ESG

IOSCO identifies key issues to focus on when evaluating the ISSB standards

Jul 27, 2022

On July 27, 2022, the International Organization of Securities Commissions (IOSCO) released a statement from its recent Board meeting, where they welcomed the strong stakeholder engagement on proposals for a comprehensive global baseline of sustainability disclosures for capital markets. Board members agreed the criteria which IOSCO will use to assess the ISSB standards and have also identified the key issues for IOSCO to focus on.

The Board specifically discussed three key practical issues of proportionality and implementation to be considered:

  • ensuring the proposed standards can truly serve as an effective global baseline under either a voluntary or mandatory regime, including by considering how to provide for the scaling and phasing-in of requirements to accommodate issuers with differing degrees of maturity in sustainability reporting;
  • how the ISSB can best assist implementation by clarifying definitions and providing additional guidance and examples where necessary;
  • how and when to incorporate the proposed industry-based disclosure data points, recognizing on the one hand that industry-specificity is highly valued by investors, while on the other that some data points may initially be challenging for some issuers.

The statement on the IOSCO website notes that the due process for potential endorsement will begin after the ISSB has issued its final standards. It also states that IOSCO has begun work in collaboration with the international standard setters for audit and assurance to promote a common global approach to independent and high-quality assurance of issuers’ sustainability disclosures.

Review the full statement on the IOSCO's website.

IFRS Foundation announces two additional ISSB members

Jul 14, 2022

On July 14, 2022, the Trustees of the IFRS Foundation announced the appointment of Tae-Young Paik and Elizabeth Seeger as ISSB Board members. The press release notes that the appointment of the remaining Board members is at an "advanced stage".

Dr. Paik has worked as an academic and policy advisor on accounting and sustainability matters for over 30 years both in Korea and internationally. He currently serves as professor of accounting at Sungkyunkwan University in Seoul and chair of the Sustainability Evaluation and Disclosure Committee in the G7 Korea Impact Alliance. He recently completed a presidency of the Korea Accounting Association.

Ms. Seeger joins the ISSB from global investment firm KKR, where she has served as Managing Director, Sustainable Investing, responsible for helping oversee the firm's consideration of sustainability matters throughout KKR’s investment process. Since 2017 she has also served as a member of the SASB Standards Board.

Both Dr. Paik and Ms. Seeger are appointed for a three-year term, effective July and November 2022, respectively.

Review the press release announcing the appointments on the IFRS Foundation's website.

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