The International Sustainability Standards Board (ISSB) is an independent, multi-stakeholder body that develops environmental sustainability standards and certification schemes. It works to facilitate the exchange of knowledge among different disciplines and sectors, improve practices in sustainable development and generate value for businesses and consumers at large. The ISSB is a non-profit organization established under Swiss law with its headquarters in Geneva (Switzerland).
Its structure is unique, allowing both specialised and generalist members to participate in the development of standards. It comprises an international board composed of leaders in business, government and civil society. The Board develops a strategy for each standard and approves all Sustainability Standards developed by ISSB-approved Technical Committees.
Geneva, SZ: It took decades to standardize accounting rules, but widely accepted sustainability standards should come much faster in comparison if efforts to create a new global standards better come to fruition, says Fitch Ratings.
In a research note, the rating agency said that the proposed creation of the International Sustainability Standards Board (ISSB) could enable the adoption of a globally accepted framework for ESG reporting of material sustainability information by companies generally, and financial institutions in particular.
In a research note, the rating agency said that the proposed creation of the International Sustainability Standards Board (ISSB) could enable the adoption of a globally accepted framework for disclosing material sustainability information by companies generally, and financial institutions in particular.
Fitch Ratings Inc. is one of the three major credit rating agencies in the United States. The other two are Moody’s and Standard & Poor’s. It was designated as one of the three nationally recognized statistical rating organizations by the U.S. Securities and Exchange Commission in 1975, along with Moody’s and S&P.
While the concept of the ISSB has been widely endorsed by governments and regulators, “there are important uncertainties around adoption and adherence prospects, particularly relating to different definitions of sustainability in different jurisdictions,” Fitch noted.
There have already been a number of efforts to create ESG reporting standards, Fitch said, but it believes that the proposed ISSB “could rapidly become the dominant standard setter,” building on the work of existing efforts in this area.
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ESG: The New Way of Doing Business in Geneva, SZ
Business and organizational sustainability is a complex issue in Geneva, with many stakeholders and perspectives. It’s also an area where the stakes are high – if we don’t get it right, there will be dire consequences for our communities and the planet.
The good news is that more investors are taking notice of ESG investing issues when they invest in Geneva companies and organizations. In fact, over the past decade institutional investors have been increasingly incorporating Environmental, Social and Governance factors into their investment decisions. And soon it will be impossible to win any RFP’s without it.
We want everyone (not just big institutions in Geneva) to be able to incorporate ESG-related risk into their actions because Companies that don’t adapt to these changes will not survive. This change has many companies in Geneva scrambling to figure out how they can stay competitive and be profitable while also contributing to a better future.
ESG The Report (Holistic Approach) is one solution that helps businesses in Geneva find their niche in this new landscape by providing information on risks and opportunities related to environmental, social and governance factors affecting them today. Our report offers insights into what investors are looking for from companies in Geneva and around the globe. Ask about our ESG Frameworks package to help you get started on making your company, department or organization diverse, equitable and inclusive for all stakeholders.
You may also want to read What are ESG Certifications?