Highlights of the podcast include discussions on:

• Ratification of consequential amendments to the SASB Standards;
• Consultation on the ISSB’s agenda priorities and international applicability of the SASB Standards;
• Stakeholder engagements;
• Upcoming publication of S1 and S2 in June 2023.

Access the podcast on the IFRS website.

The International Sustainability Standards Board (ISSB) inherited and is now responsible for the maintenance and enhancement of the standards developed by the Sustainability Accounting Standards Board (SASB).Feedback on the proposed methodology will enable the ISSB to make targeted amendments to the SASB Standards to make sure references within them are internationally applicable.

A small subset of the metrics included in the SASB Standards—around 20%—incorporate references to specific jurisdictional laws and regulations. Revising these references will help improve international applicability and remove regional bias.

The SASB Standards serve as an important source of guidance in the ISSB’s general requirements standard (IFRS S1) by helping companies to identify sustainability-related risks and opportunities and provide appropriate disclosures beyond climate (which is addressed by IFRS S2). The ISSB’s objective is to revise the metrics within the SASB Standards, based on the outcomes of the consultation, prior to IFRS S1 coming into effect in January 2024.

Comments on the exposure draft are requested by August 9, 2023.

Review the news release and the exposure draft on the IFRS website.

The ISSB consultation on agenda priorities was first discussed in July 2022 and it was decided that the ISSB will develop and pursue its initial work plan subject to public consultation on agenda priorities.

The ISSB decided to publish a Request for Information to gather views on:

• the strategic direction and balance of ISSB activities;
• the suitability of proposed criteria for assessing the priority of sustainability-related matters (including topics, industries and activities) that could be added to the ISSB’s work plan; and
• a proposed list of sustainability-related matters (including topics, industries and activities) that could be added to the ISSB’s work plan.

For further details, refer to the press release and the Request for Information on the IFRS website.

Mr Servais welcomed the efforts of the standard setters that are likely to result in both sustainability-related disclosure standards and related assurance standards to be ready for use by corporates for their end-2024 accounts and noted that this was in response to significant investor demand for high quality and reliable sustainability disclosures.

He stressed that a global language for sustainability disclosures is needed in order to promote greater consistency and comparability of disclosures and highlighted that IOSCO, therefore, welcomes the ISSB's commitment to publishing its global standards for climate disclosures and general requirements in Q2.

Once they have been released, IOSCO responsibility to consider potential endorsement of the ISSB standards. A potential endorsement should be a game changer and give impetus for the adoption or use of the first global and inclusive framework for sustainability-related disclosures by corporates.

Refer to the speech on the IOSCO website.

The CSSB will be led by Charles-Antoine St-Jean, FCPA, FCA, who is based in Quebec and most recently served as the IFRS Foundation regional director-Americas, where he assisted with the implementation of ISSB operations in Canada and the Americas.

The other initial members of the CSSB are:

• Bindu Dhaliwal, Senior Vice-President, Corporate Governance & ESG, CIBC;
• Alyson Slater, Managing Director and Head of Sustainable Investment in Canada, Public Markets, Manulife Investment Management; and
• Raylene Whitford, Chair, Indigenous Advisory Council, TC Energy Ltd. and former Partner, Global Indigenous Community of Practice Lead, Deloitte Canada.

Re­view the press release  on the CSSB website.

An early recommendation that was already issued by the committee and approved by the oversight councils was the establishment of the Canadian Sustainability Standards Board (CSSB), which will soon be operational.

In addition to the establishment of the CSSB, implementing recommendations regarding effective oversight of standard setting is now underway – beginning with a joint effectiveness review of the current oversight councils that aims to streamline and harmonize current oversight activities and processes.

Review the press release and report on the AcSb's website.

Review the press release on the IAASB's website.

During the meeting, Lisa French, Vice-President, Sustainability Standards, CPA Canada presented a two-part update on the Canadian Sustainability Standards team’s activities. The first part focused on the International Sustainability Standards Board’s (ISSB) Exposure Drafts and the second part focused on efforts to build the Canadian Sustainability Standards Board (CSSB).

As part of her presentation, Ms. French noted that the ISSB received 735 submissions to the Exposure Draft IFRS S1 (with 75 Canadian responses) and 700 submissions to the Exposure Draft IFRS S2 (with 70 Canadian response). The Canadian responses made up 10 per cent of the global feedback. Responses from industry associations, investors, and preparers made up two-thirds of Canadian respondents. The remaining one-third came from not-for-profit, governments, supporting entities, professional bodies, and academia.

For further details refer to the minutes of the AASOC meeting on September 26, 2022

During this time, given the importance of capacity building to ensure this is a truly global initiative, the ISSB will focus efforts on developing further guidance and training material, as well as working with partners to deliver a core capacity building programme across different economic settings, so that all market participants can access its benefits. There is also a particular need to consider the specific circumstances of emerging and developing economies and smaller companies. To deliver this, the ISSB is introducing structured partnerships that leverage specialist expertise to build local understanding for the implementation of the standards. The ISSB has already announced a package of reliefs and guidance to support use of the Standards, enabling companies to scale up their approach to using them over time.

At the meeting, the ISSB agreed that its initial IFRS Sustainability Disclosure Standards, S1 and S2, will become effective starting January 2024. Given sustainability disclosure is new for many companies globally, the ISSB will introduce programmes that support those applying its Standards as market infrastructure and capacity is built.

Review the press release on the ISSB's website.

The Beijing office is expected to open in mid-2023. Staff of the office will focus on leading and executing the ISSB’s strategy for emerging and de­vel­op­ing economies and act as a hub for stake­holder en­gage­ment in Asia.

For ad­di­tional in­for­ma­tion see the press release on the IFRS Foun­da­tion’s website.