ISSB December 2023 Update
ISSB's 2023 Achievements and 2024 Vision
Introduction
In the latest podcast recorded on December 15, 2023, Sue Lloyd, Vice Chair of the ISSB, and Emanuel Faars, Chair of the ISSB, shared their insights during the ISSB's December board meeting in Frankfurt, Germany. The discussion centered around the ISSB's significant achievements in 2023 and laid out the roadmap for 2024.
Celebrating 2023: Key Accomplishments
2023 was a landmark year for the ISSB, marked by several key achievements:
The release of the first two standards, S1 and S2, represented a substantial stride in the standard-setting process. These standards, reflecting global feedback, have been pivotal in shaping sustainability reporting.
The development of the ISSB's Knowledge Hub further showcased the board's commitment to supporting understanding and implementation of these new standards.
Global Recognition and Endorsements
The podcast highlighted the global recognition and endorsement of the ISSB's work. Notably, the standards received backing from IOSCO, urging its member jurisdictions to incorporate these standards. The Financial Stability Board's acknowledgment of these standards as a significant advancement in creating a cohesive disclosure landscape also stood out.
Technical Advancements and Educational Initiatives
The ISSB's focus on technical developments, such as the digital taxonomy and interoperability with other standards, particularly in Europe, was a major topic of discussion. Educational initiatives and materials to support the application of S1 and S2 were also emphasized.
Insights from COP28 and Investor Engagement
The ISSB's participation in COP28 was a testament to its collaborative efforts with global partners. The announcement by Turkey to incorporate ISSB standards into its regulatory framework from 2024 was a highlight, demonstrating the growing global adoption of these standards.
Looking Ahead: 2024 Priorities
For 2024, the ISSB has set clear priorities:
Supporting the implementation of the S1 and S2 standards.
Driving the adoption of these standards globally, both voluntarily and through regulatory means.
Building out the global baseline of disclosures, informed by market feedback.
Forging Ahead: Joint Meeting with IASB
A significant upcoming event is the joint board meeting with the International Accounting Standards Board (IASB) in January 2024. This meeting will focus on integrated reporting thinking, symbolizing a collaborative approach to future standard-setting.
Conclusion
The ISSB's journey in 2023 has been one of growth, collaboration, and global impact. As it moves into 2024, the board is positioned to further its influence in shaping the sustainability reporting landscape. Under the guidance of Sue Lloyd and Emanuel Faars, the ISSB continues to be a pivotal force in driving meaningful change in financial markets worldwide.