The body responsible for international accounting standards has announced it will create a new board to develop sustainability disclosure requirements to try to tackle greenwashing by companies.
The IFRS Foundation said at the COP26 climate conference on Wednesday that it would form the International Sustainability Standards Board (ISSB), which will be tasked with creating a single set of standards “to meet investors’ information needs”.
Investors are increasingly focused on sustainability and want clearer standardised information from companies on environmental, social and governance risks, which affect the value of their businesses, the foundation said.