{"id":32168,"date":"2026-07-18T04:14:20","date_gmt":"2026-07-18T04:14:20","guid":{"rendered":"https:\/\/www.othellointernational.com\/ifrs-s2-vs-gri-vs-esrs\/"},"modified":"2026-07-21T05:01:55","modified_gmt":"2026-07-21T05:01:55","slug":"ifrs-s2-vs-gri-vs-esrs","status":"publish","type":"page","link":"https:\/\/www.othellointernational.com\/th\/ifrs-s2-vs-gri-vs-esrs\/","title":{"rendered":"IFRS S2 vs GRI vs ESRS: Which Framework for Thai Companies | Othello"},"content":{"rendered":"\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\"><link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Fraunces:ital,opsz,wght@0,9..144,400;0,9..144,500;0,9..144,600;1,9..144,400;1,9..144,500;1,9..144,600&#038;family=Poppins:wght@300;400;500;600;700&#038;family=JetBrains+Mono:wght@500;600&#038;family=Sarabun:wght@400;500&#038;display=swap\" rel=\"stylesheet\">\n\n<style>\n.oth-co{\n  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.v{font-family:var(--d);font-style:italic;font-size:30px;color:var(--r);line-height:1;margin-bottom:8px}\n.oth-co .stat-cards .sc .l{font-size:13px;color:var(--w1);line-height:1.5}\n.oth-co .stat-cards .sc .l strong{color:var(--w)}\n@media(max-width:1024px){.oth-co .stat-cards{grid-template-columns:repeat(2,1fr)}}\n<\/style>\n<div class=\"oth-co\">\n\n  <div class=\"strip\"><div class=\"wrap\"><div class=\"strip-row\">\n    <div class=\"l\"><span class=\"strip-dot\"><\/span>Frameworks compared \u00b7 IFRS S2 \u00b7 GRI \u00b7 ESRS<\/div>\n    <div class=\"r\">Updated Jul 2026 \u00b7 <b>Confirm your reporting year<\/b><\/div>\n  <\/div><\/div><\/div>\n\n  <div class=\"crumb\"><div class=\"wrap\"><a href=\"\/\">Home<\/a><span class=\"sep\">\/<\/span><a href=\"\/esg-playbooks\/\">ESG Playbooks<\/a><span class=\"sep\">\/<\/span><span class=\"here\">IFRS S2 vs GRI vs ESRS<\/span><\/div><\/div>\n\n  <section class=\"hero\"><div class=\"wrap\"><div class=\"hero-inner\">\n    <div class=\"hero-tag\" data-reveal><span class=\"dot\"><\/span>The framework question every Thai sustainability team asks<\/div>\n    <h1 data-reveal>IFRS S2 vs GRI vs ESRS, <em>explained.<\/em><\/h1>\n    <div class=\"hero-grid\">\n      <div class=\"hero-left\">\n        <p data-reveal>You rarely pick just one. A SET-listed company increasingly discloses against <strong>all three<\/strong> \u2014 each answers a different question for a different reader. Here is who each is for, whether it applies to you, and how they fit together in a single 56-1 One Report.<\/p>\n        <div class=\"hctas\" data-reveal>\n          <a href=\"\/esg-readiness-navigator\/\" class=\"btn btn-primary\">Check which apply to you<\/a>\n          <a href=\"\/esg-regulatory-tracker\/\" class=\"btn btn-outline\">See the 2026 timeline<\/a>\n        <\/div>\n      <\/div>\n      <div data-reveal>\n        <div class=\"cov-card\">\n          <div class=\"cc-lb\">\u2605 The one-line answer<\/div>\n          <div class=\"cc-head\">IFRS S2 = value <em>to<\/em> you. GRI = your impact <em>on<\/em> the world. ESRS = <em>both<\/em>, by EU law.<\/div>\n          <ul class=\"cov-list\">\n            <li class=\"cov-item\"><div class=\"cov-num\">01<\/div><div class=\"cov-name\">IFRS S2 \u2014 investors, financial materiality, climate<\/div><\/li>\n            <li class=\"cov-item\"><div class=\"cov-num\">02<\/div><div class=\"cov-name\">GRI \u2014 all stakeholders, impact materiality, full ESG<\/div><\/li>\n            <li class=\"cov-item\"><div class=\"cov-num\">03<\/div><div class=\"cov-name\">ESRS \u2014 EU-scope companies, double materiality<\/div><\/li>\n          <\/ul>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div><\/div><\/section>\n\n  <section class=\"section\"><div class=\"wrap\">\n    <div class=\"section-head\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>Side by side \u00b7 \u0e40\u0e1b\u0e23\u0e35\u0e22\u0e1a\u0e40\u0e17\u0e35\u0e22\u0e1a<\/div>\n      <h2 class=\"title\">The <em>comparison.<\/em><\/h2>\n      <p class=\"lead\">Eight dimensions that decide which framework a Thai listed company reports against \u2014 and how the three interlock rather than compete.<\/p>\n    <\/div>\n    <div class=\"cmp-wrap\" data-reveal>\n      <table class=\"cmp\">\n        <thead><tr>\n          <th class=\"dim\">Dimension<\/th>\n          <th class=\"h1\">IFRS S2<span class=\"sub\">ISSB \u00b7 investor climate<\/span><\/th>\n          <th class=\"h2\">GRI<span class=\"sub\">stakeholder impact<\/span><\/th>\n          <th class=\"h3\">ESRS<span class=\"sub\">EU CSRD \u00b7 double materiality<\/span><\/th>\n        <\/tr><\/thead>\n        <tbody><tr><td class=\"dim\">In one line<\/td><td><em>Climate risk to your business<\/em> \u2014 for investors.<\/td><td><em>Your impact on the world<\/em> \u2014 for all stakeholders.<\/td><td><em>Both directions<\/em> \u2014 mandated by the EU.<\/td><\/tr><tr><td class=\"dim\">Materiality lens<\/td><td><strong>Financial (single).<\/strong> How sustainability affects enterprise value.<\/td><td><strong>Impact.<\/strong> How your company affects the economy, environment and people.<\/td><td><strong>Double.<\/strong> Financial <em>and<\/em> impact, assessed together.<\/td><\/tr><tr><td class=\"dim\">Primary audience<\/td><td>Investors and capital markets.<\/td><td>All stakeholders \u2014 communities, employees, regulators, investors.<\/td><td>Investors and stakeholders, under EU law.<\/td><\/tr><tr><td class=\"dim\">Topics covered<\/td><td>Climate only (IFRS S1 covers general sustainability).<\/td><td>The full ESG universe \u2014 Universal, Topic and Sector standards.<\/td><td>Full ESG \u2014 12 standards (E1\u2013E5, S1\u2013S4, G1), <strong>1,000+ data points<\/strong>.<\/td><\/tr><tr><td class=\"dim\">Structure<\/td><td>The four TCFD pillars \u2014 governance, strategy, risk management, metrics &amp; targets \u2014 plus Scope 1, 2 &amp; 3.<\/td><td>Universal standards + topic standards + sector standards.<\/td><td>Cross-cutting + topical standards, with a mandated double-materiality assessment.<\/td><\/tr><tr><td class=\"dim\">Status for Thai listed companies<\/td><td><strong>Becoming the baseline.<\/strong> Thailand&#8217;s TSRS is built on ISSB IFRS S1\/S2; the SEC is phasing it in, largest issuers (SET50) first.<\/td><td><strong>Voluntary but de-facto standard.<\/strong> The most-used framework in Thai 56-1 One Report sustainability sections.<\/td><td><strong>Indirect.<\/strong> Binds Thai companies inside EU value chains, with EU operations, or EU-listed (via CSRD).<\/td><\/tr><tr><td class=\"dim\">Assurance<\/td><td>Moving toward mandatory limited assurance as ISSB adoption matures.<\/td><td>Voluntary.<\/td><td>Mandatory limited assurance, tightening to reasonable assurance over time.<\/td><\/tr><tr><td class=\"dim\">The English reality<\/td><td>Read by global investors in English.<\/td><td>Read by international raters and stakeholders in English.<\/td><td>Filed and assured in English (and EU languages).<\/td><\/tr><\/tbody>\n      <\/table>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section alt\"><div class=\"wrap\">\n    <div class=\"section-head\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>By the numbers<\/div>\n      <h2 class=\"title\">Why this matters <em>now.<\/em><\/h2>\n    <\/div>\n    <div class=\"stat-cards\" data-reveal-stagger>\n      <div class=\"sc\"><div class=\"v\">30+<\/div><div class=\"l\">Jurisdictions moving to adopt or use the <strong>ISSB<\/strong> standards behind IFRS S2<\/div><\/div>\n      <div class=\"sc\"><div class=\"v\">GRI<\/div><div class=\"l\">The <strong>most widely used<\/strong> sustainability standard among the world&#8217;s largest companies<\/div><\/div>\n      <div class=\"sc\"><div class=\"v\">1,000+<\/div><div class=\"l\">Data points in the full <strong>ESRS<\/strong> set \u2014 the most granular of the three<\/div><\/div>\n      <div class=\"sc\"><div class=\"v\">SET50<\/div><div class=\"l\">Thailand&#8217;s <strong>TSRS<\/strong> (ISSB-based) phases in with the largest issuers first<\/div><\/div>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section\"><div class=\"wrap\">\n    <div class=\"section-head center\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M6 22a2 2 0 0 1-2-2V4a2 2 0 0 1 2-2h8a2.4 2.4 0 0 1 1.704.706l3.588 3.588A2.4 2.4 0 0 1 20 8v12a2 2 0 0 1-2 2z\" \/> <path d=\"M14 2v5a1 1 0 0 0 1 1h5\" \/> <path d=\"M10 9H8\" \/> <path d=\"M16 13H8\" \/> <path d=\"M16 17H8\" \/><\/svg>Questions \u00b7 \u0e04\u0e33\u0e16\u0e32\u0e21\u0e17\u0e35\u0e48\u0e1e\u0e1a\u0e1a\u0e48\u0e2d\u0e22<\/div>\n      <h2 class=\"title\">Frameworks, <em>answered.<\/em><\/h2>\n    <\/div>\n    <div class=\"faq-list\">\n      <details class=\"faq-item\" open><summary><span class=\"faq-num\">01<\/span><span class=\"faq-q\">Do Thai listed companies have to choose one framework?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>No \u2014 and most do not. IFRS S2, GRI and ESRS answer different questions for different audiences, so companies increasingly report against more than one: ISSB-based standards (via Thailand&#8217;s TSRS) for investors and the regulator, GRI for the broader stakeholder view that fills the 56-1 One Report sustainability section, and ESRS only if they are pulled into EU scope. They interlock rather than compete; the practical task is disclosing once and mapping the same facts to each framework so they never contradict.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">02<\/span><span class=\"faq-q\">What is the difference between IFRS S2 and GRI?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>The difference is direction and audience. IFRS S2 (from the ISSB) uses financial materiality \u2014 it asks how climate affects your company&#8217;s value, and it is written for investors. GRI uses impact materiality \u2014 it asks how your company affects the world, and it is written for all stakeholders. Many Thai companies use both: IFRS S2 for the investor-facing climate risk story, GRI for the wider ESG picture. ESRS, the EU standard, requires both lenses at once (double materiality).<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">03<\/span><span class=\"faq-q\">Is IFRS S2 mandatory in Thailand?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>Thailand is adopting the ISSB standards through the Thai Sustainability Reporting Standards (TSRS), developed by the TFAC and aligned with the SEC. The SEC is phasing disclosure in for listed companies, beginning with the largest issuers, so for many SET-listed companies IFRS S1\/S2-based disclosure is moving from voluntary to expected. Always confirm the exact requirement and start year for your company against current SEC and TFAC notices \u2014 the phase-in is staged and still being finalised.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">04<\/span><span class=\"faq-q\">Do Thai companies need to comply with ESRS?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>Usually not directly \u2014 ESRS is the reporting standard under the EU&#8217;s Corporate Sustainability Reporting Directive (CSRD). It reaches Thai companies indirectly: if you have significant EU operations or an EU listing, or if a large EU customer needs your data for their own CSRD value-chain reporting. Even where it does not bind you, ESRS and its double-materiality approach are shaping what global investors and buyers expect, so it is worth understanding.<\/p><\/div><\/details><details class=\"faq-item\"><summary><span class=\"faq-num\">05<\/span><span class=\"faq-q\">How do you report against several frameworks without contradicting yourself?<\/span><span class=\"faq-chev\">+<\/span><\/summary><div class=\"faq-a\"><p>You disclose the underlying facts once \u2014 governance, targets, GHG figures with their base years and methodology tags \u2014 and map that single source to each framework&#8217;s structure. Contradictions creep in when the Thai filing, the English edition and each framework version are drafted separately. Othello builds one clause-mapped, terminology-locked bilingual disclosure so the SEC filing, the investor-facing IFRS S2 story and the GRI content all read the same numbers.<\/p><\/div><\/details>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"section alt\"><div class=\"wrap\">\n    <div class=\"section-head center\" data-reveal>\n      <div class=\"eyebrow\"><svg class=\"ico\" width=\"13\" height=\"13\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>Go deeper<\/div>\n      <h2 class=\"title\">From frameworks to a <em>filing.<\/em><\/h2>\n    <\/div>\n    <div class=\"rel-grid\" data-reveal-stagger>\n      <a class=\"rel\" href=\"\/ftse-russell-vs-set-esg-ratings\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 3v18\" \/> <path d=\"m19 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M3 7h1a17 17 0 0 0 8-2 17 17 0 0 0 8 2h1\" \/> <path d=\"m5 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M7 21h10\" \/><\/svg>Comparison<\/div><h4>FTSE Russell <em>vs SET<\/em><\/h4><p>How the 2026 rating change scores your English disclosure.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n      <a class=\"rel\" href=\"\/esg-ratings-compared\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 3v18\" \/> <path d=\"m19 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M3 7h1a17 17 0 0 0 8-2 17 17 0 0 0 8 2h1\" \/> <path d=\"m5 8 3 8a5 5 0 0 1-6 0zV7\" \/> <path d=\"M7 21h10\" \/><\/svg>Comparison<\/div><h4>ESG Ratings <em>Compared<\/em><\/h4><p>FTSE vs MSCI vs Sustainalytics \u2014 how the raters differ.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n      <a class=\"rel\" href=\"\/thailand-esg-disclosure-statistics-2026\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 3v16a2 2 0 0 0 2 2h16\" \/> <path d=\"M18 17V9\" \/> <path d=\"M13 17V5\" \/> <path d=\"M8 17v-3\" \/><\/svg>Data<\/div><h4>Thai ESG <em>Statistics 2026<\/em><\/h4><p>Rating &amp; GHG-disclosure rates by market and sector, sourced.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n      <a class=\"rel\" href=\"\/clause-mapped-bilingual-one-report\/\"><div class=\"rel-tag\"><svg class=\"ico\" width=\"12\" height=\"12\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3.85 8.62a4 4 0 0 1 4.78-4.77 4 4 0 0 1 6.74 0 4 4 0 0 1 4.78 4.78 4 4 0 0 1 0 6.74 4 4 0 0 1-4.77 4.78 4 4 0 0 1-6.75 0 4 4 0 0 1-4.78-4.77 4 4 0 0 1 0-6.76Z\" \/> <path d=\"m9 12 2 2 4-4\" \/><\/svg>Flagship service<\/div><h4>Clause-Mapped <em>One Report<\/em><\/h4><p>One disclosure, mapped to every framework, in both languages.<\/p><div class=\"rel-cta\">Explore<\/div><\/a>\n    <\/div>\n  <\/div><\/section>\n\n  <section class=\"final\"><div class=\"wrap\"><div class=\"final-inner\">\n    <div class=\"eyebrow\" data-reveal>Engage Othello<\/div>\n    <h2 data-reveal>One disclosure. <em>Every framework.<\/em><\/h2>\n    <p class=\"flead\" data-reveal>We build the bilingual disclosure that maps a single set of facts to IFRS S2, GRI and \u2014 where it applies \u2014 ESRS, so the SEC filing and every framework version read the same numbers. Clause-mapped, terminology-locked, under NDA.<\/p>\n    <div class=\"final-cta\" data-reveal>\n      <a href=\"\/contact\/\" class=\"btn btn-primary\">Get a 1-hour quote<\/a>\n      <a href=\"\/esg-readiness-navigator\/\" class=\"btn btn-outline\">Run the free check<\/a>\n    <\/div>\n    <div class=\"final-note\" data-reveal>ISO 17100-aligned \u00b7 NDA from first email \u00b7 100% in-house Bangkok bench<\/div>\n  <\/div><\/div><\/section>\n\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"name\":\"IFRS S2 vs GRI vs ESRS: Which Sustainability Framework for Thai Listed Companies?\",\"url\":\"https:\/\/www.othellointernational.com\/ifrs-s2-vs-gri-vs-esrs\/\",\"inLanguage\":[\"en\",\"th\"],\"description\":\"IFRS S2, GRI and ESRS compared for Thai listed companies \u2014 materiality lens, audience, mandatory status, and how they fit together in a 56-1 One Report.\",\"publisher\":{\"@type\":\"Organization\",\"name\":\"Othello International\",\"url\":\"https:\/\/www.othellointernational.com\/\"},\"dateModified\":\"2026-07-17\"},{\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Do Thai listed companies have to choose one framework?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No \u2014 and most do not. 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