Sustainability Reporting - FRC publishes preliminary thoughts on the development of ISSB Standards

The FRC has written to the ISSB expressing strong support for the development of global standards for sustainability reporting and the UK adoption of those standards, and commenting on the Sustainability Disclosure Prototypes published by the Technical Readiness Working Group.

In developing those standards, the FRC recommends that the ISSB:

Provides stakeholders with an outline of the architecture of the standards;
Considers the four pillars of the TCFD in the context of the overall framework for narrative reporting;
Develops a separate practice statement on materiality for sustainability information;
Emphasises the need for reporting on the impact on society and the environment; and
Discusses the extent to which governance reporting will be within the scope of the ISSB standards.

The FRC's full response is available here

Published 10 February, 2022

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