Staff paper
Agenda reference: 2Sustainability Standards AdvisoryForum meeting
DateMarch 2024

ProjectISSB Consultation on Agenda Priorities

Topic

Update on Agenda Consultation

Contacts

Greg Bartholomew (greg.bartholomew@ifrs.org)

This paper has been prepared for discussion at a public meeting of the Sustainability
Standards Advisory Forum (SSAF). This paper does not represent the views of theInternational Sustainability Standards Board (ISSB) or any individual ISSB member. Anycomments in the paper do not purport to set out what would be an acceptable orunacceptable application of IFRS® Sustainability Disclosure Standards. The ISSB’s
technical decisions are made in public and are reported in the ISSB Update.

2

Purpose of this session
Purpose of this session
To provide SSAF members with an update on the International Sustainability Standards Board’s(ISSB) Consultation on Agenda Priorities and feedback received on the associated Request for
Information (RFI) which sought public feedback to inform the ISSB’s next work plan.

Question for SSAF members
Do you have any comments or questions on the ISSB’s agenda consultation or on the feedback
received?

3Overview
Pre-RFI work

RFI issuedCommentperiod

ISSBdeliberations

Work planissued

Execution ofprojects

We arehere•

As part of its initial consultation on agenda priorities, the ISSB issued a Request For Information (RFI) to inform its work
plan for the two years following consultation. The consultation closed on 1 September 2023.

•

The ISSB discussed feedback on the Request for Information at its November 2023 and December 2023 meetings. The
ISSB and IASB jointly discussed the feedback on the possible project on integration in reporting and on connectivity at aJanuary 2024 meeting.

•The ISSB began decision making at its February 2024 meeting, where it decided on the criteria it will use to assess thepriority of projects to be added to its work plan.

•The agenda papers for these meeting can be accessed on the project history website.

•The ISSB will consider all feedback to inform its decisions on the work plan, and plans to finalise the work plan in the firsthalf of 2024.

4

SSAF Contributions to Agenda Consultation
April 2023
• Discussion of agenda consultation and plan for market
outreach

July 2023• Discussion of summary of market outreach5Summary of respondents• The ISSB received 433 responses from 411 unique respondents to the Request forInformation by 1 September (251 surveys and 160 comment letters)• Breakdown of respondents by stakeholder type and geographic region:

6Overview of the Request for Information

7

Quantifying the feedback
Term

Extent of response among users

Almost All

All except a very small minority

Most

A large majority, with more than a few exceptions

Many

A small majority or large minority

SomeA small minority, but more than a few

A few

A very small minority

8Summary of key messages• Strategic direction and balance of the ISSB’s activities:
 Support for all of the ISSB’s identified activities to further the global baseline
 Most viewed ‘supporting implementation of IFRS S1 and IFRS S2 as highest priority
 Many also highlighted the importance of ‘interoperability’ both in ISSB current and future work
 Some called for the ISSB to more clearly articulate and define a longer-term strategic vision of the future ofthe ISSB Standards• Criteria for assessing sustainability reporting matters that could be added to the ISSB’swork plan: Almost all agreed with the appropriateness of identified criteria
 Many suggested amendments or additions to the criteria, with respondents suggesting one or more of thefollowing topics be incorporated in the criteria: interoperability, double materiality, global applicability and/orconnectivity with IASB/financial reporting9Summary of key messages• New proposed projects:
 Prioritisation and allocation of resources: Mixed views on prioritising a single vs. multiple projects
 No clear consensus on the particular project, or set of projects, that the ISSB should prioritise Most supported the ISSB prioritising at least one of the four proposed projects
 Feedback on proposed projects on biodiversity, ecosystems and ecosystem services (BEES), humancapital and human rights:
 Most supported a ‘holistic’ approach to each of the topics, rather than prioritising a particular subtopic
 Most viewed the sustainability-related risks and opportunities as ‘substantially different’ acrossindustries and geographic locations
 Most suggested the ISSB should consider and leverage other materials or the work of otherorganisations
 Some suggested changes to the scope of BEES (focus on ‘Nature’ more broadly) and human capitaland human rights (combine to a single ‘social’ topic)

10

Summary of key messages• Possible projects (continued): Feedback on possible project on integration in reporting: Diverse views and expectations about meaning of ‘integration in reporting’ and potential project
outcome Approximately one half of all respondents viewed the project as a higher priority
 Approximately one half of all respondents ranked the project as a lower priority, or did not comment Two-thirds of all users (investors) ranked the project as a lower priority, or asked the ISSB to focus onother matters Some respondents, while acknowledging the importance of the topic, noted it should be prioritised asa medium-to-long term project (rather than as part of the ISSB’s next two-year work plan) If pursued, most respondents agreed that the project should be conducted as a formal joint project
between the IASB and ISSB
 Many respondents suggested the project build upon the IASB’s Management Commentary Exposure
Draft and the Integrated Reporting Framework

11Timeline and next steps

ISSB discussion offeedback summary

ISSB discussion of
feedback summary –users of GPFR
(investors)

Joint ISSB/IASB
discussion of
feedback summary –integration in reporting

ISSB decision oncriteria for assessing
new projects

November

DecemberJanuary

February

ISSB expected
decision on strategic
direction and balanceof activities

ISSB expected
decision on projects
to be added to work
plan

March - JuneFollow us online
ifrs.org@IFRSFoundation
IFRS Foundation
International Sustainability
Standards Board