The G20 Finance Ministers and Central Bank Governors published a Communique following their meeting in Venice, Italy, on 10 July 2021, referencing the IFRS Foundation.
The Communique states:
“We will work to promote implementation of disclosure requirements or guidance, building on the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) framework, in line with domestic regulatory frameworks, to pave the way for future global coordination efforts, taking into account jurisdictions’ circumstances, aimed at developing a baseline global reporting standard. To that aim, we welcome the work programme of the International Financial Reporting Standards Foundation to develop a baseline global reporting standard under robust governance and public oversight, building upon the TCFD framework and the work of sustainability standard-setters, involving them and consulting with a wide range of stakeholders to foster global best practices.”
Commenting on the Communique, Erkki Liikanen, Chair of the Trustees, said:
We welcome the G20 Finance Ministers and Central Bank Governors’ recognition of the IFRS Foundation’s work to establish a new board focused on sustainability-related disclosure standards that meet the information needs of global capital markets. The necessary preparatory work is progressing with other investor-focused standard-setting organisations. This will provide the basis for development of a global baseline of investor-focused disclosure standards that jurisdictions can combine with their public policy requirements and use in their legal frameworks.
The Trustees are currently consulting on proposed changes to the Foundation’s Constitution to accommodate the creation of a new board within the Foundation’s governance structure. The consultation is open for comment until 29 July 2021.