The Trustees of the IFRS Foundation (Foundation) today published proposed amendments to the Constitution of the Foundation
to accommodate the potential formation of a new International
Sustainability Standards Board (ISSB) within the governance structure of
the organisation. In addition, the Trustees have published a Feedback
Statement that summarises feedback received to their consultation on sustainability reporting.
All decisions were discussed and agreed at the 26 April 2021 Trustees
meeting. The Trustees recognised and appreciated the recent statements
of support for a new sustainability board from the Financial Stability Board (FSB) and the International Organization of Securities Commissions
(IOSCO), and remain on track to make a final determination about a new
board in advance of the November 2021 United Nations COP26 conference.
Constitution amendments
The Trustees are seeking feedback on proposed amendments to the Foundation’s Constitution to
accommodate the potential formation and operation of the ISSB. The
amendments include revisions to the objectives of the Foundation and the
institutional arrangements for the ISSB. The consultation is open for comment for 90 days and closes on 29 July 2021.
Feedback Statement
The Trustees have published a comprehensive Feedback Statement
that summarises responses to their September 2020 consultation on
sustainability reporting and how the Trustees have responded to that
feedback. The consultation sought feedback on demand for global
standards and whether the Foundation should play a role.
A total of 577 responses were submitted from organisations and
individuals from around the world, with feedback indicating growing and
urgent demand for global standards and broad support for the creation of
a new sustainability standards board within the governance structure of
the Foundation.
Feedback from that consultation underpinned decisions announced by
Trustees in February and March and continues to inform the Trustees’
actions and decision-making.
Further information is available from the Sustainability Reporting project page.