Lance Ng’s Post

Just wanted to share a recent International Sustainability Standards Board (ISSB) Staff Paper on the maintenance and enhancement of the #SASB Standards offers a comparative table of the different sector standards with #EFRAG, Global Reporting Initiative (GRI). #esgreporting #interoperability #sustainabilitystandards https://lnkd.in/e4wp_vvp (See page 24, Appendix B3 for full chart)

The International Sustainability Standards Board (ISSB) launched its first two sustainability-related standards in June 2023, effective for annual reporting periods on or after Jan. 1, 2024. The standards could form the basis of a consistent #sustainability disclosure framework for companies and investors around the world. In this article, we survey the jurisdictions that have adopted or are in the process of adopting the standards. https://okt.to/SNXkA8 #ISSB

It’s easy to get lost in all the categories of the European Sustainability Reporting Standards (ESRS), especially when they’re broken into specific areas like Cross-cutting, Environmental, Social, and Governance standards. But fret not, we’ve got it all simplified for you! The ESRS framework is grouped into 12 overarching requirements and specific disclosures, broken into four main categories: 1. Cross-cutting Standards (ESRS 1 & 2): The foundation, ensuring consistent and clear reporting across all areas. 📑 2. Environmental Standards (ESRS E1 to E5): Addressing climate change, pollution, water use, biodiversity, and the circular economy, these standards help companies reduce their environmental impact. 🌱♻️ 3. Social Standards (ESRS S1 to S4): Focused on fair treatment for employees, communities, and consumers. 👥 4. Governance Standards (ESRS G1): Ensuring ethical business conduct and transparency. 🤝 #ESRS #sustainability #ESGFlo

The UK government plans to adopt the International Sustainability Standards Board (ISSB) standards in the first quarter of 2025. These are a set of guidelines for companies disclosing sustainability-related information. They will affect listed businesses in the first instance, but the government will also decide on the disclosure requirements for other companies - taking into account the costs and benefits of the measures. For more information on the standards, what they are, how they will be implemented and the benefits read the full blog here: https://lnkd.in/ey3aD3vD #ISSB #sustainabilitydisclosures

❓How do the European Sustainability Reporting Standards (ESRS) differ from standards adopted by the International Sustainability Standards Board (ISSB)❓ 💡A short answer is ‘a little in some places and a lot in others’. 💡A long answer is a bit more nuanced than a LinkedIn post allows me to outline, but an example is always helpful. 💡A recent guidance on the interaction between the ESRS and the ISSB standards outlines many useful areas of convergence and divergence - an example of the latter is materiality: ▶️ The ISSB requires disclosure of sustainability information which is material for investors. In other words, financially material. ▶️ The ESRS require disclosure of sustainability information that is material for investors AND other stakeholders. The first one aligns with financial materiality under ISSB, but the second one, called impact materiality, is much broader and can concern employees, suppliers and even the environment. ▶️ So while disclosures under ESRS meet the standards of ISSB, it may not be the case vice-versa. ISSB-aligned disclosures may still fall short of ESRS, under which sustainability matter is material when it meets criteria for impact materiality OR financial materiality, OR both.  The below guidance on the interaction between the ESRS and the ISSB standards outlines many more examples of such nuances - have a read below or message me if you have any questions! #climatechange #climaterisk #naturerisk #biodiverityrisk #ESRS #ISSB #corporatesustainability

📣 Event alert: Sustainability in practice 🌍 Join the Institute of Environmental Management and Assessment (IEMA) and the Institute of Directors (IoD) for an insightful session on improving the sustainability of your organisation. Date: 6 June Time: 12pm -1pm Format: Online webinar In this session, we'll delve into the tools and strategies available to enhance your business's sustainability, boost your reputation, reduce costs, mitigate risks, and ensure compliance with regulations. Gain valuable insights into UK sustainability legislation, understand what factors to consider when evaluating and adapting your business practices for sustainability, and discover how to deliver evidence-based actions to your clients and investors. Speakers: 📌 Sarah Mukherjee MBE, CEO of IEMA.  Former award-winning journalist, working as BBC’s Environment correspondent and a leading voice in sustainability. 📌Martin Baxter, Deputy CEO of IEMA. An expert in global and European environmental management standards. Chaired by IoD Sustainability Group Chair Donald Mavunduse (MIoD) 🌟 This event is FREE for members and open to all! Register: https://lnkd.in/eSU-4qde #sustainability #businessgrowth #greenbusiness #environmentalmanagement #IoD #IEMA #sustainablefuture

We joined yesterday's European Commission conference “Supporting companies in applying the European Sustainability Reporting Standards”. Here are our key highlights 👇 1️⃣ Alexandra Jour-Schröder, Deputy Director General of DG FISMA, opened the event by stating that the #ESRS set the stage for more transparent and accountable businesses as well as stressing that sustainability reporting is central to enable informed decisions by investors. There was a clear recognition of the EU's leadership as the first jurisdiction in the world to implement mandatory #sustainability reporting standards while balancing and paying respect to the proportionality principle. 2️⃣ Frank Bold’s Filip Gregor was invited to address the priorities and future direction of the #EU standards. He raised some concerns from civil society about key aspects where companies are given flexibility (including on materiality assessment), as well as specific KPIs and metrics such as #GHG emissions, or forward-looking elements concerning climate transition plans and how companies deal with impacts in the value chain. He also put forward recommendations to tackle these risks and ensure a successful implementation of the ESRS by (a) increasing general and technical educational efforts, including by public authorities and all stakeholders involved, (b) continuing with the development of guidance and supportive tools and (c) ensuring that EFRAG delivers on the sector-specific standards to clarify what companies in different industries need to focus on and what is likely to be material at sector level, effectively simplifying confusion over their materiality assessment.  3️⃣ Throughout the event, various speakers agreed that EFRAG should provide as much clarification and guidance as possible regarding the application of EU standards, particularly in support of the #DoubleMateriality assessment for sustainability issues. 4️⃣ Piotr Biernacki (Polish Association of Listed Companies and EFRAG TEG Member) highlighted the need from listed companies to unlearn certain bad practices, specifically concerning #materiality assessment and the indiscriminate distribution of stakeholder surveys – don’t miss him at the webinar we’re organising next week!  5️⃣ Another applauded intervention was delivered by Maaike Fleur, from Royal FloraHolland, who called for integrated thinking and the connection of sustainability #reporting to companies’ strategy and business model, involving top management and being wary of know-it-all ‘cowboys’ in external consultancy firms. Thank you to Tom Dodd for inviting us to contribute to this closing panel.

EU Comission warns 17 member States over failure to implement CSRD sustainability reporting rules! Here's a breakdown of the situation: 1️⃣ 17 out of 27 EU countries have not met the CSRD implementation deadline. 2️⃣ The CSRD is key to boosting accountability, affecting 50,000 companies across the EU, and ultimately shaping a more sustainable economy. 3️⃣ The Commission is sending a clear message: delays are not an option. We hope to see this warning push the countries to be faster in implementing CSRD rules! Read here to see which countries are and are not succesfully implementing these rules: https://lnkd.in/dq6kVfmY #Sustainability #ESG #CSRD #CorporateReporting #SustainableFuture #EU

IPSASB has released the draft of the first climate-related disclosure standard for public sector entities. The draft standard is open for public consultation until 28 February 2025. This marks a pivotal step in public sector sustainability reporting. Read our insight – https://lnkd.in/dwdZMth7 #sustainabilityreporting Charles Batchelor Raed Abou Karroum Bhaskar Sahay Lamis Jarrar Khadeejeh Ghanem 🌱 Nader Itani, CPA Fadi Al-Shihabi فادي الشهابي Shahda Al Taie

👉 Draft NESRS only focus on Impact Materiality Non-EU companies that generate over EUR 150 million per year in the EU and that have in the EU either a branch with a turnover exceeding EUR 40 million or a subsidiary that is a large company or a listed SME will have to report on the sustainability impacts at the group level of that non-EU company as from financial year 2028, with first sustainability statement published in 2029. The CSRD foresees the adoption of separate standards for this purpose. The deadline for the adoption of these standards as a delegated act has been extended to June 2026 and EFRAG should deliver its advice to the EC by end 2025 at the latest. The consultation on an Exposure Draft is intended for Q1 2025. Links in comments. EFRAG Global Reporting Initiative (GRI) Chiara Del Prete Giulia Bottazzi Fredré Ferreira #ESG #doublemateriality