29th October 2020 – The International Organisation of Securities Commissions has today endorsed efforts by the world’s most widely used ESG standards and the IFRS Foundation to align sustainability reporting globally.
In his open response to global ESG standards setters (see the letter sent by ESG standards setters here), Erik Thedéen, Chair of the IOSCO Sustainability Task Force, welcomed efforts to align sustainability reporting, noting that it is important that the initiatives head towards convergence. In addition to more harmonisation in ESG reporting standards, IOSCO highlighted its desire to see the standards setters and IFRS Foundation’s process on establishing a new Sustainability Standards Board coming together.
As the convenor of the world’s securities commissions, the endorsement and willingness of IOSCO to contribute to the process is significant.
CDSB Chair Richard Samans said: “We welcome IOSCO’s positive response to our open letter. IOSCO’s commitment to engage with us is a reflection of the widespread, mainstream demand around the world for a more coherent sustainability reporting system that meets the needs of capital markets. The letter draws an appropriate parallel to IOSCO’s important role two decades ago in the establishment of the IFRS Foundation, which has made great strides in standardizing financial reporting globally through an independent, market-based technical process ultimately accountable to public authorities.”
Mardi McBrien, Managing Director, CDSB added: “IOSCO also recognises that while ensuring that capital market needs are met, the needs of the public and jurisdictional priorities are also embedded in a truly global and comprehensive corporate reporting system. CDSB will continue to work together with stakeholders to achieve the best possible outcome for capital markets, society and the planet.”