Today is Tuesday, September 19, 2023.
In a press release last September 14, the International Sustainability Standards Board (ISSB) announced the members of its Transition Implementation Group on IFRS S1 and IFRS S2 (TIG).
This comes about 3 months after the issuance of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.
As you know, IFRS S1 and IFRS S2 are the first two IFRS Sustainability Disclosure Standards developed by the ISSB and serve as a comprehensive global baseline of sustainability disclosures for the capital markets.
We are living times of intense - and much needed - convergence of frameworks, standards and regulations.
A few days ago you may have seen that GRI and EFRAG have published a joint statement on the high level of interoperability achieved between the European Sustainability Reporting Standards (ESRS) and the GRI Standards. It was a necessary move following CSRD requirements regarding double materiality. ESRS and GRI definitions, concepts and disclosures are now fully aligned or, where full alignment was not possible due to the content of the CSRD mandate, are closely aligned.
Click here for that press release, from last September 5 with further reference to impacts - or not - to the existing GRI reporters as well as entities reporting under ESRS.
Back to TIG, it is intended to act as a public forum for the stakeholders to share and monitor implementation questions with the ISSB, eventually leading to actions such as providing supporting materials, organizing webinars, case studies and other educational material.
The following jurisdictions are represented at TIG: Australia, Belgium, Brazil, Canada, China, Finland, Germany, Hong Kong SAR, Japan, Malaysia, Nigeria, South Africa, South Korea, the United Kingdom and the United States of America.
The representatives are basically from the private sector, responsible for areas such as sustainability, finance and audit.
Here the companies, in alphabetical order: Air Canada, Aviva, Bradesco, CSSC (Hong Kong) Shipping Company Limited, Dangote Cement Plc, Deloitte, DHL Group, Dutch Lady Milk Industries Berhad (subsidiary of Royal FrieslandCampina N.V.), Ernst & Young, Johnson & Johnson, KPMG, MTN Nigeria Communications Plc, Nokia, PepsiCo, POSCO, PwC and Solvay.
Click at the image below for the press release.
