Speaking at a webinar update on progress with the sustainability standards, IFRS Foundation Trustee Lucrezia Reichlin said: ‘We expect to make an announcement on the chair and vice chair of the ISSB shortly.’

Setting out plans for the rollout of the new sustainability standards and the importance of creating interoperability between existing IFRS standards, Reichlin said: ‘There is a clear demand for a global standard for climate sustainability standards to meet investor needs. There are too many standards and a lack of comparability.

‘The focus is on meeting investor needs on enterprise value, this implies how companies are affected by climate change, and we need to build on existing work in this space so this is why we wanted to work towards consolidation of existing standards, both in terms of content and organisational issues.