Call to Globally Align Sustainability Standards08.31.2022
Sixty-five companies, investors and professional accounting firms from across the world add their voices to the call for major standard-setting efforts to more closely align with and support a global baseline for reporting sustainability-related information.
The endorsed statement was developed jointly by the World Business Council for Sustainable Development (WBCSD), the Principles for Responsible Investment (PRI), and the International Federation of Accountants (IFAC). In addition to formal consultation responses, this public statement makes clear the momentum and encouragement behind stronger alignment between sustainability standard-setting efforts.
We stand behind a global baseline for #sustainability disclosures to reduce cost, complexity and confusion in the reporting process. See how businesses, investors and auditors are coming together to call for global alignment: https://t.co/c2dp4sm6YL pic.twitter.com/KwOTiXHD3v
— WBCSD (@wbcsd) August 30, 2022
Significant efforts by the International Sustainability Standards Board (ISSB), the US Securities and Exchange Commission (SEC), and the European Commission together with the European Financial Reporting Advisory Group (EFRAG), all aim to address the need to enhance and evolve corporate reporting to include and consider sustainability information. However, current draft standards and initiatives are not technically compatible in terms of concepts, terminologies, and metrics.
As these proposed sustainability-related disclosure requirements are refined and finalized, leading financial market participants are asking financial market regulators to avoid regulatory and standard setting fragmentation by aligning on key concepts, terminologies, and metrics on which disclosure requirements are built.
A comprehensive global baseline of sustainability disclosures is required for reporting entities to avoid undue burden and for investors to make investment decisions that truly contribute to sustainable outcomes.
A globally consistent, comparable, reliable, and assurable corporate reporting system is indispensable in providing all stakeholders with a clear and accurate picture of an organization’s ability to create sustainable value over time.
The endorsed statement released today is signed by:
Achmea Investment Management
Baloise Asset Management
BCSD Taiwan X Taiwan Sustainable Finance Platform
Beach Point Capital Management
Boston Trust Walden
Brunel Pension Partnership
Calvert Research and Management
Dana Investment Advisors
de Pury Pictet Terrettini
Desjardins Global Asset Management
East Capital Group
EFG Asset Management
Ernst & Young Global Limited
Etica Funds – Responsible Investments
Grant Thornton International, Ltd.
Hewlett Packard Enterprise
HÖ Sabanci Holding
Honda Motor Co., Ltd.
Investment Management Corporation of Ontario
Lyrical Asset Management
Mercedes-Benz Group AG
Newton Investment Management
Northern Ireland Local Government Officers’ Supperannuation Committeee
Octagon Credit Investors
Olam Food Ingredients
Pegaso Pension Fund
Perennial Investment Management
Resona Asset Management
Responsible Investment Association Australia
STAR Capital Partnership
Swisscanto by Zürcher Kantonalbank
Webster Equity Partners
Wespath Benefits and Investments
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