Date recorded:

The ISSB met in Frankfurt on Wednesday 20 and Thursday 21 July 2022. In a welcome and opening remarks session at the beginning of the meeting, the Chair said that the remaining four ISSB positions would be taken by two Europeans, one Japanese and one “at large”. The ISSB then discussed the following technical topics:

Agenda priorities

The ISSB intends to publish a Request for Information (RFI) in the second half of 2022, to help it develop its work programme. The RFI will seek public views on (a) the strategic direction and balance of ISSB activities, (b) the suitability of proposed criteria for assessing the priority of sustainability-related matters and (c) a preliminary list of potential priority matters. The RFI will include a list of potential priority matters identified by the ISSB. The ISSB discussed a preliminary list to consider that includes general topics: biodiversity, ecosystems and nature loss; circular economy, materials sourcing and value chains; climate change; cybersecurity, data security and customer privacy; economic inequality; human capital; human rights; and water and marine resources. The list also includes the existing standards and portfolio of standard-setting and research projects of the Value Reporting Foundation’s (VRF) Sustainability Accounting Standards Board (SASB) as well as potential projects to undertaken in coordination with the International Accounting Standards Board (IASB). The ISSB was not asked to make any decisions at this meeting. It was clear that some ISSB members prefer to focus on industry-based standards whereas others are more focused on topical standards.

Overview of exposure drafts (S1 and S2) and feedback received as at 7 July 2022

On 31 March 2022, the ISSB published two exposure drafts (EDs): ED IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and ED IFRS S2 Climate-related Disclosures The ISSB conducted outreach events including webinars, panel discussions, large group meetings and targeted meetings in order to educate stakeholders, drive engagement and obtain technical input. At this meeting, a summary of preliminary feedback gathered to date was provided and the ISSB was not be asked to make any decisions. ISSB members made their own observations about the drafts, and these comments are summarised in the more detailed summaries.

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