International Sustainability Standards Board (ISSB)
ISSB develops and promotes globally recognized sustainability accounting standards.
Find a consultantWhat is it?
The International Sustainability Standards Board (ISSB) is a global organization established to develop and maintain a comprehensive global baseline of sustainability disclosure standards. These standards aim to provide investors and other capital market participants with essential information about a company's sustainability-related risks and opportunities.
The primary aim of the ISSB is to increase consistency, comparability, and reliability of sustainability reporting across different jurisdictions and industries. The board was initiated in 2021 under the auspices of the International Financial Reporting Standards (IFRS) Foundation, which also oversees the International Accounting Standards Board (IASB).
The establishment of the ISSB reflects the growing global recognition of sustainability reporting's importance in enabling stakeholders to make informed investment decisions. The board dedicates its efforts towards integrating sustainability disclosures into financial reporting, making it easier for investors to assess a company's Environmental, Social, and Governance (ESG) performance.
By setting these standards, the ISSB aims to promote transparency and accountability in corporate sustainability practices. To ensure that its standards meet the needs of all relevant parties, the ISSB collaborates with various stakeholders, including governments, investors, corporations, and civil society organizations.
Who is it for?
The International Sustainability Standards Board (ISSB) is designed for a variety of stakeholders interested in sustainability disclosures and reporting. Primarily, it aims to serve the following groups:
- Companies: Organizations seeking to understand and improve their sustainability practices can leverage ISSB standards to enhance their reporting and align with international best practices.
- Investors: Investors looking for transparent, consistent, and comparable sustainability information from companies can use the disclosures facilitated by ISSB standards to make informed investment decisions.
- Regulators: Regulatory authorities may utilize ISSB standards to promote coherent sustainability reporting frameworks and ensure that companies are held accountable for their environmental, social, and governance (ESG) impacts.
- Stakeholders: This includes customers, suppliers, and communities that are increasingly interested in a company's sustainability performance and practices.
- Academics and Researchers: Individuals and institutions focused on studying corporate sustainability practices can find valuable data and frameworks through ISSB standards.
By establishing standardized sustainability reporting guidelines, the ISSB seeks to enhance the credibility and comparability of sustainability information across different organizations and industries globally.
When was it introduced?
The International Sustainability Standards Board (ISSB) was established in November 2021. It was created to develop and maintain sustainability disclosure standards that provide investors and other capital market participants with information about an entity's sustainability-related risks and opportunities.
The ISSB released its first set of sustainability disclosure standards, IFRS S1 and IFRS S2, in June 2023. These standards aim to provide a comprehensive framework for sustainability reporting, focusing on climate-related disclosures and general sustainability reporting requirements.
The board continues to work on developing and updating standards to enhance sustainability reporting globally.
Why is it important?
The International Sustainability Standards Board (ISSB) is important for several reasons:
- Global Standards for Sustainability Reporting: The ISSB aims to establish a comprehensive global baseline of sustainability disclosure standards. This harmonizes reporting practices across different countries and sectors, allowing for more consistency and comparability in sustainability reporting.
- Enhancing Transparency: By setting standards for how organizations report on sustainability-related risks and opportunities, the ISSB enhances transparency for investors, stakeholders, and the public. This increased transparency helps stakeholders make informed decisions.
- Supporting Investment Decisions: The ISSB's frameworks help investors assess the sustainability performance and risks associated with their investments. This is increasingly important as investors seek to align their portfolios with environmental, social, and governance (ESG) factors.
- Facilitating Accountability: Standards from the ISSB promote accountability among organizations regarding their sustainability practices. This encourages companies to be more responsible and to demonstrate their commitment to sustainable practices.
- Integration with Financial Reporting: The ISSB's work is intended to integrate sustainability reporting into traditional financial reporting, ensuring that sustainability considerations are part of an organization's overall strategy and performance assessments.
- Adapting to Global Challenges: In the face of climate change, social inequality, and other global challenges, the ISSB plays a crucial role in guiding businesses on how to disclose their impact on these issues, contributing to a more sustainable future.
- Stakeholder Engagement: The ISSB involves stakeholders from various sectors in the development of standards, fostering a collaborative approach to sustainability reporting.
By establishing robust and widely adopted sustainability standards, the ISSB contributes to the broader goal of enhancing sustainability in business practices globally.
What do organisations need to do?
To ensure compliance with the International Sustainability Standards Board (ISSB) standards, organizations can follow these key steps:
- Understand the Standards: Familiarize yourself with the ISSB's sustainability disclosure standards. This includes detailed reading and understanding of the requirements, objectives, and guidelines provided by the ISSB.
- Conduct a Gap Analysis: Assess your current reporting practices against ISSB standards to identify gaps or areas that need improvement. This analysis will help pinpoint where changes are required.
- Develop a Sustainability Strategy: Create or refine a sustainability strategy that aligns with the ISSB standards. Ensure that this strategy is integrated into the organization's overall business strategy.
- Engage Stakeholders: Involve relevant stakeholders, including employees, customers, investors, and community members, in discussions about sustainability. Engaging stakeholders can provide valuable insights and help align sustainability goals with stakeholder expectations.
- Establish Data Collection Processes: Implement systems and processes for collecting the data required for ISSB disclosures. Ensure that data collection is consistent, reliable, and transparent.
- Train Staff: Provide training for relevant staff members on sustainability reporting requirements and best practices. This will help build capacity within the organization to comply with ISSB standards.
- Implement Internal Controls: Set up internal controls and governance structures to ensure the accuracy and reliability of sustainability data and disclosures.
- Report in Alignment with ISSB Standards: Prepare sustainability reports that comply with the ISSB�s reporting frameworks. Ensure that the reports provide clear, relevant, and comprehensive information on your sustainability performance.
- Seek Third-Party Assurance: Consider obtaining external assurance on your sustainability disclosures to enhance credibility and trust with stakeholders.
- Monitor and Improve: Continuously monitor and evaluate sustainability practices and disclosures, making improvements as necessary. Stay updated on any changes or updates to ISSB standards and adjust accordingly.
- Engage with the ISSB: Stay connected with ISSB communications, participating in consultations and discussions to remain informed about evolving standards and best practices.
By following these steps, organizations can more effectively comply with ISSB standards and demonstrate their commitment to sustainability and transparency in reporting.
What are the benefits?
The International Sustainability Standards Board (ISSB) was established to provide a global baseline for sustainability disclosure standards that provide investors and other capital market participants with information about sustainability-related risks and opportunities. Here are some of the benefits associated with ISSB:
Enhanced Transparency
By setting clear standards for sustainability reporting, the ISSB helps companies provide consistent and comparable information, which enhances transparency in the marketplace.
Improved Decision-Making
Investors and stakeholders can make more informed decisions when they have access to standardized sustainability information, reducing uncertainty and risk.
Facilitation of Capital Allocation
Clear and consistent sustainability reporting can guide capital allocation towards more sustainable and responsible companies and projects.
Global Consistency
The ISSB aims to harmonize sustainability reporting across jurisdictions, helping companies that operate in multiple countries maintain consistent reporting practices.
Support for Long-term Value Creation
By focusing on sustainability-related risks and opportunities, the ISSB encourages companies to consider long-term sustainability in their business strategies, which can lead to more sustainable business practices.
Increased Accountability
Companies may feel a greater sense of accountability to stakeholders, knowing that they are expected to adhere to established sustainability standards.
Stakeholder Engagement
The ISSB enhances dialogue between companies and their stakeholders on sustainability issues, supporting a more engaged and informed stakeholder base.
Alignment with Other Reporting Frameworks
The ISSB works to ensure that its standards align with other reporting initiatives, such as the Global Reporting Initiative (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD), creating a cohesive ecosystem for sustainability reporting.
Support for Regulatory Compliance
As sustainability disclosure requirements become more common across jurisdictions, the ISSB's standards can help companies meet regulatory expectations more efficiently.
Credibility and Trust
Companies that adhere to ISSB standards may benefit from increased credibility and trust among investors, customers, and other stakeholders, as standardized reporting demonstrates a commitment to transparency and responsibility.
These benefits position the ISSB as a critical player in advancing sustainability practices and responsible investment in the global economy.
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Leafr is a great solution for finding professional sustainability specialists. Especially convenient if time is short and you need to find a consultant very fast.
Good communication, flexible schedule and delivered exactly what was agreed and on time. Would work with her again!
Tom helped us with calculating our carbon footprint outputs from 2019 to 2023. He managed everything end to end with minimal client direction. It was seamless and effortless. He's an excellent professional.
The support's been great from when we first started speaking, you wrote the brief for me and did all the sourcing. So that was fantastic. Communication has been great. The level of engagement has been brilliant.
Working with Leafr has been a pleasure from the beginning. Leafr has a wide network of talented individuals, and they have been able to seamlessly connect us with strong candidates for our various projects.
Leafr's marketplace boasts an extensive network of highly talented individuals. They have effortlessly connected us with great candidates. Leafr has become our go-to for skilled sustainability professionals.
Whenever you hire consultants you worry whether they'll be as motivated or skilled as your team. Every Leafr consultant has been so impressive. We spoke to several sustainability agencies and this has been far better value.
Our expert immediately became a seamless addition to our team. Her work showed a mastery of ESG and a strong understanding of the financial sector. We'd love the opportunity to work with her again.
Flexibility
We adapt to your needs, offering tailored solutions that evolve as your sustainability goals and challenges change.
Quality
We don’t compromise. We connect you with specialists who deliver exceptional work, ensuring every project meets the highest standards.
Value
We maximise impact while keeping costs low, ensuring you get exceptional results within your budget, with a clear focus on return on investment.
Commitment
Your mission becomes ours. We’re dedicated to supporting you from start to finish, no matter the complexity or duration.
Ownership
We take responsibility for our work, proactively managing projects and driving outcomes that align with your vision.
Flexibility
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Quality
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Value
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Commitment
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Ownership
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Our vetting process
Each applicant must pass our stringent vetting process before working with clients. Only those meeting our high standards are accepted. We test for behavioural competency, technical skills, sustainability experience, and culture fit.
In-depth skill review
Each consultant submits a written application along with case studies of their work. This ensures they have the specialised technical skills to tackle your sustainability challenges.
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Live screening
We interview each candidate for behavioural and technical skills, and test against our detailed sustainability skillset matrix. We also ask for references and testimonials.
Test projects & peer review
With the help of our experts, we review past projects to verify the consultant’s ability to deliver impactful sustainability outcomes.
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Frequently asked questions
Hiring a sustainability consultant can be a daunting process. Here we answer some of the common concerns we hear.
Will the consultant be available when I need them?
Leafr consultants are committed to your project�s success. We ensure they have the availability you need, and our support team is on hand to address any urgent requirements. Our consultants are trusted by top organisations because of their reliability and commitment.
How will you handle our sensitive or confidential information?
Confidentiality is a top priority at Leafr. All consultants sign strict non-disclosure agreements (NDAs) and are trained to handle sensitive information with the utmost care, ensuring your business data remains secure. This is part of why organisations worldwide trust our consultants.
What if the consultant pushes solutions that are too expensive to implement?
Leafr consultants focus on providing cost-effective, practical solutions. They work within your budget constraints and prioritise recommendations that offer the most value without unnecessary expenditure. We offer a risk-free period so you can evaluate their proposals without financial risk.
Will working with a consultant disrupt our current operations?
Our consultants are skilled at integrating smoothly into existing operations. They work with minimal disruption, focusing on enhancing your processes rather than interrupting them. Their experience with top organisations ensures a seamless fit into your team.
I'm worried the consultant might leave the project halfway through.
Continuity is ensured through our rigorous project management oversight. Leafr consultants are committed professionals, and we have contingency plans in place to guarantee that your project will be completed even if unforeseen circumstances arise. Our 100% project satisfaction rating is a testament to our reliability.
I'm worried about committing long-term just to see results.
Leafr offers flexible engagement options. Whether you need short-term assistance or long-term support, we tailor our services to match your desired commitment level. Our risk-free period allows you to explore these options without long-term obligations.
What happens if the consultant becomes unavailable or the project gets delayed?
We have a robust network of consultants, so if any unexpected issues arise, we can quickly provide an equally qualified replacement to keep your project on track. Leafr�s support team is always available to manage and mitigate any potential delays. We also offer a risk-free period to give you peace of mind.
Is the cost-benefit ratio of hiring a consultant really worth it?
Leafr consultants are chosen for their ability to deliver clear ROI. We ensure that the value they bring far outweighs the investment, with tailored solutions that directly impact your bottom line. Plus, our risk-free period allows you to assess the value without commitment.
Will the consultant communicate effectively with our team?
Effective communication is a cornerstone of our consultants� approach. We ensure clear, consistent communication throughout the project, fostering collaboration and alignment with your team. This commitment to communication is a key factor in our 100% project satisfaction rating.
Will my team need retraining after the consultant leaves?
Our consultants focus on knowledge transfer, equipping your team with the skills and understanding they need to sustain progress after the project concludes. This ensures that the improvements are lasting and your team remains confident moving forward.
Will the consultant stay updated with the latest sustainability trends and regulations?
Leafr consultants are experts in their fields, continuously updating their knowledge of the latest trends and regulations. We ensure they bring the most current insights to your project, supported by ongoing training and development opportunities.
I'm concerned about how to assess the consultant's performance effectively.
Leafr provides clear metrics and regular updates, allowing you to track the consultant�s progress and assess the impact of their work. We also encourage feedback to ensure expectations are met. Our 100% project satisfaction rating reflects our dedication to transparency and performance.
How soon will we see results from the consultant's work?
While sustainability initiatives often have long-term goals, our consultants focus on delivering quick wins and measurable progress early in the engagement, ensuring you see value from the outset. Our risk-free period allows you to experience these early results firsthand.
I'm worried the consultant might not fully commit if they have multiple clients.
Our consultants are dedicated to delivering results. Leafr carefully manages consultant workloads to ensure your project receives the attention and commitment it deserves. Our 100% project satisfaction rating is a testament to our consultants� focus and dedication.
What if the consultant doesn't understand my specific industry or business model?
At Leafr, we thoroughly vet our consultants to ensure they have deep expertise in various industries. We match you with specialists who have proven experience in your sector, ensuring they understand your unique challenges and goals. Our consultants have been trained and trusted by the best organisations worldwide.
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