08.31.2022

Call to Globally Align Sustainability Standards

08.31.2022
Call to Globally Align Sustainability Standards

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.

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

ADM

Arçelik Global

Assicurazioni Generali

Ayala Corporation

Baloise Asset Management

BCSD Taiwan X Taiwan Sustainable Finance Platform

BDO

Beach Point Capital Management

Borealis Group

Boston Trust Walden

Brunel Pension Partnership

Bühler Group

Calvert Research and Management

CentraRSE

Dalton Investments

Dana Investment Advisors

DBS Group

de Pury Pictet Terrettini

Deloitte

Desjardins Global Asset Management

DNV

East Capital Group

Ecofi

EFG Asset Management

EmergeVest

ENI S.p.A.

Equitile Investments

Ernst & Young Global Limited

Etica Funds – Responsible Investments

Future Super

GAM Investments

Grant Thornton International, Ltd.

Hewlett Packard Enterprise

HÖ Sabanci Holding

Holcim Ltd

Honda Motor Co., Ltd.

Ingka Group

Investment Management Corporation of Ontario

Kieger

KPMG International

Lyrical Asset Management

Mercedes-Benz Group AG

Nestlé

Newton Investment Management

Northern Ireland Local Government Officers’ Supperannuation Committeee

Octagon Credit Investors

Öhman Fonder

Olam Food Ingredients

Pegaso Pension Fund

Perennial Investment Management

PKA

PwC

Rathbones Group

Resona Asset Management

Responsible Investment Association Australia

Royal DSM

SABIC

SCG

Shell plc

STAR Capital Partnership

Swisscanto by Zürcher Kantonalbank

Tareno AG

Webster Equity Partners

Wespath Benefits and Investments

Source: WBCSD

 

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