The International Sustainability Standards Board (ISSB) will set up an office in Beijing to coordinate its work throughout Asia, its parent organisation has announced.
The new representative office will open in mid-2023 and will host meetings of the ISSB and its various advisory bodies. It will also serve as a base initially for ISSB member Bing Leng, while ISSB vice-chair Jingdong Hua will regularly visit the office.
“When we announced the ISSB at COP26, we confirmed the new board would have a global presence through a multi-location model,” said Erkki Liikanen, chair of the IFRS Foundation Trustees.
“The announcement of the Beijing office is an important step towards the establishment of our global footprint in the ISSB’s inaugural year.”
“China is the world’s second largest economy and plays a vital role in supply chains for companies around the world—making it an important jurisdiction as the ISSB develops its global baseline of sustainability disclosures for the capital markets. The Beijing office will play a vital role in this endeavour,” said Emmanuel Faber, ISSB Chair.
The ISSB’s remit is to develop a comprehensive baseline of sustainability disclosure standards that provide market participants with information about companies’ sustainability-related risks.
In March last year, the ISSB tabled its proposed dual standards, the general sustainability-related disclosure requirements, outlining big picture sustainability disclosures, and climate-related disclosure requirements, which focuses on climate.