IFRS Foundation consolidates with CDP and Climate Disclosure Standards Board

The IFRS Foundation, CDP (formerly the Carbon Disclosure Project) and the Climate Disclosure Standards Board (CDSB) have confirmed that the CDSB has been consolidated into the IFRS Foundation. This marks the completion of the first part of the commitment made by the leading sustainability disclosure organizations CDSB and the Value Reporting Foundation (VRF) to consolidate into the IFRS Foundation by June 2022 to provide staff and resources to the new International Sustainability Standards Board (ISSB)

Consolidation of IFRS Foundation and CDSB

As part of this consolidation, CDSB staff are transferring to the IFRS Foundation, with core intellectual property and technical assets to support the work of the ISSB also being transferred.

As the CDSB will be fully integrated into the ISSB, it has been closed, and it will produce no further technical work or content. By joint agreement, CDSB’s resources remain accessible via its legacy website, which will be preserved until further notice. The CDSB Framework and recent technical guidance on Water, Biodiversity and Social disclosures, as well as wider resources, will remain relevant and applicable for companies until such time as the ISSB publishes its IFRS Sustainability Disclosure Standards.

CDP and the IFRS Foundation are working together to consider future arrangements that are of mutual benefit to both organizations, including exploring how they can collaborate to drive adoption of the ISSB Standards.

Appointments to ISSB

The Trustees of the IFRS Foundation have also announced the appointment of Sue Lloyd as Vice-Chair of the ISSB, effective March 1, 2022. Ms. Lloyd currently serves as Vice-Chair of the IASB and will step down from her current role to take up the new position. In addition, Janine Guillot, current Chief Executive Officer of the Value Reporting Foundation (VRF), has been appointed as a Special Advisor to the ISSB Chair, effective February 1, 2022.

Ms. Lloyd’s appointment follows the appointment of Emmanuel Faber as Chair of the ISSB in December 2021 and completes the current search for ISSB Vice-Chair(s). All appointments to the ISSB are led by the Trustees’ Nominating Committee. The Trustees are progressing with their search for the remaining ISSB members, with potential candidates encouraged to submit their applications. Interviews for these roles are scheduled to begin in early February 2022. In completing the appointments, the Trustees are seeking a balanced representation across geographies and economic settings.

A further Special Advisor to the ISSB Chair from the Asia-Oceania region is expected to be appointed who will focus on the ISSB’s engagement with developing and emerging economies, as well as with smaller companies.

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