International standard-setters unite: common concerns on ISSB’s agenda consultation

Posted on October 27, 2023 by Editor

National standard-setters from the UK, Australia, Canada, Malaysia, and New Zealand have joined forces to convey their shared concerns regarding the International Sustainability Standards Board’s (ISSB) recent Agenda Consultation. In a joint letter addressed to Emmanuel Faber, Chairman of the ISSB, these organisations outlined critical areas for attention.

All co-signatories emphasised the importance of aligning sustainability reporting with accounting standards. They stressed that close alignment and connectivity between financial and sustainability reporting are vital to create compatible and comparable information for investors. This alignment would allow investors to make informed decisions by accessing a unified dataset.

Also of note, the standard-setters unanimously agreed that the ISSB’s highest priority should be the successful implementation of the inaugural standards. They noted that without this as a primary focus, the ISSB’s Disclosure Standards risk not being accepted as mandatory. A focus on implementation would ensure that preparers effectively engage with and apply the standards, thereby enhancing the ISSB’s credibility and impact.

The national standard-setters also collectively highlighted their support for the ISSB in its mission to develop high-quality sustainability reporting standards. They hope that their insights will help the ISSB in its work.

Read the letter here.

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