Faber reappointed to lead ISSB

The International Financial Reporting Standards Foundation trustees reappointed Emmanuel Faber to serve a second term as chair of the International Sustainability Standards Board through the end of 2027.

Faber was appointed chair of the newly established ISSB in December 2021 and his term was supposed to end in December 2024. His second term will now begin on Jan. 1, 2025 and end on Dec. 31, 2027. The former head of the French food and beverage company Danone spearheaded the formation of the ISSB, which brought together a number of different environmental, social and governance reporting standard-setters like the Value Reporting Foundation's Sustainability Accounting Standards Board and International Integrated Reporting Council, and the Climate Disclosure Standards Board, under the auspices of the IFRS Foundation, which also oversees the International Accounting Standards Board in November 2021.

In June, the ISSB released its sustainability and climate disclosure standards and they are rapidly gaining support worldwide. During the United Nations COP28 conference in Dubai, the IFRS Foundation announced Monday that nearly 400 organizations from 64 jurisdictions around the world have committed to advancing the adoption or use of the ISSB's climate-related reporting and signed a declaration of support. Over the weekend, the IFRS Foundation and the International Organization for Standardization confirmed a shared commitment to cooperate on standards, with the ISO 14000 environmental management and greenhouse gas emission standards helping companies that have sustainability and climate commitments implement them, and support disclosures in line with the ISSB and IFRS Foundation's S2 standard.

Other key partners with the ISSB in the sustainability disclosure world include the Global Reporting Initiative and the Carbon Disclosure Project, which reaffirmed their support for the work of the ISSB. The ISSB is continuing to work closely with them to reduce market fragmentation in sustainability disclosures. The ISSB also took over responsibility for maintaining the Financial Stability Board's widely used Taskforce for Climate-related Financial Disclosures (TCFD) framework.

Under Faber's tenure, the ISSB has also secured endorsement of its standards by the International Organization of Securities Commissions and published a roadmap for supporting jurisdictional adoption; consulted on the next focus areas for sustainability disclosures; developed a capacity building program to support the application of ISSB standards in the market, particularly in the global south; established advisory groups to facilitate structured engagement with all stakeholder groups; and successfully engaged with other bodies and authorities in the sustainability standard-setting field to facilitate interoperability of the ISSB standards with other requirements and frameworks.

"I am thrilled to continue leading the ISSB's important work to meet investors' demand for sustainability-related information," Faber said in a statement Tuesday. "The ISSB's achievements are the result of a strong, diverse and dedicated team of vice-chairs, board members and staff working effectively together with the support of our many partners and stakeholders."

The ISSB leadership also includes two vice-chairs: Sue Lloyd began in her role in March 2022 and helped design and launch the first ISSB standards, while Jingdong Hua started his role in October 2022 and leads the ISSB's capacity-building efforts and other initiatives supporting the implementation of the standards. Their initial four-year terms will continue into 2026.

"Emmanuel and his strong leadership team have in the two years since we announced the creation of the ISSB delivered on all the commitments we set out at COP26 in Glasgow," said IFRS Foundation chair Erkki Liikanen in a statement. "The trustees are grateful for the significant progress and pleased to confirm there will be stability and continuity in the ISSB's leadership to build on the ISSB's success to date."