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May 04, 2023

ISSB seeks input on priorities for 2023-2025

Consultation opens as standard-setting body gets ready to publish IFRS S1 and IFRS S2 in June

The International Sustainability Standards Board (ISSB) has opened a six-month consultation asking shareholders to provide feedback on its priorities for the next two years. 

In a statement published today, the body says that based on research conducted on investors’ needs, it has identified three sustainability-related research projects and one on researching integration reporting. 

The sustainability-related projects are focused on biodiversity, ecosystems & ecosystem services, human capital and human rights. 

The ISSB says disclosure on biodiversity, ecosystems & ecosystem services would increase companies’ transparency around their activities related to such factors and would in turn help investors make informed decisions. 

Effective disclosure on human capital could provide data regarding diversity, equity and inclusion and greenhouse gas emissions reductions, while human rights research would help assess the company’s value, reputation and license to operate. 

Getting priorities right 

In its request for information, the ISSB says its reason for proposing four potential projects is linked to ‘factors such as importance to investors, deficiencies in the way companies currently disclose sustainability information and the prevalence and pervasiveness of the matters.’

The ISSB is asking stakeholders to fill out an online survey and have their say on three matters:

  • The strategic direction and balance of the ISSB’s activities
  • The criteria for assessing which sustainability-related matters to prioritize – including topics, industries and activities
  • The scope and structure of potential new research and standard-setting projects. 

‘Given the size of the potential projects that would limit the progress that could be made across all four projects in two years, the ISSB is seeking views on the relative priority of activities to determine potential trade-offs,’ the statement reads.

The consultation will remain open for comments until September 1, 2023. The ISSB’s move follows the announcement earlier in February that the body would issue its first reporting standards at the end of Q2 2023 following a nearly two-year-long consultation on its Exposure Drafts IFRS S1 and IFRS S2.