Due process steps and permission to publish the Request for Information (Agenda Paper 2)

The ISSB will undertake an agenda consultation by way of a Request for Information (RFI) to inform its work plan for the two-year period following the consultation. This period will commence during 2024 following approval of the work plan by the ISSB.

In the staff’s view, all necessary due process requirements to develop the RFI have been completed between July 2022 and April 2023. Therefore, subject to the ISSB’s approval, the RFI will be published in May 2023.

The staff recommended that the ISSB provide a 120-day comment period for the RFI, compared to a 90-day period, as this will allow time for high-quality responses while also ensuring the ISSB is able to finalise its work plan and begin executing new projects on a timely basis. 

The IFRS Foundation’s Due Process Oversight Committee (DPOC) had agreed that it would support the ISSB setting a period of 90 days for comment on the RFI, so long as the ISSB appropriately considered the points raised by the DPOC in making the decision. However, on reflection, the staff considered that a 120-day comment period was more beneficial and still in line with the ISSB’s schedule.

ISSB discussion

Many of the ISSB members voiced their support for a 120-day comment period as they believe it allows for an appropriate amount of time for stakeholders to provide feedback.

One ISSB member suggested it would also be appropriate to highlight how the RFI is requesting feedback on a work plan for the next two-year period, compared to the traditional five-year period discussed within the due process consultation.

ISSB members then voted as follows:

• Whether the ISSB is satisfied that all mandatory due process steps have been undertaken: all 14 members voted in favour
• Whether the ISSB agrees with the staff recommendation of a 120-day comment period for the RFI: all 14 members voted in favour
• Whether the ISSB approves the publication of the RFI: all 14 members voted in favour