IFRS Foundation and GRI agree on collaboration

On 24 March 2022 the IFRS Foundation and GRI have announced the closing of a collaboration agreement. The agreement aims at the development of a holistic concept for sustainability reporting by the respective boards, the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB).

In order to align capital market and multi-stakeholder reporting standards more closely, both boards will coordinate their work programmes and standard-setting activities in the future. In the joint communication of both organisations, the ISSB Chair Emmanuel Faber explained that using the standards set by the ISSB and GSSB together will offer a complete and compatible suite of sustainability disclosures to consider sustainability impacts when assessing enterprise value. This was the goal of the future cooperation between the two boards.

The ASCG President Georg Lanfermann commented: “I very much appreciate this agreement, as the future alignment of both boards and their standards will greatly facilitate the development of a global baseline for sustainability reporting.”