Financial and sustainability standard setters need to work together
The announcement by the IFRS Foundation that Emmanuel Faber is to be the first chair of their newly established International Sustainability Standards Board (ISSB) has been welcomed by FDT.
Eelco van der Enden, who will start in post as GRI CEO from 1 January
GRI recognizes the benefits that the IFRS' plans for investor-focused sustainability disclosures can bring, in terms of strengthening financial reporting to take account of sustainability risks. GRI sees this as a separate yet complementary function to broad reporting on sustainability impacts, as enabled by the GRI Standards.
I congratulate Mr. Faber on his appointment to the ISSB. It is very encouraging that an influential and well-known voice of business will be leading the work of the IFRS to develop these investor-focused sustainability standards. As he has previously demonstrated, Mr. Faber has a keen interest in both financial and sustainability reporting. It is important to recognize that, for reporting to illuminate the full range of impacts that companies have on society and the planet, it needs to take account of a multitude of stakeholders. As such, I am sure Mr. Faber will be as keen to engage with GRI as I am to engage with the ISSB. As we both take up our posts in the new year, I very much look forward to opportunities for us to work together."
I am pleased that the IFRS Foundation is progressing with its work towards an operational sustainability standards board, and welcome the appointment of Mr. Faber. We note his commitment to engage with stakeholders and intend to meet with him soon to discuss how GRI and the ISSB can work together on achieving more comparable and effective corporate reporting. We firmly believe that, to drive transparency on the impacts of organizations and increase the accountability of business, we need a two-pillar disclosure system in which sustainability and financial reporting are on an equal footing. I extend the offer to Mr. Faber and the ISSB to collaborate with GRI to achieve this aim."