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    IFRS Establishes Group for Advisory on Sustainability Standards Board

    June 07, 2021

    The IFRS Foundation Trustees announced the establishment of an Eminent Persons Group, chaired by Jean-Claude Trichet, to provide strategic advice and counsel to the Trustees on the proposed formation of the International Sustainability Standards Board (ISSB) and its connectivity with the jurisdictional initiatives. The Trustees encourage stakeholders to respond to the consultation on proposed amendments to the Foundation’s Constitution, which sets out the institutional arrangements to accommodate the formation of the proposed new board within the governance structure of the organization. The consultation period closes on July 29, 2021.

    The Eminent Persons Group membership comprises Jean-Claude Trichet, former President of the European Central Bank, as the Chair of the Group; Sheila Bair, former Chair of the US Federal Deposit Insurance Corporation; Nandan Nilekani, Chair and co-founder of Infosys; Guillermo Ortiz, former Governor of Banco de Mexico and former Chair of the Bank of International Settlements; and Min Zhu, former Deputy Managing Director of IMF. The Eminent Persons Group has held its first meeting and will have regular engagement with the Trustees. Its work complements that of the other working groups and committees established by the Trustees to support their work to determine the IFRS Foundation’s role in sustainability-related financial disclosures. In addition to the formation of the Eminent Persons Group, the Trustees also announced:

    • IFRS Foundation joined as an observer the International Platform on Sustainable Finance along with other international organizations
    • Two webinars on July 07, 2021, where Trustees will provide an update on the sustainability project.

    Additionally, the IFRS Chair Erkki Liikanen responded to the G7 Finance Ministers’ Communique regarding global sustainability standards. He said, "We welcome the G7 Finance Ministers’ support for our work to develop the global baseline of sustainability-related financial disclosures and our ongoing dialogue with key stakeholders regarding the proposed establishment of ISSB ahead of COP26."

     

    Keywords: International, Banking, Sustainability Standards Board, ESG, COP26, Climate Change Risk, Disclosures, G7, IFRS

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