Legal & Regulatory News

International Sustainability Standards Board launches consultation on proposed sustainability disclosure standards

On 31 March 2022, the newly formed International Sustainability Standards Board (the ISSB) launched a consultation on the exposure drafts of its first two proposed sustainability disclosure standards. The first of these standards focuses on general sustainability-related disclosure requirements, whilst the second focuses specifically on climate-related disclosure requirements.

The ISSB exposure drafts have been developed in response to requests from G20 leaders, the International Organization of Securities Commissions and other institutions for improved disclosures from companies in relation to sustainability-related risks and opportunities.

The proposed standards are intended to build upon the work of the Climate Disclosure Standards Board, the International Accounting Standards Board, the Value Reporting Foundation (which houses Integrated Reporting and SASB Standards), the Task Force on Climate-Related Financial Disclosures and the World Economic Forum. Once developed, the proposed standards will form part of the ISSB's comprehensive global baseline of sustainability disclosures.

The ISSB has launched a consultation on the new exposure drafts and responses are requested by 29 July 2022 with the intention of issuing the new standards by the end of the year.

The ISSB also announced its plans for building upon the SASB Standards and for embedding SASB’s industry-based standards development approach into the ISSB’s standards development process.

Click here to access the consultation on general sustainability-related disclosures.

Click here to access the consultation on climate-related disclosures.

Click here to access the press release on the new ISSB exposure drafts.

Click here to access the press release on the ISSB's plans to build upon SASB's industry-based standards.