The IFRS Foundation, the Inter-American Development Bank (IDB), and IDB Invest have formed a strategic partnership to promote the adoption and implementation of the IFRS sustainability disclosure standards across Latin America and the Caribbean.
Formalised through a memorandum of understanding, the agreement aims to accelerate the adoption of these standards in the countries and guide the private sector in the implementation process, a news release said. “It launches an action plan with tools that include knowledge sharing, capacity building, and policy engagement.”
IDB Invest works with private sector companies across Latin America and the Caribbean, and the IDB works with the region’s public sector.
According to the release, the collaboration will focus on enhancing:
- Knowledge sharing: Developing a policy paper on the benefits of adoption, piloting a self-assessment tool for private banks, and producing a regional case study.
- Capacity building: Supporting regulators through the IDB and private institutions through IDB Invest to strengthen sustainability and climate-related risk disclosures.
- Advocacy and policy engagement: Providing targeted technical assistance and policy dialogue to help countries adopt and implement the IFRS sustainability disclosure standards.
UK government reforms target pension schemes
New reforms introduced by the UK government, as part of the Pension Schemes Bill, will bring 13 million small pension pots holding £1,000 or less into one pension scheme.
The plans are expected to boost retirement savings for the average worker by around £1,000 and save businesses £225 million a year in administrative costs, a news release said. Individuals affected can opt out of these changes.
As part of the government’s Plan for Change, this initiative is also geared towards cutting “red tape” for businesses managing pension schemes to drive investment in the pensions industry and accelerate economic growth in the UK.
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