Get It Fair ESG rating scheme
An innovative partnership established by E.S.G. Solutions Ltd
Transparency and credibility of information on non-financial risks, the so called ESG (Environmental, Social, Governance) risks will play an increasingly important role in trades and investments. E.S.G. Solutions Ltd is glad to announce it that has been recognised by the “GIF ESG Rating Scheme” (https://getit-fair.com) programme operator as “Committed Partner”.
The emerging regulatory framework
The European Union is introducing a relevant number of obligations to disclose non-financial information on ESG risks to allow investors, banks, buyers and consumers to take informed decisions. These obligations are extended to enterprises in Europe and to their supply chains also non-European. For example, the Directive 2014/95 /EU requires corporate organisations to enclose a Non-Financial Statement on ESG risks to the balance sheet. An emerging Directive is going to introduce the obligation for an independent third-party assessment on ESG risks. The reference documents for these regulations are guidelines (UN, ILO, OECD) and standards (ISO 26000) internationally recognised.
In this scenario, financial institutions (investors, insurance, banks) are favouring companies with a good ESG risk profile because they ensure lower risks of unexpected costs and superior performances.
In the presence of an unregulated proliferation of voluntary declarations, the International Organization for Standardization (ISO) has recently approved two important standards: ISO/TS 17033 “Ethical Claims” and ISO 17029 “General Principles and requirements for verification and validation bodies”.
Italy has been the first European country to introduce a national guideline (UNI/Pdr 102:2021) prepared by UNI (Italian Standardization Body) aligned with these two standards with the intent of defining the principles and requirements for preparing an ethical claim of responsibility for sustainable growth. An ethical claim and label can refer to a product, a service, a process or an organisation.
The process of developing an ethical claim of responsibility for sustainable development includes the three dimensions of sustainability: economic, social and environmental. The use of such an ethical claim will enhance the demand and supply of products and services whose characteristics stimulate a process of continuous improvement towards sustainability with the involvement of the stakeholders. For example, consumers are in a position of choosing products in an informed way, based on verified information on the sustainability and social responsibility characteristics of brands and their suppliers.
The analysis process underpinning the ethical claim outlines a path which, while allowing different grades of depth and complexity, ensures the consumer, with satisfactory reliability, that the claim declared by the organisation has been objectively validated/verified. According to above mentioned ISO and UNI/Pdr, ethical claims of responsibility for sustainable development can be validated/verified provided all three aspects of sustainability (economic, social and environmental) are analysed and properly evaluated.
ICMQ Certification India, subsidiary of ICMQ Group (leading Italian certification body), has developed “Get It Fair ESG Rating Scheme”, the first third party ethical label programme aiming to validate the claim “GIF Responsible Organization” in compliance with the international framework of rules and standards, including UNI/Pdr 102:2021.
In this scenario E.S.G. Solutions Ltd has established a partnership with ICMQ Certification India to be recognized “Committed Partner” to fulfil two fundamental objectives:
- supporting companies to improve their competitiveness using the leverage of the ESG risks disclosure.
- Promoting European companies to create new business opportunities worldwide and to attract financial partners.
The GIF ESG Rating Scheme applies to organisations of any sector, size and location. Upon positive completion of the Due Diligence, the GIF Responsible Organization Mark identifies organizations that present an adequate level of non-financial risks to meet the need for verified and reliable information.
The most important feature of the programme is: “one reference Framework (covering all ESG risks), one fully integrated Due Diligence process, multiple outputs to meet specific needs of different stakeholders”.
The GIF ESG Rating scheme outputs are:
- “GIF Responsible Organization”, third party validated ethical claim (in compliance with ISO 17033).
- “Final Assessment Report” to identify improvement areas concerning the ESG risks.
- “GIF Ethical Label” (in compliance with ISO 17033) to be applied on products, packaging, technical documents description, WEB site and e-commerce pages.
- “Non-Financial Report” according to Directive 2014/95/EU.
- Publication of the assessed organizations profile in the Programme Operator portal and worldwide promotion (supported by the network of the Italian Chamber of Commerce abroad).
Benefits for Undertakings
Get It Fair provides organisations that successfully complete the GIF Due Diligence with the following opportunities:
- Improving reputation and brand image to buyers and customers by the mean of the validated ethical claim “GIF Responsible Organization” and its Mark.
- Reducing costs due to non-financial risks.
- Improving the company attractiveness to financial institutions (private equity, banks, etc.) by the mean of the Non-financial report in compliance with Directive 2014/95.
- Improving the marketing activity by means of the GIF Ethical Label in compliance with ISO 17033.
- Improving relationships with Stakeholders (e.g. Public Authorities and local communities).
E.S.G. Solutions Ltd services
We, at E.S.G. Solutions Ltd, offer the following services:
- Information regarding Get It Fair and other news (monthly Newsletter).
- Assessment referring to the GIF Framework.
- Support to prepare the GIF application and Due Diligence.
- Training courses for professionals interested to implement and assess the GIF Framework.
- Participation to campaigns, events and awards to promote “GIF Responsible Organization”.
- Support to marketing and communication activities to promote the recognized “GIF Responsible Organization”.
Get It Fair well represents our approach to social responsibility and ESG risks for sustainable development and E.S.G. Solutions Ltd is ready to support customers to improve competitiveness by the mean of credible and reliable information regarding the ESG risks and to provide Stakeholders with clear evidence of commitment towards sustainable development.
