Investors from around the world have been responding to the release of the IFRS Sustainability Disclosure Standards, highlighting the value of globally consistent, comparable information:
The ISSB Standards represent an evolution of corporate reporting and are a welcome step forward in providing investors with the information they need to make decisions. At present, the quality of climate reporting by Australian companies varies considerably. Adoption of mandatory reporting in line with the ISSB Standards would help fill the data gap with comparable information about the climate change and other sustainability risks in their portfolios—information that is often lacking now.
Louise Davidson, CEO, Australian Council of Superannuation Investors (ACSI)
The ISSB is taking an important first step toward developing a global baseline of comprehensive market-driven sustainability standards. It builds on the work of the Big Four accounting firms and the World Economic Forum-International Business Council to develop the Stakeholder Capitalism Metrics, which nearly 200 companies have adopted. I thank Emmanuel Faber and the team at the ISSB for helping drive the convergence of voluntary and regulated disclosure toward greater coherence so that capitalism and the markets can continue to focus on long-term, sustainable development and deliver the progress we all want.
Brian Moynihan, Chair and CEO, Bank of America
CalSTRS has been a long-time supporter of the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures and we are pleased to also support the ISSB Standards, which build on these investor-focused efforts. It is imperative we improve the sustainability-related financial information to help us manage the risks to our portfolio so we can protect the pensions of California’s public educators, and the ISSB Standards will help us accomplish this goal.
Christopher J. Ailman, CIO, California State Teachers’ Retirement System (CalSTRS)
The IFRS ISSB’s release of IFRS S1 and IFRS S2 constitutes a welcome step forward toward a global-baseline for sustainability-related disclosures that will provide investors with the decision-useful information they require to make informed investment decisions that meaningfully reflect sustainability risks and opportunities. CCGG is especially pleased with the ISSB’s decision to integrate Governance focused reporting as key components of both IFRS S1 and IFRS S2.
Canadian Coalition for Good Governance
Cbus Super welcomes the launch of the initial ISSB Standards. Baseline global reporting standards are incredibly important. It will mean asset owners, like ourselves, who invest globally can track and measure companies we invest in on climate and sustainability in a more consistent manner, which will lead to better decisions for our members.
Rosalind McKay, Head of Responsible Investment, Cbus Super
Congratulations, ISSB, on the launch of your standards! A toolbox to measure performance, and a catalyst to drive it. A chance to mitigate risk, and seize opportunities. A level playing field: global standards for a global challenge. It’s great to have you here at the Finanzplatz Frankfurt—as standard-setters, but also as neighbours!
Gerald Podobnik, Chief Financial Officer, Investment Bank, Corporate Bank & ESG, Deutsche Bank
Eumedion welcomes the launch today of the first set of IFRS sustainability reporting standards. High-quality reporting standards are instrumental for responsible and engaged investors to effectively live up to their fiduciary duties. The IFRS S1 and IFRS S2 standards are a very important step to global harmonisation of sustainability reporting, and Eumedion commends the IFRS Foundation and the ISSB in particular for their tremendous efforts in developing this first set. We look forward to supporting the IFRS Foundation in developing further sustainability standards, improving connectivity with financial reporting, and striving for global harmonisation.
Rients Abma, Executive Director, Eumedion
The European Federation of Financial Analysts’ Societies (EFFAS) welcomes the publishing of IFRS S1 and IFRS S2 sustainability standards. This is a major step to having a set of high quality and consistent standards to facilitate stakeholders to analyse sustainable issues on the same basis. EFFAS also supports the continuous work of the European standard setters to develop and produce a comprehensive set of European standards within the framework of the ISSB baseline. The interoperability and connectivity between financial and non-financial information will facilitate comparability for investors and be a key success of the standards.
European Federation of Financial Analysts’ Societies (EFFAS)
This is an important step toward a standardized sustainability disclosure approach that works across borders.
Multiple sets of ‘rules of the road’ increase transaction costs and inefficiencies. We welcome this release and look forward to engaging further with the ISSB as it supports implementation, refines its standards, and explores work in new areas.
Tim Adams, CEO and President, Institute of International Finance
We believe the ISSB Standards will help create a global baseline of consistent, comparable, reliable, and decision-useful information. Better information will support market price discovery and valuation – which fosters more efficient global capital markets.
Sonja Gibbs, Head of Sustainable Finance for Institute of International Finance
ICGN welcomes the inaugural sustainability disclosure standards published today by the International Sustainability Standards Board (ISSB). Investors have been calling for comparable, reliable and verifiable corporate sustainability disclosures to make informed stewardship and investment decisions, and for their own reporting to beneficiaries. The launch of IFRS S1 and IFRS S2 is an important step for efficient capital markets and sustainable economies.
Congratulations Emmanuel Faber, Sue Lloyd, Jingdong Hua, Richard Barker, Jenny Bofinger-Schuster, Verity Chegar, Jeffrey Hales, Michael Jantzi, Hiroshi Komori, Bing Leng, Ndidi, Dr Nnoli-Edozien, Tae-Young Paik, Veronika Pountcheva, Elizabeth Seeger, Janine Guillot, Katie Schmitz Eulitt, and the many stakeholders who have been involved in the journey towards better corporate sustainability reporting.
International Corporate Governance Network (ICGN)
We are delighted to support the final ISSB standards published today. Our members invest in companies around the world, so the creation of a global baseline of sustainability reporting standards is an important step to achieve consistent reporting by all companies. Investors are increasingly incorporating a wide range of material sustainability issues into their assessments of long-term value from investee companies and need this information to make the best investment and stewardship decisions.
We support the UK Government’s timeline and process for implementing the ISSB standards and we will continue to work with stakeholders to ensure swift adoption in the UK. Furthermore, we urge other jurisdictions to endorse these standards and incorporate them into their reporting requirements.
In the meantime, we encourage all companies to start using these standards as a basis for their reporting so that investors have consistent Sustainability reporting from their investee companies.
Andrew Ninian, Director, Stewardship, Risk and Tax at the Investment Association
The PRI welcomes the ISSB’s inaugural sustainability reporting standards. Investors globally are bringing climate and sustainability into their core investment strategies and need high quality, consistent data. The absence of this in many markets has proven a barrier that has impeded the effective flow of capital. The ISSB’s IFRS S1 and IFRS S2 standards can now provide this critical common language on sustainability disclosure which establish a common baseline for issuers regardless of size, sector or location. We join the London Stock Exchange Group (LSEG) in calling for all policymakers around the world to introduce mandatory ISSB disclosures across their economies by 2025 at the latest.
David Atkin, CEO of PRI
We welcome the ISSB's publication of its first IFRS Sustainability Disclosure Standards. We have been advocating the urgent need for high quality, consistent and comparable global sustainability disclosure standards. We appreciate the leadership of the IFRS Foundation and the ISSB in publishing the standards in such a short time, responding to this urgent need.
Hiroyasu Koike, Chair, The Securities Analysts Association of Japan
UK Finance welcomes the introduction of the ISSB’s Standards which establish a global baseline for sustainability and climate-related reporting. The UK financial services sector has been working closely with the ISSB during development and we urge jurisdictions around the world to implement these global standards comprehensively and on a timely basis. The just transition to a Net Zero economy remains a key priority for UK Finance and its members. Today’s announcement marks a major step forward in generating consistent disclosures and data to enable the transition globally. UK Finance will continue to support the ISSB as they create the foundations for an ambitious, globally coherent sustainability reporting regime.
Sarah Boon, Managing Director of Corporate Affairs, UK Finance
At UPP, we believe that sound ESG integration improves investment outcomes. Building off the pioneering work of TCFD, SASB, CDSB, and the IIRC, the IFRS Sustainability Disclosure Standards provide a much-needed global baseline for disclosure. The Standards will improve the transparency, consistency, and comparability of sustainability disclosures, in turn delivering financially relevant information by industry to investors around the world.
Barbara Zvan, President and CEO, University Pension Plan Ontario (UPP)
We welcome the announcement from the ISSB and congratulate them for their tenacity in driving international standardization of baseline financially material sustainability reporting. Investors need a level playing field and disclosure and transparency are essential to that. Companies will be better prepared to gather data and communicate to their investors. And importantly, consistent and aligned information will allow investors to better assess financially material risks and strategic investment opportunities across markets.
Maria Lettini, CEO, US Sustainable Investment Forum (US SIF)
