Third-Party Verification

Overview

Third-Party Verification is a mandatory step of 2X Certification. A 2X Certificate cannot be obtained unless and until the Gender Lens Disclosures submitted by an Entity to the 2X Certification Platform have been verified by a Third-Party Verifier.

A Third-Party Verifier is an independent professional services firm, consultancy firm and/or ratings agency which is regularly engaged in the application, monitoring and verifying of environmental, social and/or governance standards, methodologies and/or criteria and is not an affiliate of the Entity or any related Entity.

It is strongly recommended that Third-Party Verifiers complete training offered by the 2X Certification Body. Details of the training can be accessed here.

Selecting a
Third-Party Verifier

Entities must select and appoint their Third-Party Verifier. It is highly recommended that Third-Party Verifiers complete training with 2X Global, which familarises them with the 2X Certification Process, 2X Certification Methodology, and aims to provide details of the underlying concepts, Themes and Dimensions that Third-Party Verifiers will need to understand in order to verify Gender Lens Disclosures.

A list of Third-Party Verifiers who have completed the training are highlighted on the 2X Certification website here.

Once an Entity has appointed a Third-Party Verifier, details of the relevant Third-Party Verifier must be added to the 2X Certification Platform. This will notify the 2X Certification Body that the Entity has contracted with a Third-Party Verifier.

Gender Lens Disclosures

All Gender Lens Disclosures shared by the Entity as part of the 2X Certification Self-Assessment step will then be shared with their appointed Third-Party Verifier. The Entity may also share additional supporting evidence with the relevant Third-Party Verifier directly.

Third-Party Verifiers are required to review all Gender Lens Disclosures along with any additional supporting evidence provided by the Entity and prepare a Verification Report. Third-Party Verifiers must review all relevant documents, including investment proposals, financial statements, and gender impact assessments etc. Detailed guidance is provided to Third-Party Verifiers as part of the training offered by the 2X Certification Body. Third-Party verifiers must assess an Entity’s answers to the assessment questions against the supporting evidence provided and verify that all data is accurate and the scoring and the 2X Certification Level is correct. The 2X Guidelines for Third-Party Verifiers can be found here. The Verification Report must set out the information required by the 2X Certification Body. Such information can be found here.

Preliminary
2X Certification Level

Once the Third-Party Verifier has completed its verification of the Entity’s 2X Certification Self Assessment and supporting evidence, the Third-Party Verifier will share the results of this review with the Entity. The Entity will then be notified by their Third-Party Verifier of their preliminary 2X Certification Level. Entities and Third-Party Verifiers can engage in discussions and make adjustments before the final report is submitted. In some cases additional clarification or supporting evidence may be required by the Third-Party Verifier. The 2X Certification Body does not control or intervene in this phase. The Third-Party Verifier handles any appeals and disputes by an Entity regarding the content of the Verification Report in accordance with respective Third-Party Verifier protocols.

Verification Report

The Verification Report must be submitted by the Third-Party Verifier to the 2X Certification Platform. Once the Third-Party Verifier submits the final report to the platform, no further changes or improvements can be made by the Entity. At the time of submission of the Verification Report, the data must not be older than as of the last financial year-end. Following receipt and review of a Verification Report in form and substance satisfactory to the 2X Certification Body, a 2X Certificate may be issued through the 2X Certification Platform once the 2X Certification Body has approved the Verification Report. The 2X Certificate is valid for 24 months, following which an Entity must recertify.

Minimum Requirements of Verification Report can be accessed here.