The Value Reporting Foundation has responded to the IFRS Foundation Consultation on Proposed Targeted Amendments to the IFRS Foundation Constitution to Accommodate an International Sustainability Standards Board to set IFRS Sustainability Standards.
The Value Reporting Foundation considers that business, investor and public interests are aligned around the urgent need to create a globally accepted and comprehensive corporate reporting system. The IFRS Foundation’s proposed International Sustainability Standards Board (ISSB) represents a natural and necessary evolution of these market-based developments.
Writing to Mr Liikanen, Chair of the IFRS Foundation, Janine Guillot, CEO, Value Reporting Foundation stated:
“It is vital for maintaining confidence in our capital markets that a robust and authoritative set of baseline sustainability standards relevant to enterprise value are developed and used on a global basis so that these factors can be measured, and the resulting information used by investors to inform investment and stewardship decisions. We continue to put the resources of the Value Reporting Foundation behind this effort.”
Since the IFRS Foundation announced its intention to proceed with establishing the ISSB, the Value Reporting Foundation has offered its expertise as part of the IFRS Foundation’s technical readiness working group charged with carrying out the early technical preparation to enable the ISSB to be successful from launch.
The Value Reporting Foundation consultation response focused on four key areas of particular relevance as the ISSB is being designed: realizing the commitment to building on existing global frameworks and standards; achieving genuine connectivity between financial accounting and sustainability standards; meeting investor needs for industry-specific standards that include metrics; a governance structure that includes capital market participants.
Read our full response on the IFRS Foundation website.