International taskforce created to improve reporting on social matters
September saw the launch of the “Taskforce on Inequality and Social-related Financial Disclosures” (TISFD), whose goal is to develop a global framework that will help companies and financial institutions to communicate more effectively on their impacts, dependencies, risks and opportunities relating to social matters, including inequality.
The launch of the “Taskforce on Inequality and Social-related Financial Disclosures” (TIFD)
The framework will be developed by integrating international standards on business conduct with reporting standards, to ensure market usability.
The taskforce is the result of a collaboration between around 20 organisations from the public, private and third sectors, and will be led by four co-chairs:
- Peter Bakker, president of the World Business Council for Sustainable Development (WBCSD);
- Sharan Burrow, former general secretary of the International Trade Union Confederation (ITUC);
- Arunma Oteh, former treasurer and vice-president of the World Bank; and
- Gabriela Ramos, Assistant Director-General for Social and Human Sciences at UNESCO.
- An overview of the project is presented in the document People in Scope.
Subsequently, EFRAG announced that it had signed a cooperation agreement with the TISFD to advance social-related financial disclosures.
Want to know more?