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Provisional political agreement between the Council and the European Parliament about the CSRD

On 21 June, the EU Council and European Parliament reached an interim political agreement on the corporate sustainability reporting directive (CSRD).  The proposal expects to address issues in the present rules regarding disclosure of non-financial information. This comes following insufficient quality to allow it to be properly taken into account by investors, given such shortcomings

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Leading financial market participants call for stronger alignment of regulatory and standard setting efforts around sustainability disclosure

Financial market regulators should seize the opportunity to get it clear, comprehensive and comparable disclosure of sustainability-related information right by ensuring compatible standards. These are some of foundational building blocks of a well-functioning global financial system. The International Sustainability Standards Board (ISSB), in addition to the US Securities and Exchange Commission (SEC), the European Commission

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SEC Extends Comment Period for Proposed Rules on Climate-Related Disclosures, Reopens Comment Periods for Proposed Rules Regarding Private Fund Advisers and Regulation ATS

The public comment period on the proposed rulemaking to enhance and standardize climate-related disclosures for investors has been extended until June 17, 2022 by the Securities and Exchange Commission. The SEC additionally declared that it will reopen the comment periods on the proposed rulemaking to strengthen private fund investor protection, including the proposed rulemaking to

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Human rights is at the heart of corporate transparency

Growing investor-led pressure for consistent disclosure on human rights impacts The GRI Perspective, the regular series exploring topical themes in the world of sustainability reporting has concluded that Stakeholder demands are reaffirming disclosures on human rights related impacts are central to how companies demonstrate accountability. Better human rights reporting — needed now, but how? clearly highlights the

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Progress on corporate transparency in EU

GRI remains committed to alignment as draft European Sustainability Reporting Standards unveiled GRI, the world’s leading provider of standards on sustainability impacts, has welcomed the publication of the exposure drafts for the new European Sustainability Reporting Standards (ESRS). Since July 2021, GRI has been collaborating with the European Financial Reporting Advisory Group (EFRAG) to provide technical input

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Canada Introduces Mandatory Climate Disclosures for Banks, Insurance Companies Beginning 2024

According to the federal government’s newly released Budget 2022, Canada will require banks and insurance companies to provide disclosures on their climate-related risks and exposures – starting 2024. The budget additionally sets out over $9 billion in funding to address climate change, and plans for a new green bond offering next year. Last year, Prime

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ISSB delivers proposals that create comprehensive global baseline of sustainability disclosures

Founded at COP26, the International Sustainability Standards Board (ISSB) has launched a consultation on its initial two proposed standards to develop a full, international baseline of sustainability disclosures for capital markets. One sets out general sustainability-related disclosure requirements and the other focuses on climate-related disclosure requirements. The proposals―exposure drafts—build upon the recommendations of the Task Force on Climate-Related

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Companies to be more accountable for their social and environmental impact

The European Parliament’s Committee on Legal Affairs (JURI) has elucidated its stance regarding the Corporate Sustainability Reporting Directive (CSRD) with 22 votes in favour and one against. This means that large companies will shortly be obliged to publicly disclose detailed findings on the way they operate and manage social and environmental risks. If EU governments concur,

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IFRS Foundation and GRI to align capital market and multi-stakeholder standards

Agreement to create an interconnected approach for sustainability disclosures The International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will be jointly worked on by the IFRS Foundation and Global Reporting Initiative (GRI). Both have announced a collaboration agreement under which they will seek to coordinate their work programmes and standard-setting activities. At COP26, both made

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Swiss watchdog FINMA requires banks, insurers to disclose climate risks

Large Swiss banks and insurance companies will have to provide qualitative and quantitative information about risks they face from climate change, Swiss financial watchdog FINMA said on Monday as it released an amended publication on disclosure. FINMA’s updated circular on the new obligations, to take effect on July 1, follows similar moves by the European Central Bank,