IFRS Foundation Trustees announce strategic direction & further steps based on feedback on sustainability reporting consultation
12 March 2021
The Trustees of the IFRS Foundation, during their meeting on 2-4 March 2021, continued their discussion of the feedback received to their Consultation Paper on Sustainability Reporting (2020 Consultation).
The Trustees welcomed the recent statement by IOSCO in which IOSCO expressed their intention to work with IFRS Foundation in establishing a new board for setting sustainability reporting standards.
The Trustees have reached following views about the strategic direction of the new board:
- focus on information that is material to the decisions of investors, lenders and other creditors;
- Initial focus on climate related reporting while working towards other ESG related information needs of investors;
- Build on existing framework developed by Financial Stability Board’s Task Force on Climate related Financial Disclosures (TCFD) and work by alliance of leading standard setters;
- Building blocks approach by working with standard- setters from key jurisdictions.
The Trustees intend to publish a feedback statement summarising the reposes to the 2020 Consultation.
The Trustees will also publish the proposed changes to the Foundation’s Constitution necessary to formalise establishment of a new board. The changes are subject to a public consultation with a 90-day comment period.
The Trustees note that they remain on track to make a final determination about a new board in advance of the November 2021 United Nations COP26 conference.
The announcement by the Trustees may be accessed here.