The overall purpose of the GIF ESG Rating programme are two.

Firstly, to assess the ESG risks during the Due Diligence process and grant the “GIF Responsible Organization” claim validation according to ISO 17029.

Secondly, to provide Stakeholders with confidence that the organization maintains or improves its ESG risk rating over time

The GIF validation process refers to ISO 17029 standard. This is specifically to provide Stakeholders with confidence for the competence, consistent operation and impartiality of bodies performing validation. International accreditation bodies use ISO 17029 standard for accreditation of validation bodies. Therefore the accreditation according to ISO 17029 is a fundamental requirements for Validation Bodies authorized to conduct the assessments.

GIF ESG Rating process and validation

The GIF ESG Rating programme consists of:

  1. A Due Diligence process
  2. A periodical verification programme

Due Diligence process

Particularly the Validation Body shall complete the following activities during the initial Due Diligence:

  1. Application
  2. Pre-Engagement
  3. Engagement
  4. Planning
  5. Assessment
  6. Review
  7. Decision and issue of the validation statement
Due Diligence

Verification programme

Without a periodical verification no interested party can be confident that the organization maintains the exposure level to ESG risks. In fact, the initial assessment represents a snapshot of the situation at a specific time.

Therefore, the GIF ESG Rating scheme includes periodical verifications to check whether the organization maintains or improve its scoring.

In the event of new facts or information that could affect the validation statement are discovered after the issue date, the validation body shall:

  1. communicate the matter as soon as possible to the organization
  2. take appropriate action including discuss the matter with the organization and consider if the validation statement requires revision or withdrawal.