GIF Non-Financial Report

The Non-Financial report enables Organizations to prepare and disclose reliable statements relating to governance, social, safety, environmental and ethics (anti-corruption and bribery) aspects to enhance the consistency and comparability of non-financial information.

For instance, the Directive 2014/95/EU (or NFRD) requires companies to include a non-financial statement as part of their annual public reporting obligations.

At present, the preparation and disclosure of this statement is mandatory only for large enterprises. However, the EU Commission is preparing an amendment to the existing Directive to extend such obligation also to Small and Medium enterprises.

What is the GIF Non-Financial report

The GIF Non-Financial Report is a document summarizing:

  • a brief description of the organization’s business model
  • a description of the policies pursued in relation to those matters
  • the outcome of those policies
  • the principal risks related to those matters including, where relevant and proportionate, its business relationships, products or services which are likely to cause adverse impacts in those areas, and how the group manages those risks
  • the non-financial key performance indicators relevant to the specific business.

This document also includes information on the due diligence processes implemented by the undertaking regarding, where relevant and proportionate, its supply and subcontracting chains, to identify, prevent and mitigate existing and potential risks that may result into future adverse impacts.

The Final Assessment report is the supporting document of the non-financial report.

Non Financial Report

Why GIF Non-Financial report is important

Transparency leads to better performance. The economic benefits related to non-financial transparency tend to become more apparent on the long-term, and they appear to be larger in those countries with mandatory disclosure requirements.

Therefore, there is an emerging needs to provide banks, insurance and finantial organizations with reliable and credible information regarding the ESG risks.

After the Due Diligence, the Programme Owner may deliver, upon request, to the Assessed organization the following outputs:

  1. GIF Non-Financial information report (in compliance with Directive 2014/95)
  2. External Assurance
  3. Publication of the Non-Financial report in the GIF WEB site

In other words, the GIF ESG Rating scheme provides organizations with a third party assured report.


The GIF Non-Financial Report, supported by the Final Assessment Report, provides organizations with the following benefits:

  • Increasing transparency to investors and other stakeholders
  • Enhancing integration between non-financial and financial consideration
  • Improving support to business strategy design
  • Strengthening the link between risk management and financial performance
  • Increasing internal performance (i.e. employee satisfaction, management systems, etc.)
  • Enhancing reputation, perception by and dialogue with customers and other stakeholders
  • Improving the way Organizations are perceived in terms of accountability towards society.
  • Increasing consumers’ trust and have a positive effect on the demand side,
  • Creating new entrepreneurial opportunities and better management of externalities
  • Facilitating access to capital and reducing funding costs
  • Minimizing risks of business disruptions and, above all
  • Reducing administrative burden
  • Getting of a Non-Financial verification by an independent assurance (Directive 2014/95/EU recommends that “the information in the Non-Financial Statement …. be verified by an independent assurance”)

According to the Directive 2014/95/EU, GIF Responsible Organization are exempted from the obligation to prepare a non-financial statement because the GIF Non-financial report corresponds to the same financial year and covers the same content.