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ISSB's Consolidation of ESG Reporting Frameworks: What You Need to Know

Environmental, Social, and Governance (ESG) has gained considerable momentum in recent years because of a growing body of evidence linking companies with higher ESG performance to better financial performance. However, this increased focus on ESG has also increased the emphasis on ESG reporting. The downside is that there has been a proliferation of different reporting frameworks, including Task Force for Climate-related Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB). Understandably, many investors and industry stakeholders are asking for more streamlined ESG reporting frameworks to improve the quality and consistency of information about ESG performance, to enable more informed decision-making.

Enter the International Sustainability Standards Board (ISSB). The International Financial Reporting Standards (IFRS) Foundation® created the ISSB at COP 26 in late 2021 to improve the global consistency of ESG reporting. In late March 2022, the ISSB published its first two draft exposure standards for public comment. One standard lays out a framework for general sustainability-related disclosures, while the other standard specifically addresses climate-related disclosures. Both standards are sure to attract a great deal of interest and feedback from stakeholders in industry and in the financial sector who’ve been hoping and asking for more standardization of ESG disclosures and are likely anticipating a reduced number of competing frameworks.

Watch this discussion with ESG subject matter expert David Staples, Senior Solutions Strategist for VelocityEHS. He reviews the background of the formation of the ISSB and the contents of its first two draft standards, and provides some key takeaways about the future of ESG reporting.

In this talk, attendees learned:

• The purpose of the ISSB and the role of the Technical Readiness Working Group (TRWG) and its members
• The main provisions of ISSB’s draft standards IFRS S1 (“General Requirements for Disclosure of Sustainability-Related Financial Information”) and IFRS S2 (“Climate-Related Disclosures”)
• Main takeaways about the future of ESG reporting

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