Following the publication of the International Sustainability Standards Board’s (ISSB) inaugural Standards—IFRS S1 and IFRS S2—the IFRS Foundation and the International Organization for Standardization (ISO) have confirmed their shared commitment to cooperate to support efficient and resilient global economies. Both organisations recognise that working together in areas of common interest is in the public interest.
ISO 14000 Environmental management and greenhouse gas emission standards can help companies that have sustainability and climate commitments implement them, and support disclosures in line with IFRS S2.
Companies that have implemented such robust management system standards will be well placed to communicate with investors using the ISSB Standards.
As ISO Standards support consistent approaches internationally in the internal management of sustainability-related matters, ISO supports the work of the ISSB to establish a truly global baseline of sustainability-related financial disclosures.
Furthermore, ISO and the IFRS Foundation are committed to advancing capacity building initiatives that focus on supporting organisations to build internal expertise and understanding that advance practices and reporting.
Commenting, Sergio Mujica, Secretary-General, ISO said:
ISO brings together experts to share knowledge so that we can support innovation and provide solutions to global challenges. Arguably, climate-related issues pose one of the greatest challenges of a generation. We are best placed to tackle these challenges when we work together, and as such we are delighted to reaffirm our shared commitment to work with the IFRS Foundation, including through capacity building initiatives.
Lee White, Managing Director, IFRS Foundation, said:
The old adage says ‘you manage what you measure’—the link between effective management processes for sustainability-related risks and opportunities and high-quality disclosures is clear. We look forward to working with ISO to highlight this link further in support of the implementation of the ISSB Standards.