IFRS Foundation Trustees announce working group on sustainability

With a view to accelerating convergence in global sustainability reporting standards and undertaking technical preparation for a potential international sustainability reporting standards board under the governance of the IFRS Foundation, the Trustees of the IFRS Foundation announced the formation of a working group on sustainability.

The working group will provide technical recommendations for the new board to build on the existing initiatives and develop standards.

The group will be chaired by IFRS Foundation and IOSCO will participate in the group as an observer.

Members of the working group are:

• The Financial Stability Board’s Task Force on Climate related Financial Disclosures (TCFD)
• The Value Reporting Foundation representing the intended merger of the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB)
• the Climate Disclosure Standards Board (CDSB)
•  the World Economic Forum (WEF)

The working group will also engage closely with the Global Reporting Initiative (GRI) and CDP.

The first meeting of the working group is expected to take place in April 2021.