Nordic Xbrl Seminar Paul Hulst Gri Taxonomy - what is it and how can it be used

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Presentation given at the Nordic XBRL seminar in Helsinki Finland on June 7th 2012 about the GRI Taxonomy: what is it, how can it be used. Also explained the development process.

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Nordic Xbrl Seminar Paul Hulst Gri Taxonomy - what is it and how can it be used

  1. 1. The GRI Taxonomy What is it? How was it made? How can it be used?Helsinki, 7th June, 2012
  2. 2. Presenter Deloitte Innovation XBRL Team Involved in XBRL since 2007 Paul Hulst GRI - taxonomy architect Manager Senior XBRL Specialist Dutch Government -taxonomy Mobile +316 1258 1923 Email phulst@deloitte.nl design for grant requests using Twitter paulhulst XBRL formula Deloitte - XBRL instance creation application design1 © 2012 Deloitte Innovation
  3. 3. The GRI Taxonomy2
  4. 4. Why companies report on sustainability Global issues Company issues Population Air, Water, Soil Volatile Markets Increased Growth Pollution Regulation Over Climate Change NGO/Consumer Pressure on Consumption pressure transparency Natural Resource Social Instability Drive for Closed Insecure supply Depletion Loop3 © 2012 Deloitte Innovation
  5. 5. Why the GRI Taxonomy is created“What you can’t measure, you cannot manage. What youcan’t manage, you cannot change.” Quote from Peter Drucker Writer, professor and management consultant4 XBRL en duurzaamheid – Maart 2012 © 2012 Deloitte Innovation
  6. 6. GRI sustainability reporting is growing 21465 © 2012 Deloitte Innovation
  7. 7. GRI Taxonomy The Global Reporting Initiative (GRI) is a non-profit organisation that provides a comprehensive sustainability reporting framework that is widely used around the world.6 © 2012 Deloitte Innovation
  8. 8. GRI’s sustainability reporting framework is covered bythe GRI Taxonomy GRI is working in close collaboration with Deloitte to develop the GRI taxonomy for both the G3 and G3.1 Guidelines. The GRI taxonomy has been released on March 8th, 2012.7 © 2012 Deloitte Innovation
  9. 9. Every reportable data element is included in the GRI TaxonomyGRI’s sustainability reporting framework: Every reportable data element has • a unique tag • data type definition • labels, multiple languages and types • a reference to its location in the GRI Guidelines Reportable data elements8 © 2012 Deloitte Innovation
  10. 10. The GRI taxonomy has 1000+ reportable data elements Extended Link Number of Number of checks Number of disclosures in G3 in G3 Checklist concepts Guidelines in G3 Taxonomy Content index n.a. n.a. 210 Strategy and Profile disclosure 42 140 241 Economic category 9 53 124 Environmental category 30 111 385 Labor Practices and Decent Work 14 49 204 category Human Rights category 9 25 71 Society category 8 26 73 Product Responsibility category 9 35 116 Attachments n.a. n.a. 9 Total 121 439 14339 © 2012 Deloitte Innovation
  11. 11. Development approach10
  12. 12. Development approachCredibility of development process:• Quality review by the Taxonomy Review Team (experts from software providers, assurance providers, investors, reporters, standard setters)• Public Comment Period• Aligned with taxonomy development approaches used by financial accounting standard bodies (IASB, FASB and FSAJ)11 © 2012 Deloitte Innovation
  13. 13. Taxonomy Review Team • Fundamental to development process • By providing external quality control to content (GRI) and technology (XBRL) • Charter to govern work done and relationship to project team • Intellectual Property • Responsibilities of individual members • Advisory capacity only • Description of tasks • Volunteers12 © 2012 Deloitte Innovation
  14. 14. GRI Taxonomy products • GRI Taxonomy: a set of XBRL data definitions based on GRI Sustainability Reporting Guidelines • Supporting documents • Architecture and Style Guide: describes how the GRI Taxonomy was created and why certain decisions were made • Implementation Guide: provides guidance on how to use the GRI Taxonomy to disclose or receive sustainability data All files can be found at the GRI Taxonomy website: https://www.globalreporting.org/reporting/reporting-support/xbrl/Pages/default.aspx13 Nordic XBRL seminar © 2012 Deloitte Innovation
  15. 15. Using the GRI Taxonomy14
  16. 16. Issues with sustainability reporting Is the data Is the data complete? comparable? Is the data Who will deliver on time? what? What can you do with the data? Is the data Is the process accurate? efficient? GRI Taxonomy can help reduce reporting burden and improve control!15 © 2012 Deloitte Innovation
  17. 17. How can GRI Taxonomy be used to improve the process  Access to timely, reliable,  Baseline for selecting reportable and comparable data measures provides insight and Prepare  Discuss with stakeholders what enables benchmarking can be reported. Automate production of sustainability Report Unique IDs for Connect report all reportable Automate data elements collection and validation  Reuse unique definitions of reportable Data in electronic and measures reusable format  Generate overview of Including contextual measures for different information stakeholder Clear definitions with Monitor Define conversations reference to GRI guidelines See https://www.globalreporting.org/reporting/get-started/Pages/default.aspx16 © 2012 Deloitte Innovation
  18. 18. How to get started1 understand • Obtain knowledge of XBRL • Select XBRL software tool(s) • Understand the GRI Taxonomy GRI GRI Taxonomy Report • Map sustainability report to the GRI Taxonomy2 tag • Tag content index to the GRI Taxonomy • Tag facts and statements in the sustainability report to the GRI GRI apply GRI Taxonomy tags Report taxonomy3 submit • Review and validate instance document • Submit XBRL report to GRI XBRL Instance GRI17 GRI Taxonomy Webinar – March 2012 © 2012 Deloitte Innovation
  19. 19. GRI’s Voluntary Filing Program enables organizations toshowcase their XBRL sustainability report Taxonomy Standards Taxonomy body XBRL report Data Reporters consumers (Instance file) GRI Voluntary Filing Program18 GRI Taxonomy Webinar – March 2012 © 2012 Deloitte Innovation
  20. 20. Summary19
  21. 21. Summary20 © 2012 Deloitte Innovation
  22. 22. Questions21 Nordic XBRL Seminar – 2012 - GRI Taxoonomy © 2012 Deloitte Innovation
  23. 23. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms,each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure ofDeloitte Touche Tohmatsu Limited and its member firms.Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globallyconnected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clientssucceed wherever they operate. Deloittes approximately 170,000 professionals are committed to becoming the standard of excellence.This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities(collectively, the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision ortaking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the DeloitteNetwork shall be responsible for any loss whatsoever sustained by any person who relies on this publication. © 2012 Deloitte Innovation

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