The International Sustainability Standards Board (ISSB) is delighted to welcome and support the International Organization of Securities Commission’s (IOSCO) launch of its Growth and Emerging Markets (GEM) Committee Network for Adoption or Other Use of ISSB Standards.
The announcement marks a significant step towards supporting the adoption or other use of the IFRS Sustainability Disclosure Standards (otherwise known as ISSB Standards) in jurisdictions represented in IOSCO's GEM Committee.
The initial cohort of members, representing 31 jurisdictions, accounts for the majority of emerging market jurisdictions' market capitalisation (90% of BRICS market capitalisation) and includes both jurisdictions that have already announced plans for adoption or other use of ISSB Standards as well as others at an earlier stage in their planning. Additional members are expected to join in the coming months.
Speaking at today’s launch event in Ankara, Türkiye, ISSB Chair Emmanuel Faber joined Chairman of the IOSCO Board, Jean-Paul Servais and Chairman of the GEM Committee and Vice-Chair of the IOSCO Board, Dr. Mohamed Farid Saleh to reflect on the critical role of this milestone for the continued development of sustainability-related reporting worldwide.
Thanking IOSCO for its continuous collaboration and support, Emmanuel Faber said:
We are delighted to see considerable interest from emerging markets jurisdictions towards adopting the ISSB’s global baseline of sustainability disclosures for capital markets. We are also pleased to continue and further enhance our collaboration with IOSCO by supporting Network members on their jurisdictional adoption journeys.
Doing so will help them align their sustainability-related disclosure requirements with the global baseline, connecting them to global capital pools and investors seeking new investment opportunities. This progress is also important to all other jurisdictions because multinational companies with global supply chains will stand to benefit from the availability of comparable data and disclosures from across the value chain and such disclosures will facilitate trade.
Followable tags
IFRS Sustainability jurisdictional development
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2 Climate-related Disclosures
