Establishment of an advisory forum to assist the ISSB in its sustainability standards works

On 21 December 2022, the IFRS Foundation announced the creation of a Sustainability Standards Advisory Forum (SSAF) (press release accessible here). The role of the SSAF will be to support the ISSB in building a global baseline for sustainability information by providing it with technical advice.

Keywords: Mazars, Thailand, Sustainability, SSAF, EFRAG, EC, ESRS, IOSCO

14 February 2023

The SSAF will be composed of:

  • 13 representatives from the different regions of the world, the European Union being represented, inter alia, by the European Financial Reporting Advisory Group (EFRAG), the technical advisor to the European Commission (EC) in the development of the European Sustainability Reporting Standards (ESRS);
  • three official observers: (i) the EC, (ii) the United States Securities and Exchange Commission (SEC) and (iii) the International Organization of Securities Commissions (IOSCO), the international body that brings together the world's securities regulators; and
  • one occasional observer representing the Global Reporting Initiative (GRI), depending on the topics discussed, in line with the objective of aligning the ISSB and GRI frameworks.

The IFRS Foundation's objective in setting up the SSAF is to formalise and streamline the ISSB's engagement with jurisdictional and regional bodies to ensure that a wide range of contributions are discussed and taken into account by the ISSB as it develops its sustainability reporting standards.