ISSB Working Group
The World Economic Forum (WEF) plans to establish ISSB working group to collaborate with the International Sustainability Standards Board (ISSB) to share sustainable development standard practices.
WEF will convene experts in sustainable development industry to establish an ISSB working group. After ISSB releases its first sustainable reporting standard in June this year, it will provide an implementation plan for sustainable reporting standards from a corporate perspective, promoting the global adoption of new sustainable development standards.
Tasks of ISSB Working Group
The ISSB working group will be responsible for the following tasks:
- Understand corporate sustainability reporting standards.
- Prepare sustainability reports based on the latest standards.
- Feedback on the feasibility and practicality of sustainable reporting standards.
- Insights on sustainable transformation of enterprises.
In addition, WEF also plans to provide case study and interpretation of sustainable reporting standards from the perspective of the company and establish a practical database of sustainable reporting for reference by other enterprises adopting new reporting standards.
ISSB Working Group and Stakeholder Metrics Initiative
WEF stated that the ISSB working group will also collaborate with the Stakeholder Metrics Initiative (SMI) to help businesses adapt to the latest sustainable reporting standards. The Stakeholder Metrics Initiative is an organization jointly established by WEF and international auditing firms, which aims to improve the ESG measurement system of enterprises and the way of performance presentation and track the contributions to Sustainable Development Goals.
After six months of discussions with enterprises, investors, and other stakeholders, SMI identified 21 core indicators and 34 expanded indicators in 2020, focusing on four themes: Governance, Planet, People, and Prosperity, to improve the consistency of ESG disclosures. The close connection between ESG and sustainability will also be reflected in the subsequent collaboration between the SMI and ISSB working group.
Comments on ISSB Working Group
The international standard for sustainable reporting is about to be released, and corporate decision-makers need to prepare sustainable disclosure standards. Consistent sustainability reporting standards are an effective way to ensure that companies are committed to sustainable goals.
World Economic Forum
The World Economic Forum has made significant contributions to the creation of ISSB sustainability reporting standards, and the stakeholder metrics have also been included in the new international sustainability standards.
International Sustainability Standards Board
Reference:
World Economic Forum and ISSB Partner to Compile Learnings on Early Sustainability Reporting Efforts
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