ESG Report Verification: GRI Standards, IWA 48:2024 & IFRS S1/S2
I. INTRODUCTION TO ESG REPORT VERIFICATION SERVICE
In the trend of the green economy and sustainable development, ESG Reports (Environmental - Social - Governance) are becoming an essential requirement for businesses when accessing capital markets, participating in global supply chains, and building reputation with stakeholders. An ESG Report is not merely a communication tool, but concrete proof of governance capacity, social responsibility, and the long-term development orientation of the enterprise.
However, the value of an ESG Report depends heavily on the accuracy, honesty, and verifiability of the disclosed data. In practice, many businesses, despite investing in report creation, still face risks such as data inconsistency, limited traceability, or the danger of being suspected of "greenwashing." Therefore, independent ESG Report verification by a capable third party becomes a key factor in building trust and ensuring transparency.
Understanding this requirement, GIC Việt Nam provides ESG Report Verification services in an independent, objective, and professional manner, helping businesses:
- Enhance the credibility of disclosed ESG information.
- Transform ESG from a compliance activity into a data-driven governance tool.
- Proactively meet the increasingly strict requirements of investors, partners, and the international market.
- Verification Process: Aligned with ISO/IEC 17029:2019 regarding verification and validation activities.
- Applied Reporting Frameworks: Compatible with GRI Standards, IWA 48:2024, IFRS S1/S2, and other internationally recognized requirements.
- GRI Standards: The most widely applied ESG reporting framework globally, focusing on the business's impact on the environment, society, and the economy; suitable for businesses emphasizing transparency and accountability to stakeholders.
- IWA 48:2024: Guidance from the International Organization for Standardization (ISO) aimed at enhancing consistency, traceability, and reliability of ESG data, while supporting businesses in linking ESG reporting with existing management systems.
- IFRS S1/S2: Focuses on risks and opportunities related to sustainability and climate change that have a material impact on enterprise value; particularly important for listed companies, businesses accessing international capital, and financial institutions.
➡️ Verifying ESG Reports according to these frameworks not only ensures compliance but also helps businesses clearly define their long-term sustainable development strategy.
II. VERIFICATION PROCESS
GIC Việt Nam applies a Risk-based Verification methodology, focusing on ESG indicators with material impact, high risk of misstatement, and significant influence on stakeholder decisions. The verification process is standardized into 05 steps:
1. Receipt and Review of Request
- The client provides information via the Verification Registration form (GF.21.01).
- GIC assesses the scope and risk level, estimates mandays, and signs the contract.
2. Planning and Preliminary Assessment
- Establishment of the verification expert team and submission of the Detailed Verification Plan.
- Conducting a preliminary document review (GF.21.04) to assess the readiness of ESG data.
3. On-site Verification
- Interviews: With leadership and relevant departments.
- Data Tracing: Cross-referencing from the ESG Report → aggregated data → original records and vouchers.
- Actual Observation: Site inspections at factories, projects, or relevant units.
4. Reporting Results and Corrections
- Presentation of findings and issuance of the Verification Report.
- The enterprise implements corrective actions (if any); GIC reviews corrective evidence when necessary.
5. Independent Review and Issuance of Verification Statement
- The file undergoes an independent technical review by an expert not involved in the verification team.
- A Verification Statement is issued, affirming the reliability level of the ESG Report.
III. WHY CHOOSE GIC VIỆT NAM?
+) Internationally Recognized Reputation and Competence: GIC Việt Nam (a member of GICG) is a conformity assessment body with over 20 years of experience, operating according to European and North American standards. GIC’s competence is accredited by prestigious organizations such as UKAS (UK), JAS-ANZ (Australia – New Zealand), CPSC (USA), CNAS (China), and VICAS (Vietnam). With the motto "Certified once, accepted everywhere," GIC’s Verification Statement helps businesses affirm their position in the global supply chain.
+) Standardized Process, Compliant with ISO/IEC 17029: All verification activities are deployed according to a strict system of procedures and forms, ensuring consistency, objectivity, and transparency.
+) Multi-disciplinary Expert Team: GIC experts combine deep expertise in Environment (E), Social (S), and Governance (G) with legal and technical industry knowledge, ensuring assessments are suitable for the specific characteristics of each sector.
+) Added Value Post-Verification: ESG verification does not stop at issuing the Verification Statement. Through the assessment process, GIC supports businesses in identifying risks and pointing out opportunities to improve ESG data management systems, contributing to enhanced governance efficiency and report quality in subsequent periods.
+) Commitment to Independence and Confidentiality: GIC Việt Nam maintains absolute objectivity, independence, and no conflict of interest; all client information and data are kept confidential in accordance with legal regulations and professional ethical standards.
In a context where trust is becoming the highest-value intangible asset, independent ESG Report verification is a strong commitment by businesses to transparency, responsibility, and sustainable development.
GIC Việt Nam is ready to accompany businesses on the journey of building trust – confidently stepping into integration, through professional, objective, and internationally recognized ESG verification services.
CONTACT INFORMATION
GIC VIỆT NAM
🏢 Hà Nội: 12F, 14 Lang Ha Building, Giang Vo Ward
☎️ Tel: 024.6275 2268 | 📱Hotline: 0984609469
📧 Email: tuandm@gicvn.vn
🏢 Hồ Chí Minh City: R502, 160 Nam Ky Khoi Nghia
☎️ Tel: 028.3930 7936
