Sustainability Reporting Standards “not Technically Compatible”

Institutional investors have joined corporates and accountants in calling for greater alignment across sustainability reporting standards being developed by standards setters and regulators. A total of 65 organisations said standard-setting efforts should “more closely align with and support a global baseline for reporting sustainability-related information”. They added that current draft standards and initiatives “are not technically compatible in terms of concepts, terminologies, and metrics”.  Both the International Sustainability Standards Board and the European Financial Reporting Advisory Group, which advises the European Commission, recently consulted the market on their draft standards for sustainability-related disclosures. The US Securities and Exchange Commission is also in the process of finalising its rules for climate-related disclosures for US-listed firms. The endorsed statement was developed jointly by the World Business Council for Sustainable Development, the Principles for Responsible Investment and the International Federation of Accountants. Investor signatories included Brunel Pension Partnership, Desjardins Global Asset Management, GAM Investments, Newton Investment Management and Wespath Benefits and Investments.

 

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