MEDIA RELEASETokyo, December 4, 2023
IFRS Foundation Monitoring Board welcomes the achievementsin the area of sustainability-related disclosure
The IFRS Foundation Monitoring Board (Monitoring Board) welcomes the developments over the past
two years in the area of sustainability-related disclosure by the IFRS Foundation and the International
Sustainability Standards Board (ISSB). The issuance of the inaugural standards on climate-related
disclosures (IFRS S2) and general requirements for disclosure of sustainability-related financial
information (IFRS S1) by the ISSB (“ISSB Standards”), 1 and the subsequent endorsement by theInternational Organization of Securities Commissions (IOSCO), 2 mark an important milestone, achieved
within a short timeframe to develop a global framework in the area of sustainability reporting focused oninvestor needs.
Building on this achievement, the next step will be to advance the jurisdictional consideration to adopt,
apply or otherwise be informed by the two ISSB Standards, to promote consistent and comparable
climate-related and other sustainability-related disclosure for investors. In this context, the Monitoring
Board acknowledges the ongoing efforts of the ISSB to develop an adoption guide to support jurisdictionsin their implementation considerations of its standards, as well as to provide educational materials to help
the corporate sector in applying the standards.
The Monitoring Board has exercised its oversight responsibilities throughout the process of theabovementioned initiatives with the leadership of the ISSB and the IFRS Foundation Trustees, andremains focused on overseeing the further work of the ISSB to ensure that their standards continue to be
developed using robust governance, due process, and oversight, as are the IFRS Accounting Standards
developed by the International Accounting Standards Board.
Takashi Nagaoka, Chairman of the Monitoring Board, said:“The accomplishments over the past two years have provided a global framework on which we may
promote consistent and comparable climate-related and other sustainability-related disclosure forinvestors. The Monitoring Board calls for further endeavors to broaden the consideration of thestandards.
The Monitoring Board also looks forward to the ISSB’s future work to meet market demand for
information on sustainability-related risks and opportunities in a rapidly changing businessenvironment, with due consideration to the feedback received from global stakeholders.

1

ISSB, IFRS Sustainability Disclosure Standard S1, General Requirements for Disclosure of Sustainability-Related
Financial Information and IFRS Sustainability Disclosure Standard S2, Climate-Related Disclosures, available atwww.ifrs.org.
2
IOSCO, IFRS Endorsement Assessment of the ISSB Standards for Sustainability-Related Disclosures, available athttps://www.iosco.org/library/pubdocs/pdf/IOSCOPD741.pdf.

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The Monitoring Board will continue to work closely with the IFRS Foundation Trustees from the publicauthorities’ point of view to help oversee their strategic activities with the two standard setting boards
under the Foundation.”
Notes to editors:
About the IFRS Foundation Monitoring Board
The Monitoring Board was created in 2009 with the aim of overseeing the IFRS Foundation, whose
Trustees in turn exercise oversight over the IASB (International Accounting Standards Board) and theISSB (International Sustainability Standards Board).
The members of the Monitoring Board are the Board of the International Organization of Securities
Commissions (IOSCO), the IOSCO Growth and Emerging Markets Committee, the Financial Services
Agency of Japan (JFSA), the European Commission, the US Securities and Exchange Commission (SEC),the Comissão de Valores Mobiliários (CVM) of Brazil, the Financial Services Commission (FSC) ofKorea, the Ministry of Finance of the People’s Republic of China and the Financial Conduct Authority(FCA) of the United Kingdom.
The Basel Committee on Banking Supervision (BCBS) is an observer.
Through the Monitoring Board, capital markets authorities responsible for setting the form and contentof financial reporting in their respective jurisdictions are able to carry out more effectively their mandates
regarding investor protection, market integrity and capital formation.

Press Enquiries
Mr. Makoto Sonoda
Director of Japanese Delegation for International Forum of Independent Audit Regulators
Japan Financial Services Agency
Email: makoto.sonoda@fsa.go.jp
Ms. Moe Kadowaki
Section Chief, Corporate Accounting and Disclosure Division
Japan Financial Services Agency
Email: moe.kadowaki@fsa.go.jp

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