Featured Product

    IFRS Issues Proposals Related to New Sustainability Standards Board

    April 30, 2021

    The Trustees of the IFRS Foundation proposed amendments to the Constitution of the IFRS Foundation to accommodate the potential formation of the new International Sustainability Standards Board within the governance structure of the organization. The amendments include revisions to the objectives of the IFRS Foundation and the institutional arrangements for the International Sustainability Standards Board. The consultation is open for comments until July 29, 2021. The Trustees also published a feedback statement summarizing their responses to the feedback received on the September 2020 consultation on sustainability reporting. The feedback constituted about 577 responses, which indicate growing and urgent demand for global standards and broad support for the creation of a new sustainability standards board within the governance structure of the IFRS Foundation.

    The Trustees have proposed targeted amendments to the Constitution to determine whether the proposed governance structure would provide legitimate oversight of the standard-setting by a new board as well as to determine whether the proposed amendments are proportionate to the strategy of IFRS Foundation in relation to the potential work of the new board. The Trustees invite comments on the proposals to amend the Constitution to:

    • Expand the objectives of the IFRS Foundation to create a board that will set IFRS sustainability standards under the governance structure of the IFRS Foundation
    • Set out the structure and function of the new board
    • Align other parts of the Constitution with the creation of the new board

    Approval by the Trustees of the proposed amendments to the Constitution will be conditional on the establishment of the new board. The Trustees will make a final determination based on the feedback received to the exposure draft and subject to the ongoing work to satisfy the key requirements for success. The Trustees’ final determination is expected to be made in the fourth quarter of 2021. Assuming that the Trustees do finally determine to create such a board, the plans will be announced at the United Nations Climate Change Conference (also known as COP26), which is scheduled to be held in November 2021.

     

    Comment Due Date: July 29, 2021

    Keywords: International, Banking, Insurance, Securities, Sustainability Standards Board, Climate Change Risk, ESG, COP 26, Reporting, SSB, IFRS

    Featured Experts
    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EBA Publishes Single Rulebook Q&A, Launches Transparency Exercise

    The European Banking Authority (EBA) published answers to 29 questions in the Single Rulebook Question and Answer (Q&A) tool in September.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7495