Spotlight on corporate transparency: Insights from GLOBE 2014

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1 Spotlight on corporate transparency: Insights from GLOBE 2014 September 2014 GRI North America

2 Contents 1

3 Acknowledgments Conference Partner GLOBE Foundation Polling Partner and GRI Data Partner in Canada KPMG in Canada GRI North America appreciates the contributions of the following Transparency Track speakers Keynote address: Bringing sustainability into focus Christianna Wood, Chairman, GRI Architects of a better world: corporate responsibility in a new age of transparency Christianna Wood, Chairman, GRI (moderator) Dr. Anthony Hodge, President, International Council on Mining and Metals (ICMM) Gordon Lambert, Executive Advisor Sustainability & Innovation, Suncor Energy (GRI Sector Leader) Helle Bank Jørgensen, CEO at B Accountability and UN Special Advisor to Global Compact Canada Peter Bakker, President, World Business Council for Sustainable Development (WBCSD) The changing regulatory landscape: catalyzing business in the 21st century Simon MacMahon, Global Director Advisory Services, Sustainalytics (moderator) Brenda Kenny, CEO & President, Canadian Energy Pipeline Association (CEPA) Mark Pearson, Director General External Relations, Natural Resources Canada (NRCan) Nelson Switzer, Director & Leader Sustainable Business Solutions, PricewaterhouseCoopers (PwC) Nigel Topping, Executive Director, CDP (formerly Carbon Disclosure Project) Yolanda Banks, Senior Advisor Corporate Social Responsibility, Export Development Canada (EDC) Financial markets and the move towards responsible capital management Susan McGeachie, Market Leader Climate Change & Sustainability, Ernst & Young (EY) Adam Kanzer, Managing Director & General Counsel, Domini Social Investments Barbara Pomfret, ESG Product Manager, Bloomberg LP (GRI Sector Leader) Desiré Carroll, Senior Technical Manager IFRS & Sustainability, American Institute of Certified Public Accountants (AICPA) Jennifer Coulson, Shareholder Engagement Manager, British Columbia Investment Management Company (BCIMC) Green is the new black: the growing role of the C-Suite in sustainability Jessica Fries, Executive Chair, The Prince s Accounting for Sustainability Project (A4S) (moderator) Beverley Briscoe, Chair of the Audit Committee, Goldcorp Henry Stoch, Partner Sustainability & Climate Change, Deloitte Patrick Daniel, former CEO, Enbridge Warren Allen, President, International Federation of Accountants (IFAC) 2

4 About this paper In March 2014, more than 1,800 delegates from 45 countries convened in Vancouver, Canada for North America s largest sustainable business summit, GLOBE For the last 24 years, GLOBE has been at the forefront of new ideas and insights on sustainable business. This year, at GLOBE 2014, Global Reporting Initiative (GRI) North America partnered with the GLOBE Foundation to deliver the Transparency Track. Comprised of an opening keynote by Christianna Wood, GRI s Chairman and former Chair of the International Corporate Governance Network (ICGN), and four sessions 1, the Transparency Track explored from various angles the key drivers for corporate transparency from multi-generational and cross-sector collaboration to investor demands and tone at the top and how the fourth generation of GRI s Guidelines, G4 2, can help companies stay ahead of the game. GRI North America and KPMG in Canada, GRI s Data Partner in Canada, polled participants throughout the Transparency Track to capture their perspectives on corporate transparency why it matters, for whom it matters and how it impacts business strategy today and in the future. Based on the combined feedback of conference delegates at the event, as well as responses collected online following the conference, this paper examines the various drivers of corporate transparency and the role of government, securities regulators and the C-Suite in shaping corporate sustainability strategies and creating more resilient businesses. 1 In addition to the keynote address by GRI s Chairman Christianna Wood, the GRI-hosted Transparency Track included the following four sessions: Architects of a better world: corporate responsibility in a new age of transparency; The changing regulatory landscape: catalyzing business in the 21st century; Green is the new black: the growing role of the C-Suite in sustainability; and Financial markets and the move towards more responsible capital management. 2 Launched in May 2013, GRI s G4 Guidelines offer Reporting Principles, Standard Disclosures, and an Implementation Manual for the preparation of sustainability reports by organizations, regardless of their size, sector, or location. Developed through a global multi-stakeholder process involving representatives from business, labor, civil society, and financial markets, the Guidelines are developed in alignment with internationally recognized reporting initiatives, which are referenced throughout the Guidelines. https://www.globalreporting.org/reporting/g4/pages/default.aspx 3

5 Corporate transparency Why does it matter? Recent events the 2008 financial crisis and resulting Dodd-Frank Act, extreme weather events like Hurricane Sandy, the 2013 floods in Alberta and ice storms in Ontario and Atlantic Canada, and the Lac- Mégantic train derailment in Quebec, Canada all compel business to develop longer-term thinking and more resilient business strategies that transcend profit alone. This requires a reexamination of how companies do business, from strategic planning and governance, to the inclusion of environmental and social factors in corporate targets, remuneration and decision making, and communication of performance with stakeholders. Enabling greater organizational transparency, corporate sustainability reporting is generating significant and tangible benefits to business, ranging from enhanced marketplace reputations, improved operational efficiencies and greater competitiveness. Reporting s role in demonstrating how businesses are preparing for long-term growth in a complex and changing environment is paramount to developing trust and fostering critical relationships with stakeholders. More than 5,000 companies from over 88 countries report using GRI s Guidelines, according to data included in GRI s Sustainability Disclosure Database 3. The KPMG Survey of Corporate Responsibility Reporting refers to the GRI Guidelines. In the US, 72 percent of the companies included in the S&P 500 Index published sustainability reports in 2013, up dramatically from 52 percent in 2012 and 20 percent in 2011, according to research by the Governance & Accountability Institute (G&A) 5. According to the historical Canadian data from the KPMG Survey of Corporate Responsibility Reporting, there has been steady growth in the percentage of the 100 largest companies in Canada producing sustainability reports, from 41 percent in , to 83 percent in % of Responsibility companies produce Reports Corporate 4, % of issue companies a CR 82 % report of which refer to the GRI Guidelines out of Companies in 41 Countries Taken from the KPMG Survey of Corporate Responsibility Reporting 2013 of the world s largest Companies tx_ttnews%5bbackpid%5d=224&chash=e1111fb1a531c637a544c83a97a760bd

6 Corporate transparency Why does it matter? (Continued) While much of this upward trend in reporting is voluntary, the introduction of reporting requirements by governments and stock exchanges around the world has also played an important role in driving enhanced corporate transparency and accountability worldwide. As research shows, regulation has resulted in almost 100 percent reporting rates in countries such as Denmark, France, and South Africa 8. This trend is only set to grow. For instance, the Directive of the European Parliament on non-financial reporting will require approximately 6,000 Public Interest Entities (PIE) in the 28 member states of the European Union (EU) to disclose non-financial and diversity information. This Directive will impact PIE s and parent undertakings of a larger group with 500 or more employees, and it is anticipated that North American affiliates reporting into these European companies will also be required to report on their sustainability metrics 9. Advancing the move towards increased transparency, 18 stock exchanges under the auspices of the World Federation of Exchanges (WFE) now participate in the WFE Sustainability Working Group. Launched in March 2014, the Working Group is led by NASDAQ QMX and the Johannesburg Stock Exchange (JSE), and includes the New York Stock Exchange (NYSE)/ICE, BM&FBOVESPA, and others. It aims to establish either a listing requirement or some kind of actionable guidance for publicly listed companies on related exchanges 10. Many of these exchanges also participate in the Sustainable Stock Exchanges (SSE) initiative, which is a peer-to-peer learning platform for exploring how exchanges can work together with investors, regulators, and companies to enhance corporate transparency. Created by the United Nations (UN) in 2009, the SSE now includes 10 partner stock exchanges 11. Following the creation of the SSE initiative, the Ceres Investor Network on Climate Risk (INCR) formed the Investor Initiative for Sustainable Exchanges Working Group to support the SSE initiative, and to coordinate engagement with stock exchanges worldwide. Ceres and INCR, with input from global investors, developed the Investor Listing Standards Proposal: Recommendations for Stock Exchange Requirements on Corporate Sustainability Reporting, which was released in March 2014 and has now been submitted to the WFE for consideration and feedback 12. As evidenced by these international initiatives, the continuous use of GRI s Guidelines as the de facto global standard, and the establishment of the UN Global Compact (UNGC), CDP, and the emerging Sustainability Accounting Standards Board (SASB) in the US, sustainability reporting has truly gone mainstream. This paper explores drivers in its continued evolution This formal title of the Directive is the Directive of the European Parliament and the Council amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups. Article 2 of the 2013 Accounting Directive defines public interest entities as listed companies; credit institutions; insurance undertakings; and others. https://www.globalreporting.org/information/news-and-presscenter/pages/gri-celebrates-new-era-for-non-financial-information-disclosure-in-the-eu.aspx The SSE s 10 partner stock exchanges are BM&FBOVESPA; Borsa Istanbul; BSE; The Egyptian Exchange; JSE; LSE; NASDAQ QMX, NYSE/ICE; Nigerian Stock Exchange; and Warsaw Stock Exchange. org/wp-content/uploads/2012/03/brochure-sse_updated-version_2013.pdf 12 Over 100 institutional investors from six continents helped shape the proposal, which aims to establish key elements of a minimum global standard for CR reporting. One of the proposed recommendations encourages the inclusions of a hyperlink to an ESG Disclosure Index, based on the GRI Content Index (see Appendix B) or its equivalent, in a company s annual financial filings. The proposal has now been submitted to the WFE members and Sustainability Working Group, as well as investors and companies, for comment and consideration. 5

7 Key findings Overall, the respondents recognize the value of corporate transparency and the importance of government, securities regulators, and the C-Suite in driving improved corporate sustainability strategies, and business performance. Based on this analysis, key findings include: Transparency matters. Reputational risk drives the business case for transparency. Governments and securities regulators can play a leading role. CEOs are setting the tone. 75 % 47 % 58 % 51 % strategies. of respondents indicate that corporate transparency is largely effective in building trust between business and society. of respondents cite reputational issues and media coverage drive the business case for corporate transparency. of respondents feel that governments and securities regulators are most likely of market oversight bodies to take global actions to mandate corporate responsibility disclosures. of respondents believe that CEOs play an active role in shaping corporate sustainability The following three sections unpack these findings in relation to the outcomes of the panel discussions that took place in the Transparency Track sessions. 6

8 Trust and transparency Christianna Wood opened the Transparency Track with a keynote speech about the drivers and strategic value of non-financial disclosure, sparking one key message that resonated throughout each of the other sessions: the external forces of technology, public policy, and investors leave companies little choice in moving to greater and enhanced transparency now and not later. The first session of the track Architects of a better world: corporate responsibility in a new age of transparency focused on the first force of technology and its role in accelerating transparency worldwide. As Peter Bakker, President of the World Business Council for Sustainable Development (WBCSD), noted, Trust has always had to be nurtured. There s an old Dutch saying that says it arrives by foot and leaves by horse. Well today, trust arrives by foot and leaves by Facebook. Companies best protect the trust they have built with key stakeholders through responsibility and transparency. Bakker spoke of the increased accessibility of information and its impact on the relationship between business and key stakeholders. The rate of change on this issue of transparency has taken off, and is moving unbelievably quickly, said Anthony Hodge, President of the International Council on Mining Metals (ICMM). We are moving towards a full life-cycle perspective in terms of transparency, partly driven by consumer companies responding to society s demands. Effectiveness of corporate transparency in building trust between business and society. 75 % 10 % 15 % Very effective/ Somewhat effective Neither effective nor ineffective Very ineffective/ Somewhat ineffective Percentage of respondents 7

9 Trust and transparency (Continued) Gordon Lambert, Executive Advisor of Sustainability and Innovation at Suncor Energy, elaborated on this idea of trust, encouraging companies to listen and respond to their stakeholders, rather than declare and defend. He explained that reporting is not a project, but rather a process and mechanism to build relationships, drive accountability and help companies be clear about progress. Essentially, reporting is a tool for listening, engagement, creating opportunity and reducing risk. The KPMG series Expect the Unexpected 13 identifies a number of social and environmental megaforces such as growing global population, limited natural resource supply, climate change and others. The resulting risks to companies include physical (damages from environmental disasters), competitive (in terms of market volatility), regulatory, social, legal and reputational. The latter is the most commonly cited type of business risk, mentioned by 53 percent of the world s largest 250 companies 14. In line with this finding, nearly half of the respondents of the Transparency Track poll cite reputational issues and media coverage as the most important driver strengthening the business case for corporate transparency, as illustrated in the chart to the right. In addition, almost all respondents (92 percent) believe that sustainability performance is important for a company s reputation in the international marketplace. This issue is of critical importance given the increasingly globalized nature of competition for resources, customers, and capital. What s driving corporate transparency? Reputational issues and media coverage 47 % Customer preferences and expectations 31 % Investor 12 % requests Government 6 % policy developments 4 % Employee motivation Belief that sustainability performance affects companies reputations 92 % 8 % 0 % Very important/ Somewhat important Neither important nor unimportant Very unimportant/ Somewhat unimportant

10 Regulatory and market-based drivers As noted earlier, the introduction of reporting requirements by governments and stock exchanges is playing an important role in driving enhanced corporate transparency and accountability worldwide. Both the Canadian and US Securities Commissions require public companies to disclose information related to the material financial or operational effects of environmental protection and related issues. For instance, in 2010, the US Securities and Exchange Commission (SEC) issued guidance on disclosure related to climate change, which references the GRI Guidelines as a widely used reporting framework that can provide important information to investors 15. Nevertheless, sustainability reporting remains a voluntary and primarily market-driven practice in North America 16. The role of regulation in driving enhanced transparency was discussed in the second and third sessions of the track The changing regulatory landscape: catalyzing business in the 21st century and Financial markets and the move towards responsible capital management. As Adam Kanzer, Managing Director and General Counsel at Domini Social Investments, explained in the Financial Markets session, regulation can support more consistent and comparable reporting on a local and global scale. Regulation can, therefore, better inform investor decision-making since the data disclosed can help companies and society have a more transparent conversation based on consistent apples-to-apples comparisons; a commitment to excellence; and assurance that eventually leads us to move beyond data and towards a wiser, informed, and adaptive process, as Brenda Kenny, President and CEO of the Canadian Energy Pipeline Association (CEPA), noted in the session The changing regulatory landscape. Elaborating on this idea of comparability and consistency, Nigel Topping, Executive Director of the CDP, explained that regulation helps to set a clearer context around transparency and disclosure, and therefore enables companies to look beyond disclosure and focus in on the business strategy. Kanzer commented on the important role of stock exchanges in accelerating this move towards better disclosure, indicating that the SSE initiative and INCR proposal (see section Corporate Transparency Why does it matter?) are first steps in establishing a disclosure requirement worldwide https://www.globalreporting.org/resourcelibrary/carrots-and-sticks-promoting-transparency-and-sustainbability.pdf 9

11 Regulatory and market-based drivers (Continued) In line with this thinking, respondents indicated that governments (29 percent) and securities regulators (29 percent) are most likely to take concerted global actions to mandate corporate responsibility disclosures and, ultimately, drive improved corporate sustainability performance the primary and ultimate focus of disclosure. In addition, more than half of the respondents identified environmental impacts as the area in which government regulation can play the most significant role in driving corporate sustainability performance. In the Financial Markets session, Barbara Pomfret, ESG Product Manager at Bloomberg L.P., reinforced this idea, commenting on how the risk of natural capital 17 loss and its impact on corporate performance is one of the biggest drivers for ESG disclosure, as evidenced by countries like Brazil and China where government and stock exchanges are both driving forces for sustainability reporting standards 18. As Yolanda Banks, Senior Advisor CSR at Export Development Canada (EDC), explained in the session The changing regulatory landscape, Corporate reporting on ESG impacts is an indicator that a company is well-managed and, therefore, more attractive for financing. Market oversight body most likely to act in mandating corporate responsibility disclosures 29 % 29 % 22 % Governments Securities regulators 8 % 12 % Stock exchanges Competition bureaus None of the above 17 As defined in the April 2013 publication by Trucost Plc and The Economics of Ecosystems and Biodiversity (TEEB) Business Coalition Natural Capital at Risk: the top 100 externalities of business, natural capital is the finite stock of natural assets (air, water, and land) from which goods and services flow to benefit society and the economy. It is made up of ecosystems (providing renewable resources and services), and non-renewable deposits of fossil fuels and minerals. 18 https://www.globalreporting.org/resourcelibrary/carrots-and-sticks-promoting-transparency-and-sustainbability.pdf 10

12 Tone at the top The global financial crisis of 2008 prompted society, governments and investors to question the effective strength of financial institutions and regulatory bodies to deal with financial innovation in our globalized world. Now, public opinion increasingly questions a company s social license to operate, and investors are incorporating ESG information as a standard part of investor value assessment. The rising interest in and demand for more information and enhanced accountability impacts the way that businesses define and engage with their key stakeholders, as the panelists agreed in the fourth and final session of the track Green is the new black: the growing role of the C-Suite in sustainability. The panelists commented on how a company s key stakeholders have to go beyond the investor, as the boardroom increasingly learns about the importance of first earning the respect of the communities in which it works. Echoing this sentiment, Warren Allen, President of the International Federation of Accountants, explained that the boardroom and C-Suite need to get out from behind the desk and talk to the community. Ultimately, Allen summarized, companies and their leaders need to grow ears. This reflects the importance of C-Suite engagement in the sustainability process, indicating that there is a significant role for the CEO, CFO and Board of Directors in embedding sustainability into core business strategy. However, our poll results indicate there is still room for improvement in C-suite engagement, as shown in the chart on the previous page. The majority (70 percent) of respondents indicated that the CFO participates almost never or in a minority of instances in shaping corporate sustainability strategies, whereas more than half of the respondents believe that the CEO plays an active role almost always or in many instances in shaping corporate sustainability strategies. Henry Stoch, Partner Sustainability & Climate Change at Deloitte, explained that the CFO is yet to be actively involved in sustainability strategy as ESG data has not yet reached the same level of comparability and credibility as financial data. It is a question of literacy and valuation, Stoch elaborated, stating that in order to get true value out of sustainability, companies need to overcome the literacy barrier in the C-Suite. Echoing this sentiment, Patrick Daniel, former CEO of Enbridge, explained that while the CFO and board may understand the risks associated with sustainability natural capital loss, for instance they do not yet fully understand the opportunities; ultimately, it s a paradigm shift, Daniel concluded, to go beyond the mere bottom line, and to be proactive about these opportunities and it will take time. 11

13 Tone at the top (Continued) As evidenced by the international regulatory initiatives referenced in the preceding sections and the establishment of the Integrated Reporting Framework <IR> by the IIRC (International Integrated Reporting Council) 19, there is growing support for enhanced reporting which aims to provide readers with an understanding of a business s long-term strategic focus in the context of both the internal and external environment, and the businesses ability to create value over time. Although in its infancy, this trend will likely accelerate the degree to which businesses examine the risks and opportunities of sustainability and further integrate concepts of sustainability into core business strategy and reporting. Level of participation by leaders in shaping corporate sustainability strategies 44 % 24 % 33 % 51 % 70 % 15 % 15 % Almost always/ In many instances Roughly half the time 32 % 16 % Board of Directors CEO CFO Almost never/ In a minority of instances 19 GRI co-founded the IIRC in 2010, as GRI understands that the future of corporate reporting involves a more comprehensive approach to measuring and managing organizational performance. The IIRC published <IR> in December 2013, which is used by companies to accelerate the adoption of <IR> worldwide. 12

14 Conclusion The rate of change on this issue of transparency has taken off, and is moving unbelievably quickly, as Hodge noted in the session Architects of a better world. A variety of key players from government and securities regulators to CEOs, investors, and media are driving this change forward, helping to shape corporate sustainability strategies, and the trend towards enhanced corporate transparency. Based on the feedback of GLOBE 2014 conference delegates, this paper demonstrates that corporate transparency does matter, and the above-mentioned players do play an important role in driving and improving corporate sustainability disclosure and performance. The key findings of this paper show that trust and reputation, market oversight, and C-Suite engagement are central to todays discussion around corporate transparency and will become increasingly important over time. As discussed in the Transparency Track sessions, while corporate sustainability reporting has truly gone mainstream, investors and C-Suite executives have yet to fully engage in the opportunities that it can and does provide, such as building trust between business and society at large, and improving overall business performance. Delegates indicated that corporate responsibility disclosures will take on equal importance to financial disclosures over the next 5 to 10 years, as companies and their key stakeholders become more literate in sustainability and transparency, and investors increasingly integrate ESG data into their decision-making. That s why GRI North America brought this topic to the agenda at GLOBE 2014, and partnered with KPMG Canada to capture the delegates perspectives to advance literacy around the economic, environmental, social, and governance impacts of business today, and to accelerate the change towards a more resilient and inclusive global economy for tomorrow. 13

15 About gri North America GRI is the leading organization in advancing the disclosure of economic, environmental, social, and governance performance by organizations worldwide. Its roots lie in the US, having been founded by the non-profit organizations Ceres and the Tellus Institute in Boston, Massachusetts in GRI pioneered and continues to promote the use of a comprehensive Sustainability Reporting Framework, consisting of Sustainability Reporting Guidelines and Sector Disclosures, which are the de facto global standard for sustainability reporting. Now in its fourth generation, the current Sustainability Reporting Guidelines (G4) 20 help organizations worldwide identify and better manage their key risks and opportunities. GRI s mission calls for more reporters, and better quality reporting. Based in New York City, GRI s North American office, a 501(c)(3) public charity, works on the ground to drive GRI s global mission to make sustainability reporting standard practice, and help local companies focus on what matters, and where it matters, in their reporting practices. Since the launch of the office at the NYSE in 2010, the NY-based GRI team has witnessed tremendous and rapid uptake of sustainability reporting in the US and Canada. Over the past five years, the number of organizations based in the US and Canada and reporting with the GRI Guidelines has more than doubled. Many of these organizations are GRI Organizational Stakeholders (OS) and Sector Leaders GRI s core supporters. GRI appreciates the invaluable support of its key stakeholders, including the following Sector Leaders: Bloomberg LP; Curran & Connors; Dell; Suncor Energy; and The Mosaic Company. 20 https://www.globalreporting.org/reporting/g4/pages/default.aspx 14

16 About kpmg in Canada KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative ( KPMG International ). KPMG member firms around the world have 155,000 professionals, in 155 countries. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such. comprehensive suite of CC&S services, we help organizations understand and integrate the principles of achieving sustained business performance and build credibility by engaging and communicating with their stakeholders. KPMG brings together multi-disciplinary international teams to support clients with strategy and governance, implementation, monitoring and evaluation, and reporting and assurance. KPMG s Climate Change and Sustainability (CC&S) 21 practice consists of several hundred professionals in approximately 60 countries. Through our

17 Methodology This analysis is based on the combined feedback of GLOBE 2014 conference delegates at the event, as well as online responses submitted after the conference. At the event, conference delegates responded anonymously to a series of multiple-choice questions, posed in each of the four Transparency Track sessions via the software application Poll Everywhere 22 Delegates submitted their responses to each question by visiting a specific Poll Everywhere website, tailormade for the Transparency Track poll, and by sending text messages to a short code number. The same questions were sent as an online survey to GLOBE 2014 delegates one week following the event. Due to the varying number of delegates that participated in each session at GLOBE 2014, and individuals who responded to the post-globe online survey, the total number of respondents varied for each question

18 Contacts Bill Murphy National Leader, Climate Change and Sustainability Services KPMG in Canada T: +1 (416) E: Eric Israel Director, GRI North America T: +1 (646) E: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. The text in this paper relevant to GRI is copyright-protected by the Global Reporting Initiative. Neither this paper nor any extract from it may be reproduced, stored, translated, or transferred in any form or by any means (electronic, mechanical, photocopies, recorded, or otherwise) for any purpose without prior written permission from GRI. Permission may be requested by writing to the Global Reporting Initiative, PO Box 10039, 1001 EA Amsterdam, The Netherlands, or by to Global Reporting Initiative, the Global Reporting Initiative logo, Sustainability Guidelines, and GRI are trademarks of the Global Reporting Initiative GRI 2014.

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