ESG Investing Frontiers Forum | Interpreting the New ISSB Standards

The 21th ESG Investing Frontiers

Interpreting the New ISSB Standards

On July 3, 2023, the 21st ESG Investing Frontiers Forum was held in Beijing and live-streamed worldwide. The theme of this forum was "Interpreting the New ISSB Standards." The forum was jointly organized by the China Development Research Foundation (CDRF) and the China Sustainable Investment Forum (China SIF), with co-organization from the Bozhi Economic and Social Development Institute, China Alliance of Social Value Investment, SynTao Green Finance, and SynTao-Sustainability Solutions.

Zhu Guangyao, former Vice Minister of Finance, delivered the opening speech. Zhu Guangyao believed that the release of the two guidelines, "General Requirements for Sustainable Financial Information Disclosure" and "Climate-related Disclosures," signifies a significant milestone and hard-earned achievement in promoting and standardizing the disclosure of sustainable development-related information in financial reports.

As the guest speaker, Leng Bing, a board member of ISSB, provided a detailed introduction to ISSB's governance structure, the core content of the two new sustainable information disclosure guidelines, and their future promotion and application. Regarding promotion and application, Leng Bing stated that sustainable disclosure represents a major transformation for preparers. Therefore, a notable feature of the ISSB guidelines is to assist preparers in focusing their efforts on the management of sustainable risks. In this regard, the SASB industry standards provide a good framework for sustainable risk management.

Zhang Weiguo, former trustee of the International Accounting Standards Board (IASB) and doctoral supervisor at Tsinghua University and Shanghai University of Finance and Economics, commented on the new ISSB guidelines. Zhang Weiguo first acknowledged the achievements of ISSB's work, stating that the two new guidelines confirm the global recognition of the high-quality IFRS standards. The formulation process has adequately incorporated opinions from various stakeholders.

Guo Peiyuan, Chairman of the China Social Investment Forum and Chairman of SynTao Green Finance, emphasized the importance and influence of ISSB in his comments and then discussed three important issues regarding the application of ISSB guidelines by companies.

Yu Jiantuo, Deputy Secretary-General of the China Development Research Foundation and Director of the Bozhi Economic and Social Development Institute, concluded by stating that ISSB provides significant infrastructure in the field of sustainable development. It reflects the tremendous efforts and achievements at the international level in promoting consensus on sustainable development information disclosure standards.