Saica would like to focus on two significant developments related to the future of sustainability reporting in South Africa and globally, writes Loshni Naidoo, Saica project director for sustainability, integrated thinking and reporting.
In response to the growing and urgent demand to improve the global consistency and comparability in sustainability reporting, as well as strong recognition that urgent steps need to be taken and broad demand for the IFRS Foundation to play a role in this, the IFRS Foundation issued a statement that outlines the direction of newly established Sustainability Standards Board.
The statement states that: “Due to the urgent need for better information about climate-related matters, the new board would initially focus its efforts on climate-related reporting, while also working towards meeting the information needs of investors on other ESG (environmental, social and governance) matters.”
The statement also indicates the intention to work with standard setters from specific jurisdictions towards global consistency and applicability. The trustees have also indicated that changes to the constitution can be expected, and such changes will be issued for a 90-day public consultation period.
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