In the statement, the board said it had agreed to define sustainability as “the ability for a company to sustainably maintain resources and relationships with and manage its dependencies and impacts within its whole business ecosystem over the short, medium, and long term”.
The International Sustainability Standards Board has released an update on its current working definition of the term ‘sustainability’ following its December meeting round in Montreal.
It continues that the board has also clarified that “a company’s
ability to deliver value for its investors is inextricably linked to the
stakeholders it works with and serves, the society it operates in, and
the natural resources it draws on”.
The description is intended to provide important context for
companies applying the board’s new standards and making materiality
assessments.
The release of the definition follows the board’s 13 December
discussions which focused on its general sustainability reporting
standard IFRS S1 General Sustainability-related Disclosures, which it
released for public comment in March 2022.
The decision does not, however, change the ISSB’s decision to focus on single materiality as opposed to double materiality...
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