There has also been confusion around the myriad standards and frameworks, with companies and investors seeking clarity and guidance. ...The ISSB Standards exist to enhance investor-company dialogue through addressing these challenges.
Good evening and thank you to Bankenverband for hosting this important event and inviting me to share a few words about the work we are doing at the International Sustainability Standards Board, including how we are collaborating closely with colleagues in Europe to deliver on our goals.
The ISSB has been grateful to the support of Bankenverband and other key German stakeholders in welcoming us as we established the seat of the board in Frankfurt, where we now have a thriving office for the ISSB.
This timely event comes at a pivotal milestone in the sustainability disclosure landscape as we have the opportunity to deliver transformative improvements to the decision-usefulness of sustainability-related financial disclosures.
The need for global sustainability disclosures
While sustainability reporting has of course been around for a long time now, there were specific circumstances that led to the demand for the ISSB to be established.
We know that investors need decision-useful, consistent, comparable information that enables them to understand sustainability-related risks and opportunities.
To date, the information that has been provided has been neither consistent, nor tailored to the specific information needs of investors.
There has also been confusion around the myriad standards and frameworks, with companies and investors seeking clarity and guidance. We know that this confusion has added costs and complexity for companies and for the capital markets which rely on robust information to function efficiently.
The ISSB Standards exist to enhance investor-company dialogue through addressing these challenges.
By consolidating and inheriting the resources of other investor-focused initiatives, such as the Sustainability Accounting Standards Board and the Task Force for Climate-related Financial Disclosures (TCFD), the ISSB has been able to reduce fragmentation and align international support for a global baseline of sustainability-related financial disclosures from a broad range of stakeholders around the world and from the international securities regulators (IOSCO) and the Financial Stability Board, as well as the G7 and G20.
The development of this common language for capital markets is a shared endeavour. The ISSB collaborates with jurisdictions from around the world and engages with stakeholders, ensuring our work is informed by the market.
And already we know that jurisdictions such as Australia, Japan, Singapore and the UK are looking at routes to introduce the ISSB Standards, and that jurisdictions such as Nigeria have publicly announced their intention to adopt the ISSB Standards early.
Over the next few minutes, I plan to provide you with a very high-level overview of what our inaugural Standards—IFRS S1 and IFRS S2—cover, how they have been received since we issued them in June, how they relate to the European Sustainability Reporting Standards and then briefly touch on our forward-looking plans....
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