The Trustees have agreed to undertake further detailed analysis of feedback on the requirements for success and other conditions to be satisfied prior to consideration of whether to establish a new board.
The Trustees of the IFRS Foundation met on 1 February 2021 to
review responses to the first three questions asked by their
consultation paper on sustainability reporting—demand for global
sustainability standards, whether the IFRS Foundation should play a
role, and, if so, the requirements for success in doing so. The
responses indicate growing and urgent demand to improve the global
consistency and comparability in sustainability reporting, as well as
strong recognition that urgent steps need to be taken and broad demand
for the IFRS Foundation to play a role in this.
Given this demand, the Trustees have agreed to undertake further
detailed analysis of feedback on the requirements for success and other
conditions to be satisfied prior to consideration of whether to
establish a new board. The Trustees agreed the formation of a Trustee
Steering Committee to oversee the next phases of work and added an
additional key requirement for success—being the need for urgency to
deliver global standards, most notably on climate.
Throughout the three-month consultation period, the Trustees led
comprehensive outreach programmes within their respective jurisdictions
to inform their decision-making and to encourage broad participation
across all geographies and stakeholder groups. This included more than
400 engagements across 33 jurisdictions, participation in more than 20
public events hosted by third parties and the hosting of webinars that
attracted more than 3,000 registered users. Following that outreach, the
IFRS Foundation received 576 comment letters from a diverse set of
organisations and individuals from around the world. All responses to
the consultation paper are publicly available.
The Trustees will be meeting next on 2-4 March 2021. Given the
growing and urgent demand, the intention would be for the Trustees to
produce a definitive proposal (including a road map with timeline) by
the end of September 2021, and possibly leading to an announcement on
the establishment of a sustainability standards board at the meeting of
the United Nations Climate Change Conference COP26 in November 2021.
Further information is available from the sustainability reporting project page.
© IFRS Foundation
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