IFRS Foundation response to G20 Finance Ministers’ Communique
16 July 2021
The G20 Finance Ministers and Central Bank Governors met in Venice on 9-10 July 2021. Subsequently, they published their final Communique which references the work undertaken by IFRS Foundation with respect to sustainability reporting standards.
In the Communique, the G20 Finance Ministers and Central Bank Governors have welcomed the Financial Stability Board’s (FSB) report on promoting globally consistent, comparable and reliable climate-related financial disclosures and its recommendations. They have also welcomed the work programme of the IFRS Foundation to develop a baseline global reporting standard under robust governance and public oversight, building upon the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) framework and the work of sustainability standard-setters.
Commenting on the Communique, Erkki Liikanen, Chair of the IFRS Foundation Trustees has welcomed the G20 Finance Ministers and Central Bank Governors’ recognition of the IFRS Foundation’s work to establish a new board focused on sustainability-related disclosure standards. He further noted that the necessary preparatory work is progressing with other investor-focused standard-setting organisations.
The G20 Communique and the response by IFRS Foundation may be accessed here.