Financial and sustainability standard setters need to work together...The announcement by the IFRS Foundation that Emmanuel Faber is to be the first chair of their newly established International Sustainability Standards Board (ISSB) has been welcomed by GRI.
GRI recognizes the benefits that the IFRS’ plans for investor-focused
sustainability disclosures can bring, in terms of strengthening
financial reporting to take account of sustainability risks. GRI sees
this as a separate yet complementary function to broad reporting on
sustainability impacts, as enabled by the GRI Standards.
"I congratulate Mr. Faber on his appointment to the ISSB. It is
very encouraging that an influential and well-known voice of business
will be leading the work of the IFRS to develop these investor-focused
sustainability standards. As he has previously demonstrated, Mr. Faber
has a keen interest in both financial and sustainability reporting.
It is important to recognize that, for reporting to illuminate the full
range of impacts that companies have on society and the planet, it needs
to take account of a multitude of stakeholders. As such, I am sure Mr.
Faber will be as keen to engage with GRI as I am to engage with the
ISSB. As we both take up our posts in the new year, I very much look
forward to opportunities for us to work together.”
Eelco van der Enden, who will start in post as GRI CEO from 1 January
"I am pleased that the IFRS Foundation is progressing with its
work towards an operational sustainability standards board, and welcome
the appointment of Mr. Faber. We note his commitment to engage with
stakeholders and intend to meet with him soon to discuss how GRI and the
ISSB can work together on achieving more comparable and effective
corporate reporting. We firmly believe that, to drive transparency on
the impacts of organizations and increase the accountability of
business, we need a two-pillar disclosure system in which sustainability
and financial reporting are on an equal footing. I extend the offer to
Mr. Faber and the ISSB to collaborate with GRI to achieve this aim.”
Jack Ehnes, Chair of the GRI Supervisory Board
GRI
© GRI - Global Reporting Initiative
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