ISSB Chair discusses role and ambitions for ISSB

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Feb 03, 2022

On February 3, 2022, the IFRS Foundation released an interview of ISSB Chair Emmanuel Faber, where he discussed what appealed to him for the position and where he sees the ISSB going in the future.

Key takeaways from the interview include:

  • Mr. Faber places sustainability at the core of business strategy and believes the development of ‘high-quality global standards for disclosing sustainability information will significantly reduce greenwashing ‘noise’ and help companies and investors have meaningful conversations about what really matters to them and the concrete steps taken to implement sustainability commitments’.
  • He commented that way of viewing the linear economic system is coming to an end and focus needs to be put in addressing volatilities associated with climate change in order to manage and mitigate its effect.
  • Previous role as Chair of Danone provided him with experience in leadership and working with stakeholders from all over the world.
  • Mr. Faber looks forward to getting to know his new colleagues, working out the details of the prototypes developed by the Technical Readiness Working Group, and engaging with stakeholders.
  • Some challenges he noted were getting the ISSB up and running which includes the appointment of a diverse group of ISSB members. In addition, the creation of a timeline that meets the need to quickly produce these standards while making sure stakeholders have enough time to provide feedback. Success in the first year will be measured by accomplishing the goals set out by the IFRS Foundation Trustees and overcoming the challenges noted.
  • ISSB will learn for the standard-setting process already established by the IASB. The two organizations will collaborate as much as needed during the process.
  • A public consultation on the future work plan is being developed. The work plan will assist the ISSB on which topics it should focus on first.
  • Sustainability disclosures will play an important role to reach the objectives set in the Paris Agreement. He commented that ‘helping build a globally accepted language about these emissions that will be a foundation for effective dialogue and decision making among all the stakeholder groups of the Paris Agreement’.

Review the full interview on the IFRS Foundation’s website.

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