Special Report-Britain Leads the Formation of New Global Sustainability Standards Framework

Britain prepares to establish the International Sustainability Standards Board (ISSB) to apply corporate sustainability disclosure standards. Britain’s IFRS Foundation will oversee the establishment quickly before the UN Climate Summit (COP26) in Glasgow starting later this month.

The initiative is supported by developed economies, which look for a more standardized set of company disclosures about sustainability and climate related issues. Investors think the new framework will make the comparison of companies from different countries easier.

British Business Minister Martin Callanan said Britain was strongly supporting the new framework and wanted to become one of the first countries to apply it. Callanan added that the ministry was working on a proposal for the adoption of the ISSB standards.

On a different note, Britain also prepares to look at its audit market next month after closure of some companies. Callanan said there was support for an annual mandatory “resilience statement” in which the companies would show why they think they could meet their short, medium and long term goals.

Callanan also mentioned that the directors of large companies should be held accountable about the quality of information they provide to the public.

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