARATIVE TABLE
1E Form of report and relationship with
other information: An integrated report should
be a designated, identifiable communication.
An integrated report is intended to be more than
a summary of information in other
communications (e.g., financial statements, a
sustainability report, analyst calls, or on a
website); rather, it makes explicit the
connectivity of information to communicate how
value is created over time.
1FApplication of the Framework: Any
communication claiming to be an integrated
report and referencing the Framework should
apply all the requirements identified in bold
italic type unless:
The unavailability of reliable information or
specific legal prohibitions results in an
inability to disclose material information
Disclosure of material information would
cause significant competitive harm.
In the case of the unavailability of reliable
information or specific legal prohibitions, an
integrated report should:
Indicate the nature of the information that has
been omitted
Explain the reason why it has been omitted
In the case of the unavailability of data,
identify the steps being taken to obtain the
information and the expected time frame for
doing so.
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
2
5. STANDARD DISCLOSURES
There are two different types of Standard Disclosures:
General Standard Disclosures and Specific Standard
Disclosures. (The latter comprises Disclosures on
Management Approach and Indicators.)
7.5 REPORT FORM AND FREQUENCY (IM):
Reporting on economic, environmental and social
performance could coincide or be integrated with other
organizational reporting, such as annual financial
statements.
3. CRITERIA TO BE APPLIED BY AN
ORGANIZATION TO PREPARE ITS
SUSTAINABILITY REPORT IN ACCORDANCE
WITH THE GUIDELINES
3.1 THE CRITERIA
The Guidelines offer two options to an organization in
order to prepare its sustainability report in accordance
with the Guidelines: the Core option and the
Comprehensive option.
(*) REASONS FOR OMISSION
For Standard Disclosures with(*), reasons for omission
may apply in exceptional cases.
In exceptional cases, if it is not possible to disclose
certain required information, the report should clearly:
a) Identify the information that has been omitted.
b) Explain the reasons why the information has been
omitted.
In addition, the applicable explanation of omission from
the list below should be provided:
A Standard Disclosure, part of a Standard
Disclosure, or an Indicator is not applicable; the
reason why it is considered to be not applicable
should be disclosed.
The information is subject to specific confidentiality
constraints; those constraints are to be disclosed by
the organization.
The existence of specific legal prohibitions; a
reference to the specific legal prohibitions should be
made.
The information is currently unavailable. In the case
of the unavailability of data, the organization should
disclose the steps being taken to obtain the data and
the expected timeframe for doing so.
 IR1 G4 COMPARATIVE TABLE
1G Responsibility for an IR: An integrated
report should include a statement from those
charged with governance that includes:
An acknowledgement of their responsibility to
ensure the integrity of the integrated report
An acknowledgement that they have applied
their collective mind to the preparation and
presentation of the integrated report
Their opinion or conclusion about whether
the integrated report is presented in
accordance with this Framework.
FUNDAMENTAL CONCEPTS
2B Value creation for the organization and
others
2C Six Capitals
Financial, Manufactured, Intellectual, Human,
Social & Relationship, Natural
2D Value creation process
At the core of the organization is its business
model, which draws on various capitals as
inputs and, through its business activities,
converts them to outputs (products, services,
by-products and waste). The organizations
activities and its outputs lead to outcomes in
terms of effects on the capitals. The capacity of
the business model to adapt to changes (e.g.,
in the availability, quality and affordability of
inputs) can affect the organizations longer term
viability. (paragraph 2.23, ed underlined)
GUIDING PRINCIPLES (UNDERLINED):
3A STRATEGIC FOCUS AND FUTURE
ORIENTATION: An integrated report should
provide insight into the organizations strategy,
and how it relates to the organizations ability to
create value in the short, medium and long term
and to its use of and effects on the capitals.
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
3
Highest Governance Bodys Role in Sustainability
Reporting: These Standard Disclosures (G4-48) show
the extent of the highest governance bodys
involvement in developing and approving the
organizations sustainability disclosures, and the degree
by which it may be aligned with processes around
financial reporting.
G4-48: Report the highest committee or position that
formally reviews and approves the organizations
sustainability report and ensures that all material
Aspects are covered.
PART 1: REPORTING PRINCIPLES AND STANDARD
DISCLOSURES
Sustainability: The emerging idea of integrating
strategic sustainability-related information with other
material financial information is a significant and
positive development. Sustainability is, and will
increasingly be, central to the change that companies,
markets and society will be navigating. Sustainability
information that is relevant or material to a companys
value prospects should therefore be at the core of
integrated reports. (PREFACE)
Three Pillars: The Guidelines organize Specific
Standard Disclosures into three Categories - Economic,
Environmental and Social. The Social Category is
further divided into four sub-Categories, which are
Labor Practices and Decent Work, Human Rights,
Society and Product Responsibility. (5.2 Specific
Standard Disclosures)
Transparency: The Reporting Principles are
fundamental to achieving transparency in sustainability
reporting. (4. REPORTING PRINCIPLES)
REPORTING PRINCIPLES (UNDERLINED):
Strategy and Analysis: G4-1 and G4-2
G4-1: Provide a statement from the most senior
decision-maker of the organization (such as CEO, chair,
or equivalent senior position) about the relevance of
sustainability to the organization and the organizations
strategy for addressing sustainability.
The statement should present the overall vision and
strategy for the short term, medium term, and long-
term, particularly with regard to managing the significant
economic, environmental and social impacts that the
organization causes and contributes to, or the impacts
that can be linked to its activities as a result of
relationships with others (such as suppliers, people or
organizations in local communities).
G4-2: Provide a description of key impacts, risks, and
opportunities (including) the impact of sustainability
trends, risks, and opportunities on long-term prospects
 IR1 G4 COMPARATIVE TABLE
3B CONNECTIVITY OF INFORMATION: An
integrated report should show a holistic picture
of the combination, interrelatedness and
dependencies between the factors that affect
the organizations ability to create value over
time.
Aggregation and disaggregation (general
reporting guidance)
Each organization determines the level of
aggregation (e.g., by country, subsidiary,
division, or site) at which to present information
that is appropriate to its circumstances. This
includes balancing the effort required to
disaggregate (or aggregate) information against
any added meaningfulness of information
reported on a disaggregated (or aggregated)
basis. (paragraph 4.60)
3C STAKEHOLDER RELATIONSHIPS: An
integrated report should provide insight into the
nature and quality of the organizations
relationships with its key stakeholders, including
how and to what extent the organization
understands, takes into account and responds
to their legitimate needs and interests.
3D MATERIALITY: An integrated report should
disclose information about matters that
substantively affect the organizations ability to
create value over the short, medium and long
term.
3E CONCISENESS: An integrated report
should be concise.
3F RELIABILITY AND COMPLETENESS: An
integrated report should include all material
matters, both positive and negative, in a
balanced way and without material error.
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
4
and financial performance...
Disclosures on Management Approach / DMA
provides narrative information on how an organization
identifies, analyzes, and responds to its actual and
potential material economic, environmental and social
impacts.
TIMELINESS: The organization should report on a
regular schedule so that information is available in time
for stakeholders to make informed decisions.
7.5 REPORT FORM AND FREQUENCY (IM)
Frequency of Reporting Coordinated timing
reinforces the linkages between financial performance
and economic, environmental and social performance.
SUSTAINABILITY CONTEXT: The report should
present the organizations performance in the wider
context of sustainability.
Information on performance should be placed in
context. The underlying question of sustainability
reporting is how an organization contributes, or aims to
contribute in the future, to the improvement or
deterioration of economic, environmental and social
conditions, developments, and trends at the local,
regional or global level.
STAKEHOLDER INCLUSIVENESS: The organization
should identify its stakeholders, and explain how it has
responded to their reasonable expectations and
interests. Stakeholders can include those who are
invested in the organization as well as those who have
other relationships to the organization.
CLARITY: The organization should make information
available in a manner that is understandable and
accessible to stakeholders using the report.
MATERIALITY: The report should cover Aspects that:
Reflect the organizations significant economic,
environmental and social impacts; or
Substantively influence the assessments and
decisions of stakeholders.
RELIABILITY: The organization should gather, record,
compile, analyze and disclose information and
processes used in the preparation of a report in a way
that they can be subject to examination and that
establishes the quality and materiality of the
information.
COMPLETENESS: The report should include coverage
of material Aspects and their Boundaries, sufficient to
reflect significant economic, environmental and social
 IR1 G4 COMPARATIVE TABLE
3G CONSISTENCY AND COMPARABILITY:
The information in an integrated report should
be presented:
On a basis that is consistent over time
In a way that enables comparison with other
organizations to the extent it is material to
the organizations own ability to create value
over time
CONTENT ELEMENTS:
4A Organizational overview and external
environment: An integrated report should
answer the question: What does the
organization do and what are the
circumstances under which it operates?
An integrated report identifies the organizations
mission and vision, and provides essential
context by identifying matters such as:
The organizations:
culture, ethics and values
ownership and operating structure
principal activities and markets
competitive landscape and market
positioning
position within the value chain
Key quantitative information (e.g., the
number of employees, revenue and number of
countries in which the organization operates)
Significant factors affecting the external
environment and the organizations response.
4B Governance: An integrated report should
answer the question: How does the
organizations governance structure
support its ability to create value in the
short, medium and long term?
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
5
impacts, and to enable stakeholders to assess the
organizations performance in the reporting period.
BALANCE: The report should reflect positive and
negative aspects of the organizations performance to
enable a reasoned assessment of overall performance.
ACCURACY: The reported information should be
sufficiently accurate and detailed for stakeholders to
assess the organizations performance.
COMPARABILITY: The organization should select,
compile and report information consistently. The
reported information should be presented in a manner
that enables stakeholders to analyze changes in the
organizations performance over time, and that could
support analysis relative to other organizations.
STANDARD DISCLOSURES:
5.1 GENERAL STANDARD DISCLOSURES
Organizational Profile: These Standard Disclosures
(G4-3 to G4-16) provide an overview of organizational
characteristics, in order to provide context for
subsequent more detailed reporting against other
sections of the Guidelines
include for example:
G4-6: Report the number of countries where the
organization operates, and names of countries where
either the organization has significant operations or that
are specifically relevant to the sustainability topics
covered in the report.
G4-8: Report the markets served (including geographic
breakdown, sectors served, and types of customers and
beneficiaries).
G4-12: Describe the organizations supply chain.
5.1 GENERAL STANDARD DISCLOSURES
Governance: These Standard Disclosures (G4-34 to
G4-55) provide an overview of:
The governance structure and its composition
The role of the highest governance body in setting
the organizations purpose, values, and strategy
The competencies and performance evaluation of
the highest governance body
The role of the highest governance body in risk
management
 IR1 G4 COMPARATIVE TABLE
4C Business model: An integrated report
should answer the question: What is the
organizations business model?
An organizations business model is its system
of transforming inputs, through its business
activities, into outputs and outcomes that aims
to fulfill the organizations strategic purposes
and create value over the short, medium and
long term.
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
6
The role of the highest governance body in
sustainability reporting
The role of the highest governance body in
evaluating economic, environmental and social
performance
Remuneration and incentives
Ethics and Integrity: These Standard Disclosures (G4-
56 to G4-58) provide an overview of:
The organizations values, principles, standards
and norms
Its internal and external mechanisms for seeking
advice on ethical and lawful behavior
Its internal and external mechanisms for reporting
concerns about unethical or unlawful behavior and
matters of integrity
Cf G4-EC8: Significant Indirect Economic Impacts,
including the extent of impacts
Report examples of the significant identified positive
and negative indirect economic impacts the
organization has. These may include:
Changing the productivity of organizations, sectors,
or the whole economy
Economic development in areas of high poverty
Economic impact of improving or deteriorating social
or environmental conditions
Availability of products and services for those on low
incomes
Enhancing skills and knowledge amongst a
professional community or in a geographical region
Jobs supported in the supply chain or distribution
chain
Stimulating, enabling, or limiting foreign direct
investment
Economic impact of change in location of operations
or activities
Economic impact of the use of products and services
Two references to business model appear in the
Implementation Manual (IM):
Guidance on G4-10 (Organizational Profile
employees data): It also provides insight into the
organizations business model, and offers an indication
of job stability and the level of benefits the organization
offers
Guidance on DEFINING MATERIAL ASPECTS AND
BOUNDARIES: THE PROCESS states that: The
methodology applied in the steps varies according
to the individual organization. Specific circumstances
such as business model, sector, geographic, cultural
and legal operating context, ownership structure, and
the size and nature of impacts affect how the
organization identifies the material Aspects and other
material topics to be reported. (underlined by ed)
 IR1 G4 COMPARATIVE TABLE
4D Risks and opportunities: An integrated
report should answer the question: What are
the specific risks and opportunities that
affect the organizations ability to create
value over the short, medium and long term,
and how is the organization dealing with
them?
4E Strategy and resource allocation: An
integrated report should answer the
question: Where does the organization want
to go and how does it intend to get there?
4F Performance: An integrated report
should answer the question: To what extent
has the organization achieved its strategic
objectives for the period and what are its
outcomes in terms of effects on the
capitals?
An integrated report contains qualitative and
quantitative information about performance that
may include matters such as:
Quantitative indicators with respect to targets
and risks and opportunities
The organizations effects (both positive and
negative) on the capitals, including material
effects on capitals up and down the value
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
7
G4-2: Provide a description of key impacts, risks, and
opportunities.
The organization should provide two concise narrative
sections on key impacts, risks, and opportunities.
Section One should focus on the organizations key
impacts on sustainability and effects on stakeholders
Section Two should focus on the impact of
sustainability trends, risks, and opportunities on the
long-term prospects and financial performance of the
organization. This should concentrate specifically on
information relevant to financial stakeholders or that
could become so in the future. Section Two should
include the following:
A description of the most important risks and
opportunities for the organization arising from
sustainability trends.
Prioritization of key sustainability topics as risks and
opportunities according to their relevance for long-
term organizational strategy, competitive position,
qualitative, and (if possible) quantitative financial
value drivers (underlined by ed).
Strategy and Analysis: These Standard Disclosures
(G4-1 to G4-2) provide a general strategic view of the
organizations sustainability
G4-1: Provide a statement from the most senior
decision-maker of the organization (such as CEO, chair,
or equivalent senior position) about the relevance of
sustainability to the organization and the organizations
strategy for addressing sustainability.
The statement should present the overall vision and
strategy for the short term, medium term, and long term,
particularly with regard to managing the significant
economic, environmental and social impacts that the
organization causes and contributes to, or the impacts
that can be linked to its activities as a result of
relationships with others (such as suppliers, people or
organizations in local communities).
PREFACE: Sustainability reporting helps organizations
to set goals, measure performance, and manage
change in order to make their operations more
sustainable. A sustainability report conveys disclosures
on an organizations impacts be they positive or
negative on the environment, society and the
economy.
4. REPORTING PRINCIPLES
The Principles for Defining Report Quality guide choices
on ensuring the quality of information in the
sustainability report, including its proper presentation.
The quality of the information is important to enable
stakeholders to make sound and reasonable
assessments of performance...
 IR1 G4 COMPARATIVE TABLE
chain.
The state of key stakeholder relationships
and how the organization has responded to
key stakeholders legitimate needs and
interests.
The linkages between past and current
performance, and between current
performance and the organizations outlook.
Financial Capital
Manufactured Capital
Intellectual Capital.
Human Capital...
Social & Relationship Capital..
Natural Capital..
4G Outlook: An integrated report should
answer the question: What challenges and
uncertainties is the organization likely to
encounter in pursuing its strategy, and what
are the potential implications for its
business model and future performance?
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
8
5.2 SPECIFIC STANDARD DISCLOSURES:
INDICATORS
Indicators give information on the economic,
environmental and social performance or impacts of an
organization related to its material Aspects.
Material Aspects are those that reflect the
organizations significant economic, environmental and
social impacts; or substantively influence the
assessments and decisions of stakeholders.
Cf indicators G4-EC1 to G4-EC9
Cf disclosures / indicators G4-4, G4-PR1 to G4-PR9
Cf disclosures / indicators G4-4, G4-51, G4-56, G4-
EC8, G4-LA9 to G4-LA11
Cf indicators G4-LA1 to G4-LA16, G4-HR1 to G4-HR12
Cf indicators G4-HR1 to G4-HR12, G4-SO1 to G4-
SO11, G4-PR1 to G4-PR9, G4-EC7 and G4-EC8
Cf indicators G4-EN1 to G4-EN34
5.2 SPECIFIC STANDARD DISCLOSURES:
DISCLOSURES ON MANAGEMENT APPROACH:
INTRODUCTION: The DMA is intended to give the
organization an opportunity to explain how the
economic, environmental and social impacts related to
material Aspects are managed.
DMA provides narrative information on how an
organization identifies, analyzes, and responds to its
actual and potential material economic, environmental
and social impacts.
DMA also provides context for the performance
reported by Indicators.
Implementation Manual (IM) guidance on G4-DMA
states, among others, that:
Although the following Guidance is not exhaustive or
absolute, management approach components may
include (in no particular order):
Policies
Commitments
Goals and targets
Responsibilities
Resources
Specific actions
On Goals and Targets (listed above), the IM states:
Goals and targets - Describe:
The baseline and context for goals and targets
 IR1 G4 COMPARATIVE TABLE
PREPARATION & PRESENTATION:
4H Basis of preparation and presentation:
An integrated report should answer the
question: How does the organization
determine what matters to include in the
integrated report and how are such matters
quantified or evaluated?
An integrated report describes its basis of
preparation and presentation, including:
A summary of the organizations materiality
determination process.
A description of the reporting boundary and
how it has been determined.
A summary of the significant frameworks and
methods used to quantify or evaluate
material matters.
4I General reporting guidance: The following
general reporting matters are relevant to
various Content Elements:
Disclosure of material matters
Disclosures about the capitals
Time frames for short, medium and long term
Aggregation and disaggregation
The materiality determination process: (four
steps paragraph 3.18)
The materiality determination process for the
purpose of preparing and presenting an
integrated report involves:
1. Identifying relevant matters based on their
ability to affect value creation as discussed in
Section 2B.
2. Evaluating the importance of relevant
matters in terms of their known or potential
effect on value creation.
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
9
Range of entities included in the goals and targets,
and their location
The expected result (quantitative or qualitative)
The expected timeline for achieving each goal and
target
Whether goals and targets are mandatory (based
on legislation) or voluntary, and if mandatory, list
relevant legislation
HOW TO USE (PART 1) AND IMPLEMENTATION
MANUAL (PART 2):
5.1 GENERAL STANDARD DISCLOSURES:
IDENTIFIED MATERIAL ASPECTS AND
BOUNDARIES
These Standard Disclosures (G4-17 to G4-23) provide
an overview of the process that the organization has
followed to define the Report Content, the identified
material Aspects and their Boundaries, and
restatements.
5.1 GENERAL STANDARD DISCLOSURES:
STAKEHOLDER ENGAGEMENT
G4-26: Report the organizations approach to
stakeholder engagement, including frequency of
engagement by type and by stakeholder group, and an
indication of whether any of the engagement was
undertaken specifically as part of the report preparation
process.
G4-27: Report key topics and concerns that have been
raised through stakeholder engagement, and how the
organization has responded to those key topics and
concerns, including through its reporting. Report the
stakeholder groups that raised each of the key topics
and concerns.
DEFINING MATERIAL ASPECTS AND
BOUNDARIES: THE PROCESS (IM)
This section describes the steps that the organization
may go through in order to define the specific content of
the report. The steps here have been designed to offer
Guidance on how to implement the Principles for
Defining Report Content.
The four steps involve Identification, Prioritization,
Validation and Review:
1. Identification of the Aspects any other relevant
topics, and their Boundaries, which might be considered
to be reported on. This identification is based on the
Principles of Sustainability Context and Stakeholder
Inclusiveness.
2. Prioritization of the Aspects and any other relevant
topics from Step 1, to identify those that are material
and therefore to be reported on. Prioritization should be
 IR1 G4 COMPARATIVE TABLE
3. Prioritizing the matters based on their
relative importance.
4. Determining the information to disclose
about material matters.
Complexity, interdependencies and trade-
offs: (paragraph 4.56)
This Framework does not require an integrated
report to provide an exhaustive account of all
the complex interdependencies between the
capitals such that an organizations net impact
on the global stock of capitals could be tallied. It
is important, however, that an integrated report
disclose the interdependencies that are
considered in determining its reporting
boundary, and the important trade-offs that
influence value creation over time, including
trade-offs:
Between capitals or components of a
capital (e.g., creating employment through an
activity that negatively affects the
environment).
Over time (e.g., choosing one course of
action when another course would result in
superior capital increment but not until a later
period).
Between capitals owned by the
organization and those owned by others or
not at all.
Reporting boundary: (paragraph 3.30)
Key to the materiality determination process is
the concept of the reporting boundary.
Determining the boundary for an integrated
report has two aspects:
1. The financial reporting entity (i.e., the
boundary used for financial reporting purposes)
The financial reporting entity identifies which
subsidiaries, joint ventures and associates
transactions and related events are included in
the organizations financial report. The financial
reporting entity is determined according to
applicable financial reporting standards which
revolve around the concepts of control or
significant influence.
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
10
based on the Principles of Materiality and Stakeholder
Inclusiveness.
3. Validation where the Principles of Completeness
and Stakeholder Inclusiveness are applied to finalize
the identification of the report content.
4. Review takes place as the organization is preparing
for the next reporting cycle. A review may focus not only
on the Aspects that were material in the previous
reporting period but also consider again the Principles
of Stakeholder Inclusiveness and Sustainability
Context.
The Validation Step involves assessing the material
Aspects against:
1. Scope the range of Aspects covered in a report
2. Aspect Boundaries the description of where
impacts occur for each material Aspect
3. Time the completeness of selected information
with respect to the reporting period.
On step 2 (Prioritization) the IM states: DMA allow for
the discussion of challenges and dilemmas where the
organization does not have a management approach
for the material Aspect.
G4-17: a. List all entities included in the organizations
consolidated financial statements or equivalent
documents. b. Report whether any entity included in the
organizations consolidated financial statements or
equivalent documents is not covered by the report.
G4-18: a. Explain the process for defining the report
content and the Aspect Boundaries. b. Explain how the
organization has implemented the Reporting Principles
for Defining Report Content.
G4-19: a. List all the material Aspects identified in the
process for defining report content.
G4-20: a. For each material Aspect, report the Aspect
Boundary within the organization, as follows:
Report whether the Aspect is material within the
organization
If the Aspect is not material for all entities within the
 IR1 G4 COMPARATIVE TABLE

organization (as described in G4-17), select one of

2. Risks, opportunities and outcomes
attributable to or associated with other
entities/stakeholders beyond the financial
reporting entity that have a significant effect on
the ability of the financial reporting entity to
create value.
These other entities/stakeholders might be
related parties for the purpose of financial
reporting, but will ordinarily extend further.
the following two approaches and report either:
The list of entities or groups of entities
included in G4-17 for which the Aspect is
not material or
The list of entities or groups of entities
included in G4-17 for which the Aspects is
material
Report any specific limitation regarding the Aspect
Boundary within the organization
G4-21: a. For each material Aspect, report the Aspect
Boundary outside the organization, as follows:
Report whether the Aspect is material outside of the
organization.
If the Aspect is material outside of the organization,
identify the entities, groups of entities or elements for
which the Aspect is material. In addition, describe the
geographical location where the Aspect is material
for the entities identified.
Report any specific limitation regarding the Aspect
Boundary outside the organization.

DEFINING MATERIAL ASPECTS AND

BOUNDARIES: THE PROCESS (IM)

Boundary refers to the description of where impacts

occur for each relevant topic (potentially material
Aspect). In setting the Boundaries, an organization
should consider impacts within and outside of the
organization. Topic Boundaries vary:

a. Within the organization

b. Outside of the organization
c. Within and outside of the organization

Topic boundaries therefore may cut across or extend

beyond the organizational boundaries of the reporting
organization. The Implementation Manual for example
advises: The impacts that make the topic relevant
outside of the organization can be grouped by their
geographical location or the nature of the organizations
relationship to them (such as suppliers in country X).

IIRC International GRI Guidelines

IR Framework December 2013 G4 May 2013

GRI Second G4 Public Comment Period

* Acknowledgement: The Comparative Table on the main requirements of the IIRC`s IR1 and the GRI`s G4 has
been created by Cornis van der Lugt PhD MBA, Geneva-based consultant and researcher, and Senior Research
OVERVIEW
Fellow with the Centre for Corporate Governance, Stellenbosch University Business School, South Africa.
Comments / enquiries can be sent to cornis.lugt@usb.ac.za
INTRODUCTION

GRI is issuing, for public comment, an exposure draft of the next generation of its reporting Guidelines (G4).
The document will be available for comment from 25 June to 25 September 2012. During this second Public

ents you have about

Comment Period, any interested party can provide feedback on specific proposed revisions to the current
Guidelines.

addressed by your This document outlines the G4 project development and the proposed significant changes to the current

comments on the
Guidelines. This document also explains how you can provide comments on the five proposed areas of
revision on which GRI is seeking public feedback. Your feedback is essential to assist GRI in achieving the

s [Section 5B] in
objectives set for G4 (below).

ve rather than here).

GRI intends to open a complementary Public Comment Period in August 2012 to gather feedback on proposed
updates to two or more of the following thematic topics: Anti-corruption, Biodiversity, Greenhouse Gas (GHG)
NOTE: All text in italics represent emphasis and additions by the editor www.cornisvanderlugt.com 02.01.2014
Emissions and Occupational Health and Safety. More information will be provided at a later date.
11

BACKGROUND