The European Commission consultation is open to comment until 4th February 2022. The focus of this consultation is on: 1) the impact of the EU framework on the quality and reliability of corporate reporting, including the 3 pillars of corporate governance, audit and supervision. 2) Corporate Governance in the context of reporting 3) Audit effectiveness, [...]
We had an EU Taxonomy, a China Taxonomy, a Common Ground Taxonomy between the 2 being worked out, a UK Taxonomy in the making, many other Taxonomies around the world... now we have a common Asean (10 States in South East Asia) Taxonomy for Sustainable Finance. It is clearly stated that this is only Level [...]
Only 2 days after the IFRS Foundation made key announcements about its ISSB initiative (cf our post dated 3rd November), the EU confirms the composition of the experts working group charged with drafting the EU Sustainability Reporting Standards. One major will be: how tightly will EFRAG and ISSB work on those issues? In particular, will [...]
In fact the IFRS Foundation is making 3 very important announcements simultaneously: The formation of a new International Sustainability Standards Board (ISSB) to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs; A commitment by leading investor-focused sustainability disclosure organisations to consolidate into the new board. The [...]
IOSCO issued a consultation on the topic of disclosures in Asset Management on 30th June 2021. Based on the feedback received (45 submissions), IOSCO has finalised its list of recommendations, with the stated goal of improving sustainability-related practices, policies, procedures and disclosures in the asset management industry. IOSCO has summed up its views into 5 [...]
The ESAs (EBA - EIOPA - ESMA) have been empowered to develop draft RTS on taxonomy-related product disclosures. Specifically, the ESAs have been empowered to develop further obligations to the SFDR product disclosures where the product makes sustainable investments contributing to environmental objectives. In line with the ESAs’ empowerments, the draft RTS have been developed [...]
A very important initiative was announced by TPI and the LSE Grantham Research Institute. It could deliver part of the solution to the need for ESG data, which is at the top of the concerns for the financial industry at the moment (as far as Climate Change issues are concerned). Their ambitious plan is to [...]
Canadian authorities are pushing for disclosures from issuers. To that effect, the CSA are publishing proposed National Instrument 51-107 Disclosure of Climate-related Matters (the Proposed Instrument) and its companion policy (the Proposed Policy) for a 90-day comment period. The Proposed Instrument would introduce disclosure requirements regarding climate-related matters for reporting issuers (other than investment funds). [...]
The ECB publishes a document describing the main characteristics of the 2022 climate risk stress test exercise and providing banks with guidance on how to conduct the exercise. There are 2 main chapters: • Chapter 2 which sets out the process for the banks’ submissions and provides a high-level overview of the quality assurance process [...]
The TCFD (Taskforce on Climate- related Financial Disclosure) latest status report was published on the 14th October, alongside a few useful documents: Implementation Guidance for TCFD framework Metrics, Targets Transition Plans Guidance The annual report finds that disclosure of climate-related financial information aligned with the TCFD recommendations has accelerated over the past year, growing by [...]
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