The International Financial Reporting Standards Foundation (IFRS) is seeking nominations for the newly-created International Sustainability Standards Board (ISSB). Announced during Cop26, the board will oversee the development of global sustainability disclosure standards for financial markets and will work closely with the existing International Accounting Standards Board.
IFRS accounting standards are currently required in more than 140 jurisdictions around the world, and provide quality information and international comparability to investors and financial regulators.
The addition of sustainability disclosures to these standards is intended to bridge the substantial data gaps identified by the Network for Greening the Financial System, the Basel Committee on Banking Supervision and other bodies as a major impediment to globally coordinated action towards mitigating climate change and the ecological crisis.
The IFRS is seeking 11 board members with significant senior experience in sustainability disclosures and financial markets to join the ISSB. Former Danone CEO Emmanuel Faber has already been appointed as chair of the board and two vice chairs will be announced shortly. Interviews for successful applicants will begin in early February 2022 and the new ISSB members will be appointed for terms of up to five years.
The creation of the ISSB has been welcomed by the Basel Committee, who will work with the new board to explore the use of Pillar 3 of the Basel Framework to promote a common disclosure baseline for climate-related financial risks across internationally active banks.
This page was last updated January 13, 2022
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