23 October 2008

Minister Welcomes New Partnership Between the St James Ethics Centre and the Global Reporting Initiative

Senator Nick Sherry, Minister for Superannuation and Corporate Law, has welcomed a new agreement between the St James Ethics Centre and the Global Reporting Initiative (GRI) to establish an Australian base for GRI.

“The Rudd Government is committed to responsible economic management, matched with a long-term, sustainable vision for the nation’s future.

“Sustainable, responsible businesses are integral to our future prosperity and our international competitiveness,” Minister Sherry said.

To be sustainable, the Government believes businesses must take a long-term view of their impacts on local communities and the environment – as well as returns to investors.

“My hope is that collaboration between the St James Ethics Centre and the GRI will strengthen the uptake of corporate sustainability reporting in Australia.

“The Rudd Government this year provided funding of $2 million to support the St James Ethics Centre which will support this important international collaboration,” said Minister Sherry.

The GRI is the international standard for sustainability reporting and allows companies and organisations to make genuine and transparent disclosure on their economic, environmental and social performance.

The Government believes that meaningful disclosure is critical to the development of socially and environmentally sustainable corporate behaviour.

Climate change and the current financial crisis highlight the importance of companies managing environmental and social risks to maximise long-term value.

The Australian superannuation industry is increasingly using information on companies’ environmental, and social performance, along with traditional economic factors, when deciding where to invest its more than A$1.1 trillion of funds.