Staged approach to filling up ISSB membership
Feb 16, 2022
On February 16, 2022, the IFRS Foundation announced that it will follow a staged approach regarding the appointment of members of the International Sustainability Standards Board (ISSB).
While the IFRS Foundation Constitution affords the ISSB the option to publish exposure drafts for public comment when approved by its Chair and Vice-Chair, and subject to oversight by the Trustees’ Due Process Oversight Committee, a quorum of eight members is required for the ISSB to deliberate on feedback received on the exposure drafts and for final requirements to be published. With the Chair and Vice-Chair already appointed, the Trustees will now focus on appointing a first set of six ISSB members from among the applications received so far. The press release notes that further applications are still welcome, which would then be considered in the next round of appointments.
The Trustees note that this approach will (a) enable the ISSB to begin its work and move at the pace required by stakeholders and (b) allow them, at each step, to build further the diversity and breadth of profiles and expertise of the ISSB.
The press release states that a similar approach is being taken to determining the membership of two key advisory bodies to the ISSB: the Sustainability Consultative Committee and the Sustainability Standards Advisory Forum.
Review the press release on the IFRS Foundation website.