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The working group will provide technical recommendations, including further development of the climate prototype released in December by the Group of 5 reporting standard setters, as a potential basis for the new board to build on existing initiatives and develop standards for climate-related reporting and other sustainability topics.
CDSB Chairman Richard Samans commented: “CDSB’s creation in 2007 was a response to the absence of an international standard for the disclosure of material environmental information in mainstream corporate reports. We are encouraged by the prospect of the creation of such a sustainability standard by the IFRS, which would represent in principle the culmination of our original vision. We are therefore pleased to be part of the working group it is convening to help prepare the technical ground for such an effort, building in part upon the CDSB Framework and the use of it by over 500 large listed companies around the world.”
CDSB Managing Director Mardi McBrien said: “The purpose of CDSB was not to exist forever, but to develop a framework that can be adopted by authoritative bodies like the IFRS Foundation. We look forward to collaborating with the other organisations on enterprise value creation in the working group, including the IFRS Foundation, International Accounting Standards Board, Value Reporting Foundation and the WEF International Business Council.”
CDP which provides the world’s environmental disclosure system for companies, cities, states and regions, has hosted CDSB’s global Secretariat since its inception and will also engage closely with the working group.
Paul Simpson, CEO of CDP said: “Helping CDSB develop over the last 15 years from such ambitious beginnings, we are proud to see that vision on the cusp of becoming a reality. CDSB has become a world leading organisation providing invaluable tools to the market to bring environmental reporting to financial standard setters. This is the next, and final, step in that process. At CDP we look forward to informing and supporting the IFRS process with our expertise on environmental disclosure and data”