This Year’s Study Incorporates the new “G3” UN
Global Reporting Initiative (GRI) Guidelines
By Katy Chapdelaine

KLD Research & Analytics, Inc. and the Social Investment Research Analysts Network (SIRAN) are releasing the findings of their annual study covering the 2006 Corporate Social Responsibility (CSR) reporting for S&P 100 companies. Along with other industry experts, Katy Chapdelaine, Research Analyst at KLD, will present the findings at the annual Ceres conference, April 25-26 at the Seaport Hotel, Boston.

The reporting period covered in this year’s study has shifted to a calendar year schedule that is more consistent with the annual reporting periods of public corporations. The coverage of this year’s study includes all S&P 100 CSR reports released through the end of 2006, and will account for index turnover through December 31, 2006.  KLD’s previous study covered reports completed between the Summer 2005 and Spring 2006 timeframe.

Since the last release of this study, the Global Reporting Initiative (GRI) published the third edition of its Sustainability Reporting Guidelines, also known as the G3, in October 2006. Since many companies are still in the process of adopting the new G3 standard, KLD recognizes reports covered under both the previous GRI 2002 guidelines and the newer guidelines in its coverage of sustainability reporting.

In its previous study released in Summer 2006, KLD found that companies’ CSR reports range considerably in quality and scope.  KLD and SIRAN believe that their comprehensive reporting standards will encourage companies to include quantitative and qualitative benchmarking data and goals about performance, achievements, and even challenges such as regulatory enforcements.

The findings in last year’s study reflect a shift in the collective corporate approach towards CSR, as companies are now more likely to view this level of voluntary reporting as a competitive strategy to measure performances and risks, rather than as simply an effort in branding and image.

KLD and SIRAN will present the latest study findings at an afternoon workshop entitled “No longer a niche:  How GRI is going mainstream” taking place between 2:00-3:30pm on April 25 during the annual Ceres Conference at the Seaport Hotel in Boston.  KLD’s President, Peter Kinder will moderate the workshop, which will also feature speakers from Citigroup and West LB. The updated study will be made available on the SIRAN and KLD websites after the conference.

About the Social Investment Research Analysts Network (SIRAN)
SIRAN is an analyst network that supports more than 150 North American social research analysts from 30 investment firms, research providers, and affiliated investor groups, and is a working group of the Social Investment Forum. The Social Investment Forum is a national nonprofit membership organization that promotes socially responsible investing. For more information, see www.siran.org and www.socialinvest.org.

About the Global Reporting Initiative (GRI)
The GRI is an independent institution that has developed standardized sustainability reporting guidelines with the active participation of representatives from business, accounting, investment, environmental, human rights, research and labor organizations from around the world. GRI indicators include measures of economic performance (such as community donations); environmental performance (such as greenhouse gas emissions and water use); labor practices (such as worker health and safety and diversity); human rights (such as policies around child labor and indigenous rights); society (such as community impacts, bribery, and political contributions); and product responsibility (such as customer health and safety, advertising, consumer privacy). For more information, see www.globalreporting.org.

About Ceres
Ceres is a national coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change. Ceres also directs the Investor Network on Climate Risk, a group of more than 50 institutional investors managing $3.7 trillion in assets. Ceres published a recent report, Corporate Governance and Climate Change: Making the Connection, that evaluates and ranks 100 leading global companies on their climate governance practices. For more information on the March 2006 report, visit www.ceres.org.