GRI 3: MATERIAL TOPICS 2021 establishes the process for determining material topics + managing them. 3 DISCLOSURES: (a) GRI 3-1 PROCESS TO DETERMINE MATERIAL TOPICS - 4-step process: (1) UNDERSTAND THE ORGANIZATIONS CONTEXT - sectoral + geographic + temporal + business model + activities + relationships; (2) IDENTIFY ACTUAL AND POTENTIAL IMPACTS on economy + environment + people (including human rights) across the value chain; (3) ASSESS THE SIGNIFICANCE OF IMPACTS - severity (scale + scope + irremediable character) + likelihood; (4) PRIORITIZE THE MOST SIGNIFICANT IMPACTS as material topics; (b) GRI 3-2 LIST OF MATERIAL TOPICS - reported with explanation of changes from previous reporting period; (c) GRI 3-3 MANAGEMENT OF MATERIAL TOPICS - for each material topic disclose (i) actual + potential impacts; (ii) policies + commitments to manage; (iii) actions to manage impacts; (iv) tracking of effectiveness; (v) engagement with stakeholders. DOUBLE MATERIALITY: GRI 3 + GRI Standards focus on IMPACT MATERIALITY (organizational impacts on economy + environment + people); CSRD/ESRS adopts DOUBLE MATERIALITY (impact materiality + financial materiality); GRI + EFRAG have established INTEROPERABILITY between GRI Standards + ESRS - companies reporting GRI Standards can report ESRS-aligned with mapping. IMPACT vs FINANCIAL MATERIALITY: ESRS combines both; ISSB focuses on financial materiality only (impacts on enterprise value); GRI Standards focus on impact materiality; complementary frameworks for double materiality. NOTE: 2024 revision of GRI 3 + GRI 1 + GRI 2 anticipated for further interoperability with ESRS + ISSB; consultation ongoing.
This control maps to 1 controls across 1 other frameworks. If you already hold one of them, the evidence you collected for it is the starting point here rather than new work.
Every mapping shown was judged rather than inferred from wording similarity, and the ones that failed review are published too. See the coverage reports and what was rejected.
The graph holds this control, the 1 it maps to, and the evidence behind each claim, over MCP and REST.