ISSB November 2023 Update
Monthly updates from International Sustainability Standards Board
Introduction: A Milestone Week in Beijing In a pivotal November board week in Beijing, Sue Lloyd, Vice Chair of the International Sustainability Standards Board (ISSB), and Emmanuel Faber, the Chair, reflected on a momentous occasion—the ISSB's inaugural board meeting in Beijing. This marked a significant step following the recent opening of their office in the city.
Stakeholder Engagements: Insights from Beijing and Beyond The ISSB leadership shared insights into their engagements with stakeholders in Beijing. From the World Resources Institute event to an ACCA stakeholder dinner and the China Listed Sustainable Development Conference, the discussions provided a comprehensive view of the board's role in advancing sustainability disclosure. A lunch meeting with investors and discussions with the Chinese Ministry of Finance demonstrated the depth of their commitment.
Global Reach: ISSB's Presence Worldwide Beyond Beijing, ISSB members engaged in impactful events globally. Sue Lloyd spoke at the Sustainability Disclosure Forum in Hong Kong, emphasizing the region's steps toward revising sustainability disclosure requirements. Vice Chair Jingong Qua's meetings with development banks in Washington and stakeholders in the Philippines showcased the board's global footprint. Engagements in London and South Africa further illustrated ISSB's diverse interactions.
Advisory Council Meetings: Strategic Discussions in London Emanuel Faber shed light on his participation in the Integrated Reporting Council meeting and the Advisory Council meeting in London. These sessions delved into progress, adoption strategy, and crucial feedback during the launch phase.
Technical Work Update: Foundational Activities in Focus Emanuel Faber provided a comprehensive update on the ISSB's technical work. Foundational activities, such as interoperability initiatives, a joint public meeting with IASB, and efforts to support the implementation of S1 and S2 standards through educational material and capacity-building initiatives, showcased the board's commitment to technical excellence.
Taxonomy and Agenda Consultations: Shaping the Future Standards Delving into the technical realm, the speakers discussed the digital taxonomy proposal and feedback from agenda consultations. The positive reception to the proposed taxonomy, coupled with stakeholder suggestions on interoperability (Example EFRAG in Europe) and monitoring emerging practices, set the stage for refining and enhancing the taxonomy. A deeper dive into potential changes is slated for the coming month, with the goal of publishing the final taxonomy in the first half of 2024.
Future Plans and Initiatives: Driving Collaborative Innovation Looking ahead, the ISSB outlined plans for the launch of the GRI Sustainability Innovation Lab (Singapore), ongoing discussions with EFRAG on joint guidance, and various events and conferences. These initiatives align with the board's commitment to reducing duplicative reporting for companies through strategic collaborations and innovative projects.
Upcoming Events: A Global Calendar of Milestones The speakers previewed upcoming events, including continued discussions with EFRAG, Planning for COP 28 and last ISSB Board meeting of 2023 at Frankfurt. These events mark crucial milestones in sharing updates, engaging with stakeholders, and shaping the future trajectory of sustainability standards.