Corporate Sustainability Reporting Collaboration

The World Economic Forum (WEF) is partnering with the International Sustainability Standards Board (ISSB) to convene a group of sustainability professionals to share best practices and practicalities of adopting ISSB Standards. This collaboration aims to provide insights and practical examples to the ISSB after the release of its first sustainability standards at the end of June. The partnership builds on the Forum's Stakeholder Metrics initiative and previous work with the IFRS Foundation, supported by a new Memorandum of Understanding (MoU) between the WEF and ISSB. The collaboration aims to compile learnings on early sustainability reporting efforts, enhancing the development and adoption of sustainability reporting standards across various industries.

Sustainability Reporting: MoU between WEF and ISSB

The World Economic Forum (WEF) has partnered with the International Sustainability Standards Board (ISSB) to convene a group of sustainability professionals. This collaboration aims to share best practices and practicalities of adopting ISSB Standards. The ISSB will release its first sustainability standards at the end of June. The collaboration builds on the Forum's Stakeholder Metrics initiative and previous work with the IFRS Foundation, supported by a new Memorandum of Understanding (MoU) between the WEF and ISSB. The collaboration aims to compile learnings on early sustainability reporting efforts to enhance the development and adoption of sustainability reporting standards across various industries.

Financial institutions engaging in sustainability reporting and interested in adopting the ISSB standards would find the article relevant. The collaboration is relevant globally as it involves the WEF and ISSB, which are international organizations. The ISSB's upcoming sustainability standards are the focus of the article.

The potential impacts for financial institutions include improved implementation of ISSB standards, enhanced transparency and accountability, refinement of future standards, and strengthened collaboration between the WEF and ISSB. Financial institutions can mitigate potential changes by staying updated, engaging in knowledge-sharing, conducting internal assessments, and developing implementation plans aligned with ISSB standards.

Overall, the collaboration between the WEF and ISSB has significant potential to drive progress in sustainability reporting, leading to better-informed decision-making, increased transparency, and more sustainable business practices. Financial institutions should stay informed, assess their practices, and develop implementation plans to stay compliant with ISSB standards and contribute to global sustainability efforts.

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IFRS - World Economic Forum and ISSB partner to compile learnings on early sustainability reporting efforts

IFRS

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