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Jul 2022

Major financial organisations align over sustainability reporting

Source: Middle East Insurance Review | May 2022

The International Financial Reporting Standards (IFRS) Foundation and Global Reporting Initiative (GRI) have signed a deal to align their work programmes and reporting on sustainability.
In a major deal to align international sustainability reporting the two financial institutions have agreed to coordinate their capital market and multi-stakeholder standards. Under the deal, the IFRS Foundation will coordinate its recently launched International Sustainability Standards Board (ISSB) with the GRI’s Global Sustainability Standards Board (GSSB).
The move aims to provide two ‘pillars’ of international sustainability reporting, with the first representing investor-focused capital market standards developed by the ISSB. A second pillar of GRI sustainability reporting requirements set by the GSSB will be compatible with the first and will be designed to meet multi-stakeholder needs.
Both bodies said that the move recognises considerable public interest in aligning their respective work programmes, terminology and guidance. This will help reduce the burden on companies and further harmonise the sustainability reporting landscape internationally.
The ISSB was formally launched at the COP26 climate conference in November 2021 with the aim of developing a comprehensive global baseline of investor-focused sustainability disclosures for capital markets. Under the agreement, the Foundation and the GRI will also join each other’s consultative bodies on sustainability reporting.
The ISSB will shortly publish proposals for climate and general sustainability-related disclosure requirements. These will form the global baseline for climate-related disclosures, a concept welcomed by G20 leaders and the International Organization of Securities Commissions. M 

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