01 July 2022

IFRS Foundation Monitoring Board welcomes strong momentum towards establishing IFRS Sustainability Disclosure standards

The finalization of the draft standards has the potential to mark an important milestone in thedevelopment of a global baseline of sustainability disclosure standards that jurisdictions could use.

The Monitoring Board discussed the ongoing activities of the International Accounting Standards
Board and heard from the Chair of the Due Process Oversight Committee on the latter’s review of the
activities of the Boards.

The Monitoring Board also discussed the ongoing activities of the ISSB. In that context, the
Monitoring Board welcomes the ongoing public consultation by the International Sustainability
Standards Board (ISSB) on the draft standards and the progress made in the appointment of Board
members to the ISSB. We strongly encourage all stakeholders to continue engaging with the ISSB
and to respond to their consultation by 29 July 2022. We welcome that the ISSB is particularly
interested in obtaining feedback from a variety of stakeholders to understand whether the proposals
will provide useful information to investors and are capable of being applied and accepted globally,
including by smaller companies and those in emerging markets. We also encourage the ISSB to
continue their outreach with preparers from different industries and sizes.

The finalization of the draft standards has the potential to mark an important milestone in the
development of a global baseline of sustainability disclosure standards that jurisdictions could use. In
this respect, the Monitoring Board considers the outreach program that ISSB has embarked on during
the consultation period as a positive step as the organization seeks to put into practice an effective
building blocks approach to the interoperability of the ISSB global baseline. In that context, the
Monitoring Board strongly supports the ISSB’s ongoing engagement with a wide variety of
stakeholders, including through the formation of the Jurisdictional Working Group.

The Monitoring Board will continue working closely with the leadership of the IFRS Foundation
Trustees to ensure robust due process, governance and oversight in the standard setting process for
financial reporting and sustainability reporting standards.

IFRS

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