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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 in Montreal on 16 May 2024.

Contents

Strategy and governance

Research and standard-setting

Applying Standards

Strategy and governance

ISSB Consultation on Agenda Priorities (Agenda Paper 2) 

The ISSB met on 16 May 2024 to review:

  1. a summary of the decisions it made during its inaugural consultation on agenda priorities; and
  2. an overview of its two-year work plan, which will begin in June 2024. 

The ISSB was not asked to make any decisions.

Next step

The ISSB expects to publish a feedback statement by the third quarter of 2024 that will summarise feedback on the Request for Information Consultation on Agenda Priorities and present an overview of the ISSB’s activities and work plan. 

Research and standard-setting

Maintenance of the SASB Standards (Agenda Paper 6)

The ISSB met on 16 May 2024 to discuss its approach to the industry groupings used in its industry-based materials, such as the SASB Standards.

The ISSB decided:

  1. to continue to group entities into industries based on shared sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s prospects, as represented by the Sustainable Industry Classification System® (SICS®), for the ISSB’s next two-year work plan; and
  2. to consider enhancing the industry groupings when it enhances the SASB Standards.

All 14 ISSB members agreed with these decisions.

Next step

The ISSB will consider its approach to enhancing the SASB Standards and SICS.

Applying Standards

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

The ISSB met on 16 May 2024 to receive an update on the March 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 on the TIG meeting to be held in June 2024.