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IFRS Foundation Forms Sustainability Disclosures Board

The International Financial Reporting Standards Foundation (the "Foundation") formed a new sustainability disclosures board and published a climate disclosure requirements prototype. The Foundation also committed to consolidating, by June 2022, two "investor-focused" sustainability disclosure bodies: (1) the Climate Disclosure Standards Board, which is comprised of business and environmental non-governmental organizations from around the globe; and (2) the Value Reporting Foundation, a global NGO that sustains the Integrated Reporting Framework and the Sustainability Accounting Standards Board.

With the formation of the International Sustainability Standards Board (the "ISSB"), the Foundation intends to provide standardized sustainability disclosure requirements to help investors and market participants better understand companies' sustainability-related risks. The climate disclosure requirements prototype would require entities to disclose information concerning their climate risk exposures and opportunities, such that investors can better (i) understand how companies manage their resources and (ii) assess companies' adaptability in the face of climate-related risks.

In separate statements, SIFMA's Asset Management Group and the Investment Company Institute supported the creation of the ISSB.

© Copyright 2022 Cadwalader, Wickersham & Taft LLPNational Law Review, Volume XI, Number 309
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