The Trustees of the IFRS Foundation (Foundation) published on 30 april the proposed amendments to the Constitution of the Foundation to accommodate the potential formation of a new International Sustainability Standards Board (ISSB) within the governance structure of the organisation. In addition, the Trustees have published a Feedback Statement that summarises feedback received to their consultation on sustainability reporting.

All decisions were discussed and agreed at the 26 April 2021 Trustees meeting. The Trustees recognised and appreciated the recent statements of support for a new sustainability board from the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO), and remain on track to make a final determination about a new board in advance of the November 2021 United Nations COP26 conference.

Constitution amendments

The Trustees are seeking feedback on proposed amendments to the Foundation’s Constitution to accommodate the potential formation and operation of the ISSB. The amendments include revisions to the objectives of the Foundation and the institutional arrangements for the ISSB. The consultation is open for comment for 90 days and closes on 29 July 2021.

Feedback Statement

The Trustees have published a comprehensive Feedback Statement that summarises responses to their September 2020 consultation on sustainability reporting and how the Trustees have responded to that feedback. The consultation sought feedback on demand for global standards and whether the Foundation should play a role.

A total of 577 responses were submitted from organisations and individuals from around the world, with feedback indicating growing and urgent demand for global standards and broad support for the creation of a new sustainability standards board within the governance structure of the Foundation.

Feedback from that consultation underpinned decisions announced by Trustees in February and March and continues to inform the Trustees’ actions and decision-making.