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The development of the ISSB sustainability standards: What does it mean for directors’ legal duties?

The IFRS Foundation’s International Sustainability Standards Board (ISSB) released two Exposure Drafts of proposed sustainability standards on 31 March 2022. These propose disclosures on climate-related financial risks, both as narrative disclosures and in a company’s financial statements. In this white paper, Dr. John Purcell FCPA, formerly CPA Australia’s policy adviser for Environmental, Social and Corporate Governance,
with responsibility for the development of strategy, research, policy and advocacy in the areas of
sustainability, corporate social responsibility, corporate law and nonfinancial information disclosure, and Alex Cooper, CCLI lawyer, analyse the proposed disclosures in the ISSB Exposure Drafts and consider their implications for directors’ duties, including their duty to sign-off on company accounts and to exercise due care, skill and diligence.

Commonwealth Climate and Law Initiative
The CCLI examines the legal basis for directors and trustees to consider, manage, and report on climate change and broader environmental risks, opportunities and impacts, and the circumstances in which there may be liability for failing to do so. We also work to advance knowledge on effective sustainable governance practice.
Contact

The Commonwealth Climate and Law Initiative is a company limited by guarantee registered in England and Wales with company number 11813153 and with registered office at 128 City Road, London, United Kingdom EC1V 2NX.

Commonwealth Climate and Law Initiative

The CCLI examines the legal basis for directors and trustees to consider, manage, and report on climate change and broader environmental risks, opportunities and impacts, and the circumstances in which there may be liability for failing to do so. We also work to advance knowledge on effective sustainable governance practice.

Contact

The Commonwealth Climate and Law Initiative is a company limited by guarantee registered in England and Wales with company number 11813153 and with registered office at 128 City Road, London, United Kingdom EC1V 2NX.

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