Katayun Jaffari,left, and Rikisha Collins,right, of Cozen O'Connor. Courtesy photos What's Next in ESG for Public Companies to Know? Global Sustainability Disclosure Standards Proposed
Be advised that compliance with these standards is currently voluntary globally. However, it is important for companies to be familiar with such trends in disclosure given the U.S. Securities and Exchange Commission (SEC) focus on ESG and sustainability.
November 02, 2023 at 11:41 AM
8 minute read
Securities Litigation
The International Sustainability Standards Board (ISSB) was formed on Nov. 3, 2021, at the UN Global Summit to develop global sustainability disclosure standards aimed at providing investors with comprehensive and consistent sustainability information. On June 26, the ISSB released its inaugural financial reporting standards, IFRS S1 general requirements for disclosure of sustainability-related financial information (IFRS S1) and IFRS S2 climate-related disclosures (IFRS S2, together with IFRS S1 the IFRS sustainability disclosure standards). The ISSB sustainability disclosure standards provide reporting standards for disclosures of the relationship between climate and sustainability risks, opportunities and strategies and an entity's financial performance. Additionally, the IFRS sustainability disclosure standards promulgated by the ISSB contribute to the network of sustainability reporting set forth by initiatives such as the task force for climate related financial disclosures (TCFD), the Value Reporting Foundation's integrated reporting framework, and industry-based sustainability accounting standards board (SASB) standards among others. Please be advised that compliance with these standards is currently voluntary globally. However, it is important for companies to be familiar with such trends in disclosure given the U.S. Securities and Exchange Commission (SEC) focus on ESG and sustainability.
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