GRI reporting: A guide for sustainability managers
November 17, 2022
“Achieving the EcoVadis Platinum medal means demonstrating that sustainability management is well integrated into your business model.”
EcoVadis is one of the most widely used business sustainability rating systems. But only the top 1% of rated companies are awarded the prestigious EcoVadis Platinum Medal. In July 2024, this would require a score of 81 or more out of 100 on your EcoVadis Scorecard.
Platinum is only awarded to companies with a high level of sustainability maturity, and it usually takes several assessments for a company to achieve it. The assessment and subsequent internal optimisation processes are, therefore, likely to require a significant commitment in terms of time and resources. However, from our experience in helping clients achieve EcoVadis Platinum, we’ve identified some key strategies for success.
What’s the difference between EcoVadis Gold and EcoVadis Platinum?
To achieve EcoVadis Gold, you must provide documentary evidence of the effectiveness of your sustainability management system across the majority of your organisation’s ‘activated criteria’ – the sustainability sub-themes that EcoVadis considers most relevant to your organisation. This evidence can include documents such as policies, measures, KPI reporting and records of sustainability audits by external bodies.
To achieve Platinum, the same type of evidence is required, but in many cases it will need to cover all of your organisation’s activated criteria – from biodiversity to employee health and safety. And if you don’t already have the appropriate policies and measures in place, you’ll need to develop them. After all, the EcoVadis assessment is a process of continuous improvement. And Platinum is about showing a consistent commitment to excellence in sustainability management.
Remember that the EcoVadis assessment is a process of continuous improvement. Platinum is about showing a consistent commitment to excellence in sustainability management, with purpose as a key strategic driver for your company.
Click here to read more about the steps you can take to achieve the EcoVadis Gold Medal.
Platinum-standard policies
Organisations aiming for EcoVadis Platinum must go beyond the standards required for Gold – providing evidence of targets that are specific, time-bound and quantifiable. You should aim to have qualitative targets in place that cover all of your organisation’s activated criteria and quantitative targets that cover at least 50% of them. There should also be evidence of two of the following: a robust governance structure with clear lines of responsibility, an appropriate review mechanism and well-defined policy scoping. In the Ethics theme, policies on specific topics, such as fraud, bribery and conflict of interest, are required.
Platinum-standard measures
It’s It’s equally important that the actions you take to support your sustainability policies are comprehensive. This means that you should have three to four (or more) measures in place for each of your activated criteria – ideally covering at least 65% of them. To achieve a score of 100 for the ‘measures’ management indicator, you’ll need to show evidence of four or more actions covering more than 65% of your organisation’s activated criteria.
You must also demonstrate high levels of Coverage to achieve EcoVadis Platinum. This means that measures are implemented consistently across the organisation. For example, if an electronics manufacturer wants to demonstrate ISO 14001 certification, it should show that 76-100% of its manufacturing sites have been certified.
Platinum-standard reporting
The ‘reporting’ management indicator for EcoVadis Platinum sets the bar even higher than Gold in terms of comprehensiveness, timeliness, compliance and verification. To achieve 100 points in the reporting section, you’ll be asked to provide evidence that your reporting complies with relevant reporting standards (e.g. GRI or SASB), has been verified by an accredited auditor and covers more than 85% of your activated criteria. You will also need to have conducted a materiality analysis. In addition, the reporting should cover at least three consecutive years.
Targeting long-term strategic sustainability improvements
Often, the difference between achieving EcoVadis Gold and Platinum isn’t just about how well you report on your sustainability management system. It can also be about driving progress on your sustainability commitments by making far-reaching changes to your operations. For example, when catering company CIRFOOD was looking to make the leap to Platinum, it made some significant changes to its strategy. These included adopting a more sustainable procurement policy featuring local sourcing, implementing a supplier code of conduct, serving more vegetarian meals and using more electric vehicles.
These changes were much more fundamental than the steps the company took when it was in the early stages of its EcoVadis journey and pursuing the Bronze Medal. Then, the focus was on picking the ‘low-hanging fruit’ and establishing the frameworks it would build on in future assessments. By treating the assessment as a continuous improvement process and learning from the insights provided by the EcoVadis Scorecard, CIRFOOD was able to optimise its policies and procedures. This has helped the company to implement the kinds of large-scale, structural changes necessary to achieve Platinum.
Click here to learn more about our work with CIRFOOD.
Demonstrating leadership in sustainability management
Another way to showcase your organisation’s sustainability management progress is to participate in industry forums, pursue alignment with international standards and obtain relevant certifications. However, achieving certification can be costly, and you should consider how well this fits with your business objectives. For example, before it achieved the Platinum Medal, our client Tosca was considering getting ISO 14000 (environmental management) certification to cover all its facilities. However, it subsequently decided that the cost of certification didn’t justify the resulting EcoVadis score improvement.
Nevertheless, the lack of certification didn’t stop the company from achieving EcoVadis Platinum status, demonstrating that it’s possible to combine an excellent sustainability rating with profitability considerations. This was thanks to its integrated approach to sustainability management, which covers all areas of the organisation and the activities of its value chain partners. The EcoVadis assessment has consistently challenged the company to think harder and develop more effective strategies to drive long-term impact. And the process has been instrumental in raising the visibility of the company’s sustainability credentials and driving internal improvements as the business continues to grow.
Watch our on-demand webinar to learn more about Tosca and CIRFOOD’s journey to EcoVadis Platinum.
It’s this kind of holistic and detailed thinking that will help your organisation stand out and achieve the EcoVadis Platinum Medal. Fundamentally, achieving this award means providing proof that sustainability management is well integrated into your business model. Whether it’s sustainable innovation or collaboration with stakeholders in the value chain, you need to show that you’re taking every possible step in all areas relevant to your business. This will help ensure that you’re well-positioned to make a positive impact across the four themes of Environment, Labour and Human Rights, Ethics and Sustainable Procurement – resulting in an excellent sustainability management system.
Looking to take the first (or next) step on your EcoVadis journey? Read our blog to learn how working with a consultant could help accelerate your assessment progress.
