In November 2021 the IFRS Foundation Trustees announced the creation of the ISSB at COP26 in Glasgow. The Board aims to deliver a global baseline of sustainability-related financial disclosure standards to provide global financial markets with information on companies’ sustainability risks and opportunities, building on established sustainability reporting initiatives.
From March until July 2022, the ISSB consulted on exposure draft climate and general sustainability reporting standards. Once finalised, these will constitute IFRS Sustainability Disclosure Standards.
- The ISSB also published:
- A high-level summary of the requirements
- A document comparing the TCFD’s recommendations to the Exposure Draft on climate-related disclosures
- A document comparing the exposure drafts with the Technical Readiness Working Group (TRWG) Climate and General Requirements prototypes published in November 2021
- Illustrative guidance documents on the climate and general requirements exposure drafts
The PRI has provided views and recommendations on international sustainability reporting standard setting through consultation responses and public statements, and has issued a draft position paper on the TRWG Prototypes.
Under PRI’s Driving Meaningful Data program, we are working with our signatories to engage on ISSB standard-setting. So far this has included:
- Direct institutional engagement through participation in the ISSB Technical Reference Group, the IFRS Advisory Council, the Integrated Reporting and Connectivity Council and the ISSB Partnership Framework for Capacity Building in Developing and Emerging Economies announced at COP27
- PRI consultation responses on ISSB exposure drafts, reflecting signatories’ views and the PRI’s own research
- A joint PRI-ISSB webinar to explain the exposure drafts and their implications for responsible investors
- Technical discussions as part of PRI’s Corporate Reporting Reference Group – if you are interested in joining this group, please visit our call for applications page for details on the application process
- A signatory briefing note summarising the ISSB’s proposed requirements
A signatory briefing note summarising the ISSB’s decisions related to the first set of IFRS Sustainability Standards
For any queries about our work and engagement in this area, please contact firstname.lastname@example.org.
Corporate Sustainability Reporting: IFRS Sustainability Disclosure Standards
19 May 2022 | Online