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The sustainability-related financial disclosures standards, recently issued by the International Sustainability Standards Board (ISSB) and endorsed by IOSCO, are an important step forward in sustainability reporting. GFMA welcomes the work to establish a global baseline for sustainability reporting and the ongoing work to maximise interoperability of ISSB standards with jurisdictional initiatives.
In particular, GFMA supports the ISSB’s focus on decision-useful information for investors, as well as efforts to provide support for effective implementation: proportionality, transitional reliefs, consistency in approaches on the phasing-in and scaling of requirements, and capacity building that supports implementation. These 4 pillars reflect that this is a journey and that not all corporates will be ready on day one.
GFMA advocates for consistency of approaches to the assessment of financial materiality, and appropriate sequencing of disclosures as the requirements are phased-in for financial and non-financial institutions.
– 28 July 2023 –
