The International Organisation of Securities Commissions (IOSCO) has submitted its response to the IFRS Consultation on Sustainability Reporting. IOSCO supports the establishment of a Sustainability Standards Board (SSB) under the IFRS Foundation subject to Trustees’ consideration of how the ‘requirements for success’ set out in the consultation paper are met.
Securities regulators and other capital market authorities are responsible for the oversight of capital markets and often have responsibilities for disclosure regulations. Against this backdrop, IOSCO is in a unique position to assist the IFRS Foundation in shaping its future role in corporate reporting on sustainability. IOSCO has a long history of collaboration with the IFRS Foundation and has long supported the IFRS Foundation in order to meet our shared objectives of promoting and facilitating transparency within the capital markets.
In 2000, IOSCO issued a Resolution that set the foundation for the adoption of IFRS across member jurisdictions. Currently, 144 jurisdictions use IFRS. and, in 2009, IOSCO worked with the IFRS Trustees to establish a Monitoring Board of public authorities. IOSCO chairs the Monitoring Board through Jean-Paul Servais as the Vice-chair of the IOSCO Board; the Monitoring Board oversees the IFRS Trustees to ensure that they discharge their duties in accordance with the IFRS Constitution.