Looking ahead, it is likely that demand for more rigorous and transparent local content reporting will become more integrated into global sustainability and environmental, social and governance (ESG) reporting frameworks. Companies will continue to rely on this data to improve their own value proposition to society and inform how they compete.
Developing tailored and effective local content strategies and plans to create shared value includes setting plans with clear goals and objectives. Measuring and reporting are critical to communicate the progress and accomplishments of local content efforts and to have the ability to adjust course as needed.
The objective of this guidance is to provide a structured framework to guide practitioners, towards the implementation of an effective and efficient local content measurement and reporting process. It offers a roadmap to select, collect, and analyze metrics.
This guidance has been developed keeping key stakeholders in mind - governments, regulators, resource developers, major contractors, and suppliers - as all of them have measurement and reporting responsibilities on their local content activities.