Agenda papers for this meeting are available on the IFRS Foundation website.

The ISSB will meet on 16 May 2024 in Montreal. The following topics are on the agenda:

SASB standards maintenance: The ISSB will discuss its approach to industry groupings in its industry-based materials, including the SASB standards. The staff recommends that the ISSB’s industry-based materials, including the SASB standards, continue to be based on industry groupings of entities with similar impacts and dependencies on the non-financial capitals that serve as sources of value, as represented by the Sustainability Industry Classification System (SICS), for its next two-year work plan; and that the ISSB considers enhancements to the industry groupings as developed in SICS during the ISSB’s enhancements to the SASB standards as part of its next two-year work plan.

ISSB consultation on agenda priorities: ISSB members will review a summary of all decisions made during the agenda consultation and the resulting two-year work plan commencing June 2024. 

Supporting the implementation of IFRS S1 and IFRS S2: The ISSB will be given the opportunity to make comments or ask questions on the summary of the March 2024 TIG meeting.

Sustainable Industry Classification System (SICS)—Background and staff analysis (Agenda Paper 6A)

This paper provides background information for the staff recommendations presented in Agenda Paper 6B. In detail, the paper:

• briefs the ISSB on industry classification systems and their relationship to the Sustainable Industry Classification System (SICS) in the context of industry-based standard-setting;
• summarises stakeholder feedback regarding SICS;
• provides a staff analysis and comparison of select industry classification systems; and
• summarises staff recommendations regarding the ISSB’s future approach to industry groupings for its industry-based materials, including the Sustainability Accounting Standards Board (SASB) standards and the IFRS S2 industry-based guidance on implementing climate-related disclosures.

Sustainable Industry Classification System (SICS)—Staff recommendations (Agenda Paper 6B)

This paper provides the ISSB with the staff recommendations regarding the ISSB’s approach to industry groupings in its industry-based materials, including the SASB standards.

At this meeting, the ISSB is asked to decide on the staff’s recommendations that:

• the ISSB’s industry-based materials, including the SASB standards, continue to be based on industry groupings of entities with similar impacts and dependencies on the non-financial capitals that serve as sources of value, as represented by SICS, for its next two-year work plan; and
• the ISSB considers enhancements to the industry groupings as developed in SICS during the ISSB’s enhancements to the SASB standards as part of its next two-year work plan.

The staff considers this to be an appropriate time for the ISSB to determine its approach to industry classification systems for the purpose of standard-setting, following the ISSB’s recent tentative decision to prioritise enhancements to the SASB standards as part of its next two-year work plan, the intention to consider industry-based disclosures in its topic-based research and in consideration of the stakeholder comments related to SICS in recent consultations.

Summary of decisions and final work plan (Agenda Paper 2)

Background

This paper provides the staff's summary of the ISSB’s two-year work plan commencing June 2024 based on the decisions made from the ISSB’s request for information (RFI) Consultation on Agenda Priorities. The staff will not seek any decisions from ISSB members.

Workplan for 2024-2026

The staff have outlined the following for the ISSB’s next two-year work plan:

• Supporting the implementation of IFRS S1 and IFRS S2 will be allocated a high level of focus.
• Enhancing the SASB standards and beginning new resource projects on the risks and opportunities associated with biodiversity, ecosystems and ecosystem services, and human capital will be allocated a slightly lower level of focus.
• Connectivity with the IASB, interoperability with other standards and frameworks and stakeholder engagement are all considered activities integral to all of the ISSB’s work and have therefore not been allocated a specific level of focus.
• Finally, the ISSB has indicated that reserve resources will allow for flexibility in the ISSB’s response to any additional, necessary activities that arise.

Next steps

The staff will publish a feedback statement summarising feedback from the RFI, the ISSB’s responses and the final work plan before the end of June 2024. Prior to being published, the staff will present the work plan to the Due Process Oversight Committee (DPOC) to demonstrate how the ISSB has met all requirements in the Due Process Handbook during the consultation.

The ISSB will begin to embark on the work plan addressing topics such as: a proposed approach to supporting the SASB standards, scoping of research projects and an update on supporting the implementation of IFRS S1 and IFRS S2.

Summary of Transition Implementation Group on IFRS S1 and IFRS S2 meeting held on 15 March 2024 (Agenda Paper 9)

This paper provides a summary of the March 2024 Transition Implementation Group on IFRS S1 and IFRS S2 (TIG) meeting. This paper sets out:

• background and staff observations about the meeting; and
• next steps.

No decisions are requested from the ISSB.