Skip to content (Press enter)

This ISSB Update highlights preliminary decisions of the International Sustainability Standards Board (ISSB). Projects affected by these decisions can be found on the work plan. The ISSB's final decisions on IFRS® Sustainability Disclosure Standards are formally balloted as set out in the IFRS Foundation's Due Process Handbook.

The ISSB met on 24–25 July 2024.

Contents

Work plan overview

Research and standard-setting

Applying Standards

Work plan overview

ISSB work plan (Agenda Paper 2)

The ISSB met on 24–25 July 2024 to discuss its work plan.

Embedding interoperability in the ISSB's ongoing activities (Agenda Paper 2A)

The ISSB discussed ways to include interoperability in its activities. In particular, the ISSB discussed how it might work to make ISSB Standards interoperable with European Sustainability Reporting Standards (ESRS) and GRI Standards.

The ISSB was not asked to make any decisions.

Research design and approach (Agenda Paper 2B)

The ISSB discussed the design and approach of its initial work on the research projects in its work plan as set forth in April 2024. These projects examine risks and opportunities associated with biodiversity, ecosystems and ecosystem services, and human capital.

The research projects also include efforts:

  1. to build on existing materials, including the SASB Standards, CDSB Framework application guidance and the recommendations of the Taskforce on Nature-related Financial Disclosures; and
  2. to enhance interoperability between its own Standards and other widely used standards and frameworks, including GRI Standards and ESRS.

The ISSB was not asked to make any decisions.  

Next step

The ISSB will consider findings as its research progresses over the coming months. The ISSB expects to involve its advisory bodies and other stakeholders in undertaking that research.

The ISSB’s work on interoperability will be addressed in board papers as a technical aspect of its projects.

Research and standard-setting

Maintenance of the SASB Standards (Agenda Paper 6)

The ISSB met on 25 July 2024 to discuss its approach to enhancing the SASB Standards.

The ISSB decided:

  1. to use a phased approach;
  2. to start developing exposure drafts of enhancements to:
    1. all eight SASB Standards in the Extractives & Minerals Processing sector;
    2. the Electric Utilities & Power Generators SASB Standard in the Infrastructure sector; and
    3. three SASB Standards in the Food & Beverage sector—subject to assessing whether the ISSB and its stakeholders have the capacity to do so (the ISSB noted that it would be ‘highly desirable’ that these three industries be included in the initial phase of work);
  3. to consider making targeted amendments to other SASB Standards to ensure that measurement of common topics remains consistent among industries, where appropriate; and
  4. to research:
    1. priorities for the second phase of the project; and
    2. how to enhance the Sustainable Industry Classification System® (SICS).

All 14 ISSB members agreed with decisions (a), (c) and (d). Thirteen of 14 ISSB members agreed with decision (b).

Next steps

The ISSB will begin preparing exposure drafts of proposed amendments to the priority SASB Standards. It will also begin research to identify further priority enhancements to the SASB Standards and SICS.

Applying Standards

Supporting the Implementation of IFRS S1 and IFRS S2 (Agenda Paper 9)

The ISSB met on 24 July 2024 to receive an update on the June 2024 meeting of the Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).  

The ISSB was not asked to make any decisions. 

Next step

The ISSB will receive an update after the TIG meeting to be held in September 2024.