Trustees of the IFRS Foundation announced plans to continue their work on establishing an international sustainability reporting standards board within the existing governance structure of the IFRS Foundation. The decision was based on the encouragement received in comments concerning the 2020 Consultation, and on IOSCO’s intention to work with the IFRS Foundation to develop a plan to establish a new board to set sustainability standards to meet the needs of the capital markets. The strategic direction of the new board will be:
- Focus on information that is material to investors, lenders and other creditors
- Focus on climate-related reporting, while still working towards other ESG matters
- Build on existing frameworks such as the Task Force on Climate Related Financial Disclosures (TCFD) and the work of the alliance of leading standard-setters in sustainability reporting
- Take a building block approach to provide a globally consistent and comparable reporting baseline with flexibility for other sustainability impacts
Read the announcement.