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Friday 17 November 2023

Beijing, China

Conference summary

The Beijing International Sustainability Conference, hosted by the International Sustainability Standards Board (ISSB), was the first conference held in China since the opening of the Beijing office. The conference featured ISSB Chair Emmanuel Faber, Vice-Chair Sue Lloyd, ISSB members as well as invited speakers. Attendees discussed the importance of high-quality sustainability disclosure information and how this can be achieved with the adoption of the ISSB’s Standards.

Key take-aways from the conference:

  • IFRS S1 and IFRS S2 helps a high-quality of sustainability information disclosure.
  • The importance of capacity building in China.
  • The interest shown by listed companies in China in the ISSB's work as well as the wider sustainability landscape.
  • Larger companies can lead the way with the adoption of the Standards.

The conference was attended by 300 guests, with presentations from domestic and international experts. At the conference, ISSB Chair Emmanuel Faber delivered the opening speech alongside Secretary General of China Federation of Industrial Economics Xiong Meng. Delegates heard from the leadership of UN PRI, ACCA, CDP and the Ministry of Ecology and Environment, China. ISSB Vice-Chair Sue Lloyd gave a key-note speech and ISSB Member Ndidi Nnoli-Edozien took part in a panel discussion.

Emmanuel Faber delivered the opening speech and closing remarks. He spoke about the benefits the ISSB's Standards can bring, stating, “These Standards can create a competitive advance for companies." He added, "allocations on stock exchanges will be made in a more transparent, efficient way that takes into account risks."

Sue Lloyd delivered a keynote speech focusing on the development and adoption of the ISSB’s Standards globally. She said, "I am very much looking forward to continuing my personal engagement with you here in China, both as we look at the use of S1 and S2 in China as we support the implementation of our standards here and also in our future work.”

Xiong Meng, Executive Vice Chairman and Secretary General of China Federation of Industrial Economics, spoke about how globally unified sustainable information disclosure standards has gained widespread attention among Chinese industrial companies, and he also expressed his expectation to further promote cooperation with the IFRS Foundation’s Beijing office.

Other speakers included Zhang Yujun, Director General from Foreign Environmental Cooperation Center of Ministry of Ecology and Environment of China and Huang Shizhong, Vice President of Accounting Society of China, Professor and Former Dean of Xiamen National Accounting Institute. They spoke about the sustainability landscape in China, recent progress in their jurisdictions and the role of the ISSB’s Standards.

ISSB Member Ndidi Nnoli-Edozien participated in a panel discussion with other guests including Peng Huagang, Liu Lei, Ma Jun and a representative from Industrial Bank Hua Bing. The panel shared their insights from the perspective of state-owned enterprises, listed companies and financial areas.

Zhang Zhengwei, Beijing Office Director and Special Adviser to the ISSB Chair Emmanuel Faber, spoke about the FSA Credential and how it can help individuals to learn more about the landscape of sustainability-related disclosures.

Watch the recording of the conference below.