“More than ever, change is a matter of personal and collective leadership.” Following the announcement of a new network to support the adoption or other use of the ISSB standards, Emmanuel Faber, International Sustainability Standards Board (ISSB) Chair and #BTeam Leader, reflects on the continued global progress on climate-related disclosures 👇
Chair ISSB - rewriting economics together, otherwise climbing
My visit to Türkiye this week was a very special moment. Inclusiveness is critical if we are to fulfill the International Sustainability Standards Board (ISSB)'s mission of building a truly global baseline of sustainability related financial disclosures. I am absolutely thrilled that I could join the meeting of International Organization of Securities Commissions - IOSCO’s Growth and Emerging Markets Committee in Ankara for its public launch of its Network for Adoption or Other Use of ISSB Standards. Abu Dhabi, Argentina, the Bahamas, Bahrain, Bangladesh, Belize, Brazil, Brunei, Chile, China, Egypt, Georgia, Ghana, India, Indonesia, Jordan, Kenya, Kuwait, Malaysia, Mexico, Morocco, Panama, Qatar, Saudi Arabia, South Africa, Sri Lanka, Thailand, Türkiye, Uruguay, Zambia and Zimbabwe. I’m so impressed with the list of the inaugural members combining both regulators in EMDEs that have already defined their pathway towards full adoption of ISSB adoption, and newcomers from these markets. And more jurisdictions have expressed interest in joining in the months ahead. Based on the rich discussions during the inaugural session of the Network yesterday, I am convinced they will be able to share peer to peer experience and progress their consideration and implementation of effective roadmaps, connecting their trade, investments and capital markets to the global baseline, which list of adopters already counts jurisdictions covering nearly 60% global GDP. Thank you, Jean-Paul Servais, Mohamed Farid Saleh and Tajinder Singh for impressively walking the talk of IOSCO’s call to action for jurisdictions to consider adoption of ISSB Standards. This is game changing. Türkiye was also a very very special place this week because among many jurisdictions currently adopting ISSB Standards around the world, it is coming first with mandatory reporting as soon as 2024 - which will be helpful support to prepare interoperable ESRS reports in the EU, also mandatory as of 2024. My personal congratulations to Capital Market Board of Türkiye and its Chair, İbrahim Ömer Gönül, and Public Oversight Accounting and Auditing Standards Authority, Kamu Gözetimi Muhasebe ve Denetim Standartları Kurumu - KGK and its Chair Hasan Özçelik for your leadership. Many will follow! First reports to come from Turkish companies in a few months. Thank you Sabanci Holding and TÜSİAD for our preparatory workshop in Istanbul. And finally, a special personal thank you to powerful women, Guler Aras and Gülşah Günay for both coming to see me as soon as June 2022, saying: «Türkiye will adopt first». The ISSB had not even started to fully operate at that time. This was your vision. You made it happen. More than ever, change is a matter of personal and collective leadership.