Two-stage appointment process for ISSB membership

Keywords: Mazars, Thailand, IFRS, ISSB

28 April 2022

• Given the tight deadline to publish the first two IFRS Sustainability Disclosure Standards (one on climate-related disclosures and one on general disclosure requirements) by the end of the year, the IFRS Foundation has announced that it will initially appoint just six additional members. This will bring the number of members to the minimum of eight required by the Constitution, allowing it to discuss the comments received in response to the two exposure drafts, which are scheduled for publication in the near future. The publication of the exposure drafts will be approved by the Chair and Vice-Chair of the ISSB, subject to oversight by the Due Process Oversight Committee. Under the terms of the Constitution, this does not require the quorum of eight members. The remaining six members will be appointed at a later date, by the third quarter of 2022 at the latest.
• By staggering the process in this way, the Foundation hopes to attain its challenging targets for publication of the standards, while also giving itself enough time to appoint a Board that is made up of recognised experts with a balanced and diverse profile of skills.
• The IFRS Foundation press release on the appointment of ISSB members is available here.