12 June 2021

CDSB:The Value Reporting Foundation launch paves the way for harmonisation

At CDSB we remain convinced that the path to a sustainable future is through the alignment of standards to a global system, which harnesses the unique power of capital markets to change our global trajectory.

Over the coming months the group of major standard setters, CDSB, WEF, TCFD, and the VRF will work in concert to contribute to the IFRS Foundation Working Group initiated to accelerate the convergence of reporting standards. While the convergence of the IIRC and SASB into the VRF is a hugely significant step forward, CDSB will remain focused on contributing to the formation of the IFRS International Sustainability Standards Board at this stage.

The Value Reporting Foundation and CDSB’s strategies are focused on the alignment of global sustainability standards, and the speed with which the ISSB’s remit is established and expanded is of the utmost importance.

CDSB has been working alongside the IIRC since its establishment 10 years ago and we look forward to collaborating with the VRF, WEF and TCFD as these organisations look to achieve global convergence, greater simplicity and cohesion to the corporate reporting landscape.

Rick Samans, CDSB Chair, said:

“CDSB has enjoyed fruitful collaborations with the IIRC and SASB since their establishment. We look forward to continuing to cooperate with the VRF, alongside WEF and TCFD as we collectively work at speed to support the establishment of the IFRS led International Sustainability Standards Board and climate standard, accelerating the convergence of reporting frameworks and standards globally.”

Mardi McBrien, CDSB Managing Director, said:

“CDSB was set up in the absence of a global authoritative body setting standards for reporting financially material climate, environmental and social issues to capital markets. To create this global authoritative body, CDSB and the VRF must now support the acceleration of the convergence via the ISSB in the lead up to COP26. Our priority remains supporting the IFRS Foundation’s efforts and continuing to do what we do best - supporting high quality enterprise value reporting on climate, environmental matters and social issues.”

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