We Presented Türkiye’s Best Practices at the GSG Leadership Meeting (GLM) 2024!

GSG Leadership Meeting (GLM) 2024, organised by GSG Impact, brought together global leaders in the field of impact investing with the theme “Ignite Impact: Bridging Solutions for the Global South, LatAm Focus,” on June 17-18 in Costa Rica!

During the second and third days of the event, closed meetings were organised with the participation of the GSG Impact national and strategic partners , focusing on various topics in the field of impact investing. As GSG Impact’s national partner, we represented our country in these sessions, presenting successful examples of Impact Transparency and Placed-Based Impact Investing to global stakeholders in the impact ecosystem.

Türkiye took significant steps in Impact Transparency last year:

In 2023, the Public Oversight Accounting and Auditing Standards Authority (KGK) adopted the international standards published by the International Sustainability Standards Board (ISSB) under the auspices of the International Financial Reporting Standards Foundation (IFRS) as the international basis for Türkiye’s Sustainability Reporting Standards. These standards are designed specifically to create a comprehensive global foundation for sustainability reporting tailored to the needs of investors and financial markets, and they play a significant role in ensuring impact transparency. As companies face growing pressure to disclose more data on climate risks, their management, and supply chains, the integration of these standards into Turkish legislation marks a pivotal moment in advancing reporting standards for climate and sustainability.

-Following KGK’s acceptance of ISSB Standards for integration into Turkish legislation, a collaboration protocol was signed between EYDK and KGK at the national level. The protocol aims to increase awareness and promote the implementation of international standards in Türkiye regarding impact measurement, management, and reporting.

During the meetings, Impact Weighted Accounts also emerged as prominent in the field of impact transparency:

-Impact-weighted accounts are line items on a financial statement, such as an income statement or a balance sheet, which are added to supplement the statement of financial health and performance by reflecting a company’s positive and negative impacts on employees, customers, the environment and the broader society. The aspiration is an integrated view of performance which allows investors and managers to make informed decisions based not only on monetized private gains or losses, but also on the broader impact a company has on society and the environment.

Click here to learn more about Place-Based Impact Investing  in Türkiye and GLM 2024.