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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.