TELUS and Goldcorp win the Global Compact Peer Review Distinction 2015

Canadian companies identify emerging sustainability reporting practices in Canada.

This summer, eight Canadian companies participated in the Global Compact Network Canada Reporting Peer Review Program. Over the course of several weeks, the participating companies (Barrick Gold, EDC, Enbridge, Goldcorp, TELUS, Scotiabank, Stantec, and WSP | Parsons Brinckerhoff) were divided into two peer review groups, exchanged sustainability reports, and provided feedback to each other using a guided feedback template created by the Global Compact Network Canada (GCNC).

The GCNC Reporting Peer Review Program concluded with roundtable discussions where the participants identified and discussed in depth the findings, key emerging issues, best practices and areas for improvement.

The participating companies have named Canadian Telecom Provider, Telus, and the Canadian Gold mining company,Goldcorp Inc. as the winners of this year’s Global Compact Peer Review Distinction: Best Reports in the Group. The Peer Review Distinction award is provided to one company in each peer review group and is determined based on the total score submitted by participants. The key take-away, however, is that the feedback comes from practitioners, who provide hands-on and honest feedback that is invaluable for continuous improvement. Both TELUS and Goldcorp shared that the feedback received from the GCNC Peer Review Program in 2014 was what helped them make significant improvements in this year’s reports. Congratulations to all participants!

During the roundtable session, participants identified three key points about emerging reporting practices that were witnessed in this peer review session:

Materiality

Canadian companies are increasingly implementing a transparent, inclusive, and robust materiality process involving their key internal and external stakeholders to gain insight on the relative importance of sustainability risks and opportunities facing the company. All of the reviewed companies used a materiality matrix to define and describe the materiality process and present the outcomes of the materiality analysis. It is, however, extremely crucial, to provide significant details to illustrate the process and the hierarchy of prioritized issues, including those identified as not material.

Accessibility:

One emerging reporting practice witnessed is the increased accessibility of the majority of reports reviewed, which includes availability of information in multiple reporting formats, like the use of infographics or videos, suitable for different readers. Particularly the use of case studies was identified as a best practice during this Peer Review Session. Asking readers for feedback about the report can also be part of the stakeholder engagement process of a company.

Brevity:

Brevity implies focusing on the most relevant information and messages, and prioritizing quality over quantity. A common challenge for a reporting company is striking a balance between producing a comprehensive report, while ensuring the report is concise and navigable. The Peer Review roundtable identified several good practices to achieve this balance, including the use of summary documents to provide an overview of performance, interactive PDF reports that link to external sources of information, while minimizing report length and reducing information repetition, while providing users with access to relevant information.

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