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ISSB on track to publish 2-year plan

The UK FRC has issued guidance for more conversations between audit committees and investors; G7 nations set out plans to halt nature loss by 2030.

The International Sustainability Standards Board (ISSB) in May will seek feedback on priorities for the next two years, publishing a request for information about agenda priorities with a comment period of 120 days.

The ISSB is also working on targeted amendments to the Sustainability Accounting Standards Board (SASB) standards to make sure references within the SASB standards are internationally applicable, according to a news release.

"As such, in May 2023 the ISSB will open a 90-day consultation on its proposed methodology for revising the SASB standards to improve their international applicability," the release said. "The project affects approximately 20% of the metrics included in the SASB standards, meaning most of the metrics will remain untouched."

SASB standards will serve as a source of guidance for companies to identify sustainability-related risks and opportunities and associated disclosures when applying the upcoming IFRS S1 to report on topics beyond climate, the release said.

FRC looks to boost investor-audit committee engagement

The UK Financial Reporting Council (FRC) launched guidance aimed at "promoting better engagement between investors and audit committees to facilitate better understanding of companies and their approach to financial reporting and internal control", a news release said.

To encourage such conversations, the FRC has developed a series of conversation starters structured by topic, the release said. These are aimed at investors wishing to engage with audit committees and companies on assurance-related topics.

"The conversation starters have been developed in consultation with stakeholders, including investors, audit committees, and other interested parties, and the FRC will continue to work with these stakeholders to ensure that they remain relevant and useful," the release said.

G7 nations commit to tackling nature loss

The Climate and Environment Ministers of the G7 have agreed to tackle global nature loss, a news release said.

The G7 members committed to the swift and effective implementation of the Global Biodiversity Framework (GBF), with the intent of halting and reversing biodiversity loss by 2030.

According to the release, the group also committed to redouble efforts to increase action to end plastic pollution by 2040, halt and reverse forest loss by 2030, protect marine biodiversity, and reduce pollution.

— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.