Stockholm (NordSIP) – Motivated by continued sustainability concerns within the investment industry, the International Financial Reporting Standards (IFRS) Foundation launched a consultation on the matter of sustainability reporting in September 2020.
In its Consultation Paper on Sustainability Reporting, the IFRS discussed creating a Sustainability Standards Board, mandatory disclosures, governance structures, relationship guidelines with other organisations, scope of actions and asked the public for feedback.
Now, the Trustees of the IFRS Foundation appear to be ready to take the next step. Following a meeting on 1 February 2021 to review some of the responses, the Trustees have concluded that there is enough interest to continue to pursue the matter.
“Given this demand, the Trustees have agreed to undertake further detailed analysis of feedback on the requirements for success and other conditions to be satisfied prior to consideration of whether to establish a new board. The Trustees agreed the formation of a Trustee Steering Committee to oversee the next phases of work and added an additional key requirement for success—being the need for urgency to deliver global standards, most notably on climate,” said the IFRS Foundation.
“The Trustees will be meeting next on 2-4 March 2021. Given the growing and urgent demand, the intention would be for the Trustees to produce a definitive proposal (including a road map with timeline) by the end of September 2021, and possibly leading to an announcement on the establishment of a sustainability standards board at the meeting of the United Nations Climate Change Conference COP26 in November 2021,” the IFRS Foundation concludes.
