In answer to the growing and urgent demand to improve the global consistency and comparability of companies’ sustainability disclosures to meet the needs of investors and other capital market participants, the Trustees of the IFRS Foundation are working toward the creation an international sustainability standards board. The Trustees are assessing whether they can achieve their criteria for creating such a board and intend to make a final determination by COP26 in Glasgow.
To enable the potential new board to build on the well-established work of long-standing international initiatives focused on enterprise value, the Trustees have created the Technical Readiness Working Group (TRWG) of leading organisations with expertise in sustainability and integrated reporting standard-setting focused on meeting investors’ needs.
The TRWG aims to provide a running start for the potential new board, as described in the Trustees’ 8 March 2021 statement. The TRWG also responds to the International Organization of Securities Commissions' (IOSCO) 24 February 2021 call for the coordination of work to drive international consistency of companies’ sustainability-related disclosures that focus on enterprise value creation.
The TRWG’s role is to provide technical observations and proposals for consideration by the potential new board, as well as to formulate joint strategic recommendations regarding the potential transfer of content, technical expertise and resources to the board.
Participants of the TRWG will meet regularly at three types of meetings:
The TRWG conducts monthly and ad hoc strategic meetings, which are chaired by a member of the Foundation’s Trustees Steering Committee on Sustainability Reporting (Trustees Steering Committee). The Foundation and member organisations may also hold complementary bilateral discussions as needed to realise the overall plan. Meeting summaries are available from the meetings tab.
Member organisation meet for fortnightly discussions, chaired by the Foundation’s Executive Director. The purpose of the operational and technical meetings is to:
The TRWG conducts weekly working-level meetings attended by leading technical staff of member organisations and facilitated by a leading Foundation staff member. The working-level meetings conduct the detailed technical work required for the TRWG to fulfil its deliverables.