IOSCO Chair outlines progress on ISSB standards and their endorsement

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13 Dec, 2022

At the A4S Summit 2022 on 13 December 2022 on latest developments in the global sustainability-related reporting landscape, IOSCO Chair Jean-Paul Servais noted the work still to be done for the ISSB sustainability disclosure standards to be ready for use by corporates for their end of 2024 accounts.

He noted that

  • the IFRS Foundation has delivered on its commitments to establish the ISSB;
  • the ISSB will issue its standards for climate disclosures and general requirements in the first part of 2023;
  • IOSCO will then move fast and assess the ISSB standards against its agreed endorsement criteria;
  • maximising interoperability across the world will be an important factor in IOSCO’s endorsement decision;
  • it is important to ensure that corporates at all stages of development, size and sophistication can apply the standards;
  • IOSCO, working closely with the ISSB, has initiated a comprehensive capacity-building programme aimed at assisting securities regulators in their preparations to adopt and implement the ISSB standards; and
  • the Monitoring Board will make sure that due process remains top of mind during the development of the sustainability reporting standards by the ISSB and there can be no shortcuts.

A transcript of the full speech is available on the IOSCO website. There is also a recording available (16 minutes).

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