This means that the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB) will coordinate their work programmes and standard-setting activities.

The IFRS Foundation, which announced at COP26 the establishment of the ISSB to develop a global baseline of investor-focused sustainability disclosures for the capital markets, and GRI, the global standard-setter for multi-stakeholder focused sustainability reporting, announced that they will join each other’s consultative bodies related to sustainability reporting activities.

The agreement reflects the importance of ensuring compatibility and interconnectedness of investor-focused baseline sustainability information that meets the needs of the capital markets, with information intended to serve the needs of a broader range of stakeholders.