UKSA and ShareSoc response, to newly formed International Sustainability Standards Board (ISSB) on their general (S1) and climate (s2) reporting standards consultations, is number 523 (and 527) out of over 1,000.
We are keen to see standards for climate and other sustainability issues financial and narrative reporting being set for companies to ensure they provide shareholders with concise and understandably informative information on these issues. The problem currently with sustainability or ESG reporting is there are no standards (as there are for financial reporting) and therefore no comparability or consistency in such reporting.
Last year, the ISSB was formed (with contributions from us on their set up) at the time of COP26. Earlier this year they issued two draft reporting standards on general disclosures and on climate and asked for feedback on them by 29th July 2022.
UKSA and ShareSoc provided a response covering both draft standards posted as the 523rd document out of 730 in the comment letters for the draft general disclosures standard and 527th out of 695 for the draft climate disclosures standard. The numbers here include completed survey submissions (as we had the option of providing a comment letter or completing a survey).
Our main messages were that we are supportive of these standards for the reasons stated above, they should follow due standard setting process and not try and cut corners and they should try and ensure preparers apply materiality appropriately and only report relevant information in an understandable and informative way.
