In October 2022, the International Sustainability Standards Board ("ISSB") met to discuss comments received and future work pertaining to the ISSB's proposed disclosure standards for Disclosure of Sustainability-related Financial Information ("Draft S1") and Climate-related Disclosures ("Draft S2").
The ISSB's reconsideration of topics addressed in its proposed disclosure standards provides insight into the progress the ISSB is making towards the development of a global baseline of sustainability-related standards. Additionally, the ISSB's clarification of certain proposed disclosure standards might also inform the key debates that jurisdictions worldwide are deliberating as they consider and finalize their mandatory climate-related disclosure requirements.下方归纳ISSB背景关键题目十月会议讨论sp > 回溯ISSB和发布稿
AtUN Change大会(COP262021),国际财务报告标准基金会董事会宣布创建ISSB,这是一个标准制定组织,受IFRS基金会监督ISSB建立的目的是开发可持续性披露标准综合全球基线ISSB整合气候披露标准委员会(“CDSB”)和价值报告基础并基于多重可持续性和与气候相关的披露标准,包括气候相关财务披露工作队(“TCFD”),国际综合报表理事会和可持续性会计准则委员会基于行业的披露标准。
2022年3月,ISSB发布公开评论S1草稿S1和S2草稿,侧重于与气候相关的具体风险和机会ISSB接触草编同同时发布与气候有关的披露提议规则同时并发证券交易委员会和欧洲财务报告咨询组st-and-events/news/2022/ssb-smee-sumary-sep2022.pdfd.ssb复用关键定义术语,包括ISSB标准中应用的“实质性”定义司法框架互操作性温室气体排放度量法范围3披露安全港sb/ap3b-General-Sustainable-Service-Funda-descripts.pdfThe ISSB confirmed its definition of "materiality" will be the same definition found in IFRS Accounting Standards.The IFRS accounting standards define "materiality" as follows:
Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.
If accepted in a global baseline, the ISSB's definition of "materiality" could impact the amount and type of information reporting companies would be required to report under their respective jurisdiction's rules.ISSB的拟议定义与侧重于与气候相关风险和机会的财务报告影响相一致,这些风险和机会是与SEC报告和SASB标准密切相容的物性概念In contrast, the "double materiality" concept reflected in the EFRAG/ ESRS and other jurisdictions' disclosure rules, would require disclosure of information that is both important to a company's financial value and to an understanding of a company's impact on external stakeholders.
In, Interoperability (Agenda Paper 3C & 4D), the ISSB voted in favour of aligning the disclosure requirements proposed in Draft S1 and Draft S2 with the TCFD Framework and in support of a global baseline that would meet the informational needs of stakeholders!要求披露受物性评估并需要披露包括与气候相关风险和机会对实体财务状况、金融性能和现金流量的影响。
p>In,With respect to GHG emissions measurement methods, the ISSB staff suggested providing an accommodation for entities that had been using a GHG emissions measurement method that differed from the GHG Protocol Standards (Agenda 4C, Section 7) in order to enhance the interoperability and flexibility of the ISSB standards.
In, Scope 1 and Scope 2 GHG emissions (Agenda Paper 4A), the ISSB voted in support of the approach and metrics to be used to disclose Scope 1 and Scope 2 GHG emissions including disclosure of absolute gross Scope 1 and Scope 2 GHG emissions generated during the reporting period!独立披露合并计算组和非合并投资者万博体育app手机登录sb/ap4b-climate披露-scos-serve-3-gas-emissions.pdf实体应审议《温室气体协议公司值链》(Cope3)会计和报告标准中描述的15CLE3温室气体排放类别并继续审议解决数据可用性与数据质量的救济方案问题,以及CLE3排放带来的其它挑战.
ssb员工推荐s/ss/www.ifrs.org/content/dam/ifrs/meetings/2022/october/ssb/ap4b-Climate安全管理者合作建立安全港3级温室气体排放披露规定万博体育app手机登录并编写实施指南支持CLEA3温室气体排放披露ssb员工建议,若无可靠信息,实体仍应提供估计值-即manbext网页版emphasizing that data availability is not a sufficient basis to exclude GHG emissions from Scope 3 (Agenda Paper 4B, Section 15).Industry-based Materials
The ISSB tentatively decided to maintain the requirement that entities provide industry-specific disclosures as set out in Appendix B to Draft S2, which is largely based on the SASB Standards.
If the ISSB proposals described above are finalized or recognized as forming a global baseline, they are likely to materially influence the climate-related disclosure requirements and interoperability of such requirements across multiple jurisdictions.
Next Steps
The ISSB will continue to discuss feedback on Draft S1 and Draft S2 in the following months and continue to redeliberate on the proposed disclosures, and aims to publish the IFRS Sustainability Disclosure Standards in the first half of 2023, slightly later than the original target set by the end of 2022.
The ISSB is requesting feedback from stakeholders to set its agenda priorities on:
- new research and standard setting projects for the development of the ISSB's two year work plan, and
- continued work with preparers and stakeholders in interpretation and application of the proposed standards, once published.
If you have questions concerning the material discussed in this client alert or wish to request support in engaging and providing feedback to the ISSB on the exposure drafts, please contact the members of our Securities and Capital Markets and Regulatory and Public Policy practices.
2022年3月3日和14日,欧洲财务报告咨询组发布最新一套工作文件,介绍欧盟未来可持续性报告标准ESRS将建立数十项可持续性相关披露要求,根据企业可持续性报告指令对数千个欧盟公司强制发布(见 in thes/covcommunicate.com/129/4984/uploads/csrd-stable-esg-dorps-and-工作文件建议ESRS公司报告社会问题,如同酬差和广泛受保护群体歧视事件(如种族或民族血统、残疾、年龄或性取向)。详细程度报告将粒子化,并包括性骚扰事件等,即使不再受行动约束。强制披露将扩展至公司集体谈判协议(逐国协议)和强迫劳动事件、人权或童工等信息公司应报告所有事件并提供实例摘要证明它们的补救行动。
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If you have any questions concerning the material discussed in this blog post, please contact any of the following members of our ESG, Capital Markets and Securities, and Business and Human Rights teams: Sarah Bishop, Mellissa Campbell Duru, Sinéad Oryszczuk, Paul Mertenskötter, and Ivy-Victoria Otradovec.
This blog presents an overview of some of the detailed climate-related disclosure and reporting metrics covered by the ISSB and EFRAG climate prototypes, and highlights critical considerations for companies as more detailed and mandatory ESG and sustainability reporting frameworks begin to take shape.
Global Context & COP26 Pledges
Major developments that emerged from the November 2021 COP26 summit included the announcement of the new Glasgow Climate Pact, a renewed emphasis on the role of the private sector in addressing climate change risks and opportunities, and the launch of the Glasgow Financial Alliance for Net Zero, a coalition of existing and new net zero finance initiatives dedicated to assisting companies realign their business models for net zero.
In addition, a critical adjunct to COP26 was the announcement of the launch of the ISSB and its work towards the development of uniform global environmental, social, and governance ("ESG") reporting standards.ISSB表示努力鼓励全球吸收并合并为现有ESG报告标准(包括框架,如气候相关财务披露工作队和气候披露标准理事会倡议)。ESG报告标准全球基线旨在向投资者、资本市场参与者和各种其他利益攸关方提供关于公司可持续性相关风险和机会的信息类似于姐妹组织国际会计准则理事会,ISSB将由国际财务报告标准基金会管理。
The scope of the Climate Prototype encompasses physical climate-related risks, risks associated with the transition to a lower-carbon economy, as well as climate-related opportunities for the entity.
Pursuant to ISSB's Climate Prototype, an entity shall disclose the following cross-industry climate metrics:
| Greenhouse gas emissions | Scope 1, 2 and 3 in metric tonnes of CO2 equivalent. |
| Transition risks | Amount and percentage of assets and business activities vulnerable to transition risk. |
| Physical risks | Amount and percentage of assets and business activities vulnerable to physical risks. |
| Climate-related opportunities | Proportion of revenue, assets or business activities aligned with climate-related opportunities (in amount or percentage). |
| Capital deployment | Amount of capital expenditure, financing or investment deployed toward climate-related risks and opportunities (in reporting currency). |
| Internal carbon prices | Entity's internal price for each metric tonne of GHG emissions. |
| Remuneration | Proportion of executive management remuneration affected by climate-related considerations in current period. |
Importantly, the Climate Prototype foresees additional industry-specific climate metrics for companies to report on.ISSB气候原型附录B汇总行业报告要求其中包括为每个行业具体确定的多重需求,例如软件服务公司水压区抽取和耗用水或棕榈油供应链报告公司家庭和个人产品销售报告In light of the growing interdependence between the many ongoing ESG regulatory initiatives (especially those originating in the EU), this reporting requirement should, for example, be considered in the context of recently announced national and international deforestation due diligence requirements for specified products being placed on the UK and EU markets.
2. EFRAG's Climate Standard Prototype: Towards Harmonization?
The ISSB's Climate and General Requirements Prototypes are particularly interesting because EFRAG released a similar framework under the Climate Standard Prototype Working Paper in September 2021.EFRAG框架响应欧盟委员会关于s/www.insideEnergyandense.com/2021/05/the-e-Corporate-divity-proposition-what-company-dessb的Climate原型可能直接影响到欧盟规则。
Compaments也可能感兴趣地注意到EFRAG工作文件和Climate原型都覆盖相似水平的报告,侧重于部门不可知性报告、部门专用报告和实体专用报告EFRAG工作文件捕捉约三分之二ISSB气候原型,其余三分之一有可能在未来数月中补充EFRAG部门特有标准。
本分类法是欧洲日益注重提高气候相关活动透明度的又一标志,但它也是一套本已复杂图象中的另一套标准和指标。At a COP26 side event, for example, EFRAG's work was examined in the context of the ISSB and the work of the TCFD.
Key Takeaways
Two main recommendations flow out of the current landscape on sustainability reporting developments.
- Companies should consider which aspects of their current voluntary sustainability reporting could be integrated into mandatory financial and non-financial sustainability reporting requirements in the future. As new standards emerge, companies have an opportunity to actively monitor developments and "best practices" within their industry and to proactively prepare for future mandatory reporting requirements.美联储报表公司还应该考虑ISSB和EFRAG披露原型方面会如何影响美国正在考虑的与气候有关的披露规则证券交易委员会公司应开始识别本行业相关度量值,制定策略和过程识别物风险和机会,并开发必要的报告控制程序以确保信息收集与报告及时准确性。