Javier de Frutos, chair of the EFFAS Commission on Financial Reporting (CFR), attended the International Sustainability Standards Board (ISSB) Standards Launch Summit & Reception on 26 June 2023 at the New York Stock Exchange. This was one of many events hosted to celebrate the launch by stock exchanges around the world including Frankfurt, Johannesburg, Lagos, London, Santiago de Chile, and Singapore.
The ISSB issued its inaugural standards, IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures). The ISSB Standards are designed to ensure that companies provide sustainability-related information alongside financial statements.
IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium, and long term. IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1.” From IFRS Foundation’s website.
EFFAS participated in the feedback process in developing the standards along with many other interested parties, organisations, and leaders in the business and investor community.
Emmanuel Faber, ISSB Chair, at the IFRS Foundation’s annual conference on 26 June 2023 in London said:
“Today represents the outcome of more than 18 months of intense work to deliver an inaugural set of sustainability disclosure standards for the global capital markets. The ISSB Standards have been designed to help companies tell their sustainability story in a robust, comparable and verifiable manner. We have consulted closely with the market to ensure the Standards are proportionate and will result in disclosures that are relevant for investment decision-making.”
In the picture Javier is flanked to his right by Elizabeth King, President, Sustainable Finance & Chief Regulatory Officer, Intercontinental Exchange and on his left by Verity Chegar, ISSB Member.