ISSB pushes back VRF consolidation

The International Sustainability Standards Board, the new organization overseen by the IFRS Foundation that is responsible for developing standards regarding climate change and other environmental, social and governance issues, said it now expects to complete its merger with the Value Reporting Foundation by the beginning of August.

The merger was originally meant to be concluded this month, but the ISSB believes it needs more time to finalize the remaining procedures necessary to complete the legal consolidation.

The VRF, itself a product of a recent merger between the Sustainability Accounting Standards Board and the International Integrated Reporting Council, committed to merge into the ISSB shortly after the new board's formal creation. Both organizations approved this consolidation last Wednesday after a series of talks.

The Climate Standards Disclosure Board also made a commitment to merge with the ISSB upon its formation. This process was successfully completed at the end of this past January.