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International

International Sustainability Standards Board (ISSB)

17 Sep 2023 Zinkpot 233
International Sustainability Standards Board (ISSB)
  1. The International Sustainability Standards Board (ISSB) is a standard-setting body established in 2021–2022 under the IFRS Foundation, whose mandate is the creation and development of sustainability-related financial reporting standards to meet investors' needs for sustainability reporting.
  2. The idea behind the ISSB is to create a standardized framework for reporting environmental, social, and governance (ESG) information by businesses and organizations worldwide. 
  3. This standardization aims to improve transparency and comparability in sustainability reporting, making it easier for investors, stakeholders, and the public to assess a company's environmental and social impact.
  4. Key points related to the International Sustainability Standards Board (ISSB) include:
    1. Development: The ISSB was proposed as part of the broader effort to enhance sustainability reporting and integrate ESG factors into financial reporting. It was envisaged to be an independent body responsible for developing and maintaining a set of global sustainability reporting standards.
    2. Alignment with Climate Goals: The ISSB's standards were expected to align with international climate goals, such as those outlined in the Paris Agreement, and help businesses and investors track their contributions to climate mitigation and adaptation efforts.
    3. Global Adoption: The intention behind the ISSB was to achieve widespread global adoption of its sustainability reporting standards, making them a common framework for companies worldwide.
    4. Collaboration: The development of the ISSB's standards would likely involve collaboration with existing sustainability reporting organizations, standard-setters, and regulatory bodies to avoid duplication and ensure compatibility with existing reporting frameworks.
    5. Regulatory Influence: Depending on the adoption and endorsement of the ISSB's standards by regulatory authorities and stock exchanges, compliance with these standards could become mandatory for certain companies.

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