Meeting the challenges of consistent sustainability disclosures was a key topic at IOSCO’s Presidents Committee Meeting, attended by representatives from all 130 member-jurisdictions.
Jean-Paul Servais, Chair of IOSCO’s Board, commented: “It is encouraging that over the past year, we have seen several jurisdictions take regulatory initiatives in line with IOSCO’s endorsement of the ISSB Standards. Yet, we recognise that this journey may be challenging, particularly for many emerging markets who will require the most assistance as they consider implementing sustainability reporting standards. To build awareness and understanding, IOSCO has strengthened its collaboration with the ISSB and initiated a new partnership with the World Bank to assist jurisdictions as they consider their pathways to adoption.”
At the IOSCO Presidents’ Committee meeting, Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), unveiled the ISSB Standards Adoption Guide, which provides valuable insights for jurisdictions as they consider adopting, applying, or otherwise being informed by those Standards. The Adoption Guide published by the ISSB is expected to be a crucial addition to the toolkit available as they navigate their approaches to ISSB Standards and was a key IOSCO demand as it endorsed the Standards in July 2023.
IOSCO has since been actively supporting these jurisdictions through an enhanced capacity-building program, designed to help them build the necessary expertise. In that context, some of the early adopters Brazil, Japan and Nigeria were invited to share their experiences with IOSCO’s member jurisdictions, highlighting the practicalities of implementing the Standards.
Vassiliki Lazarakou, Presidents’ Committee Chair and Chair of the HCMC Greece said: “Standards take relevance when they are implemented; there is a diversity of needs across the IOSCO membership which we need to address together in order to achieve our common objectives of investor protection and market integrity. IOSCO’s focus on capacity building is therefore essential.”
