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The supervisor for global accounting rules announced Wednesday the creation of a board to draw up corporate disclosure standards for environmental, social and governance (ESG) practices, including carbon emissions.
The launch of the International Sustainability Standards Board (ISSB) at the COP26 climate conference in Glasgow responds to rising pressure from investors, lawmakers and other stakeholders for consistent, standardized rules for ESG disclosure. Currently, CFOs aiming to adopt ESG disclosure standards must choose from more than 15 competing sustainability reporting frameworks that vary in detail and scope.
The ISSB “standards will form a comprehensive global baseline of sustainability disclosures,” according Erkki Liikanen, chair of the trustees for the IFRS Foundation, which oversees the International Accounting Standards Board. “They can be used on a standalone basis or integrated into jurisdictional requirements to serve broader stakeholder or other public policy needs,” he said at Glasgow, noting “overwhelming demand for global sustainability standards.”
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