IOSCO Vice-Chair discusses important recent developments in sustainable finance

Vice-Chair of the International Organization of Securities Commissions (IOSCO), Mr. Jean-Paul Servais, discussed the important recent developments in sustainable finance during a keynote address at the 7^th EU-Asia Financial Services Dialogue.

Mr. Servais reiterated IOSCO’s commitment to working with IFRS Foundation and other stakeholders in developing globally consistent standards and promoting comparable metrics and narratives. He further noted that IOSCO has a key role to play in working with IFRS Foundation Trustees towards establishment of a Sustainability Standards Board (SSB) and in evaluating the standards issued by the SSB for cross-border purposes governing issuers´ sustainability-related reporting requirements.

Mr. Servais further observed that he believes there is coherence between the IFRS/IOSCO approach and the EU’s thinking on international cooperation in sustainability reporting. He referred to the recent press release by IFRS Foundation on the roadmap for the new SSB and the recent report of EFRAG on roadmap for the development of EU sustainability reporting standards.

He also discussed the requirements related to auditing in respect of sustainability reporting standards. He expressed confidence that the audit profession would be well positioned to provide appropriate assurance on reported sustainability information given its experience in serving the public interest and significant expertise in providing assurance on both qualitative and quantitative information.

The transcript of the address by Mr. Servais may be accessed here.