In the context of their periodic strategy review, the IFRS Foundation Trustees published a consultation paper in September 2020 to determine:
- whether there is a need for global sustainability standards;
- whether the IFRS Foundation should play a role in developing such standards; and
- what the scope of that role could be.
Feedback to the consultation confirmed an urgent need for global sustainability reporting standards and support for the Foundation to play a role in their development. Since the start of 2021, the Trustees have, therefore, worked towards the potential creation of a new standard-setting board within the existing governance structure of the IFRS Foundation.
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