On 20 May 2021 US President Joe Biden signed a sweeping Executive Order on Climate-Related Financial Risk. It mandates greater disclosures to provide the information needed to understand climate risks and enable action to mitigate them.
“The bottom line about the double bottom line is that investors don’t have to make performance concessions to achieve sustainable outcomes. ESG data is an indicator of future performance potential and should be incorporated into the investment mosaic of all the different types of data that are used to predict performance.”
Janine Guillot, CEO of the Sustainability Accounting Standards Board (SASB), has published a piece discussing the Board’s response to the US Securities and Exchange Commission (SEC) consultation on climate change disclosure, and welcoming SEC’s commitment to addressing the needs of 21st century investors in this arena.
The European Commission has written to the European Financial Reporting Advisory Group (EFRAG) inviting it to start work on drafting sustainability reporting standards, in parallel with the development of the proposed Corporate Sustainability Reporting Directive (CSRD).
“Corporations are at an inflection point when it comes to ESG,” says Wes Bricker, Vice Chair – US and Mexico Assurance Leader at PwC and Chair of XBRL International’s Board of Directors, in a short guest post at ESG Today that nonetheless offers plenty to think about.
In another great opinion piece from our Board, Mohini Singh, ACA, Director of Financial Reporting Policy at CFA Institute and Treasurer of the XBRL International Board of Directors, writes in Reporting Times on ‘The need for high-quality, globally comparable international sustainability standards.’
Jean-Paul Servais, Vice Chair of the International Organization of Securities Commissions (IOSCO) and Chair of the International Financial Reporting Standards (IFRS) Foundation Monitoring Board, recently explored why IOSCO believes in the IFRS Foundation Trustees’ sustainability initiative and how IOSCO will support it.
The European Central Bank (ECB) is pulling out all the stops to guide Europe’s banks toward carbon neutrality and rigorously hold them to account on climate risks, according to a speech by Frank Elderson, Vice-Chair of the Bank’s Supervisory Board and Member of the Executive Board.
An EU High Level Conference held yesterday on the proposed Corporate Sustainability Reporting Directive (CSRD) brought together a number of high level speakers to discuss the new reporting proposals announced two weeks ago.
We’re still finding a lot to be excited about in the EU’s new Corporate Sustainability Reporting Directive (CSRD) and the introduction of Inline XBRL in mandatory sustainability reporting – our colleagues at Workiva, an XBRL International Sustaining Partner, agree.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
