The IFRS Foundation, CDP and the Climate Disclosure Standards Board (CDSB) are pleased to confirm that, further to the announcement of 3 November 2021, CDSB has today been consolidated into the IFRS Foundation.
The IFRS Foundation, CDP and the Climate Disclosure Standards Board (CDSB) are pleased to confirm that, further to the announcement of 3 November 2021, CDSB has today been consolidated into the IFRS Foundation. This marks the completion of the first part of the commitment made by leading investor-focused sustainability disclosure organisations CDSB and the Value Reporting Foundation (VRF) to consolidate into the IFRS Foundation by June 2022 to provide staff and resources to the new International Sustainability Standards Board (ISSB).
As part of this consolidation, CDSB staff are transferring to the IFRS Foundation, with core intellectual property and technical assets to support the work of the ISSB also being transferred.
This consolidation confirms the closure of the CDSB and as it will be fully integrated into the ISSB, no further technical work or content will be produced. By joint agreement, CDSB’s resources remain accessible via its legacy website, which will be preserved until further notice. CDSB’s Framework and recent technical guidance on Water, Biodiversity and Social disclosures, as well as wider resources, will remain relevant and applicable for companies until such time as the ISSB publishes its IFRS Sustainability Disclosure Standards.
CDP and the IFRS Foundation are working together to consider future arrangements that are of mutual benefit to both organisations, including exploring how we can collaborate to drive adoption of the ISSB Standards.
Erkki Liikanen, Chair of the IFRS Foundation Trustees, said:
‘This is an essential step in providing the newly created ISSB with the technical expertise it needs to produce IFRS Sustainability Disclosure Standards to the ambitious timeline we have set. We would like to thank CDP for its support in hosting the CDSB and facilitating a seamless transition, providing the ISSB with the running start it needs. We look forward to maintaining a fruitful collaboration between our organisations in the coming years, and we welcome our new colleagues to the Foundation.’
Paul Simpson, CEO of CDP, said:
‘The consolidation of CDSB into the IFRS Foundation represents an exciting step towards realising CDSB’s vision—mainstreaming sustainability reporting with financial accounting. CDP is immensely proud to have hosted the CDSB global secretariat since its foundation 15 years ago and it has been a privilege to work alongside the CDSB team, whose valuable thought leadership has changed the disclosure landscape. Although CDSB will no longer be under the same roof as CDP, we look forward to working closely with the IFRS Foundation to support its work on global financial standards for environmental reporting. My thanks go to the teams at CDSB and CDP, funders and many other contributors to CDSB’s work who have made this possible.’
Rick Samans, Chair of the Climate Disclosure Standards Board, said:
‘CDSB was built on the back of the effort and goodwill of too many accomplished people around the world to name. CDSB’s work was consistently ahead of its time and was generously supported by our Technical Working Group and counsel from our Board, as well as of course the talented staff in the CDSB secretariat. Without these contributions, we would never have accomplished the mission we set out in 2007.’
Emmanuel Faber, Chair of the ISSB, said:
‘I welcome our CDSB colleagues to the IFRS Foundation and look forward to learning from their wealth of experience in developing disclosure frameworks and engaging effectively with the market.’
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Media contacts
IFRS Foundation: Kirstina Reitan, Head of Communications, Email: , Mob: +44 (0)7894573721
CDSB: Patrick Hanrahan, Head of Communications, Email: , Mob: +44 (0) 7929414191
CDP: Eilis O’Connell, Communications Manager, Email : , Mob: +44 (0)7427074743
About the IFRS Foundation
The IFRS Foundation is a not-for-profit organisation created to serve the public interest by developing globally accepted financial reporting standards that meet investors and other capital market participants’ need for reliable, transparent and comparable information to make economic decisions.
Our standards are developed by the International Accounting Standards Board (IASB) and the newly created International Sustainability Standards Board (ISSB). The boards are overseen by the IFRS Foundation Trustees, who in turn are accountable to the IFRS Foundation Monitoring Board of public authorities with responsibility for corporate reporting.
For detailed information about our organisation, visit www.ifrs.org.
About the Climate Disclosure Standards Board and CDP
The Climate Disclosure Standards Board (CDSB) is an international consortium of business and environmental NGOs, hosted by CDP. We are committed to advancing and aligning the global mainstream corporate reporting model to equate natural and social capital with financial capital.
We do this by offering companies a framework for reporting environment- and social-related information with the same rigour as financial information. In turn this helps them to provide investors with decision-useful environmental information via the mainstream corporate report, enhancing the efficient allocation of capital. Regulators have also benefited from CDSB’s compliance- ready materials.
CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts. Over 14,000 organizations around the world disclosed data through CDP in 2021, including more than 13,000 companies worth over 64% of global market capitalization. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy.