The Better Reporting work stream is providing leadership to develop clear options for organisations to coalesce towards a harmonised approach for reporting their impact on people (social impact) and planet (environmental impact).
There is no commonly used approach for UK businesses, social enterprises, charities and investors to define or report social and environmental impact. This creates challenges for members of the public, civil society groups, public sector organisations and retail and institutional participants in the market for investment and savings products who wish to consider social and environmental impact issues. In particular impact driven investors and investees face reporting challenges which inhibit the growth of the market for impact-driven savings and investments.
This work will develop options with consideration to the broad range of experiences and perspectives on social and environmental impact reporting, across investor, investee and wider stakeholder communities. It is imperative for these options to acknowledge and draw on the extensive work done in this area already, and this work should not be seen as an exercise to create a new framework.
For this reason, we are collecting evidence through a structured questionnaire on:
Existing definition(s) of impact
Existing challenges to reporting social and environmental impact
Perspectives on existing approaches to reporting social and environmental impact
Perspectives on coalescing towards a more harmonised approach
The questionnaire takes c.15-20 minutes, including 5 minutes reading of the background and problem statement.
Responses will be collated and provide input towards an interim report to Government in the Summer and directly shape the next phase of work. The follow on phase will explore options for coalescence towards a harmonised approach for businesses, social enterprises, charities and investors to report on social and environmental impact.