The Executive Committee of the World Economic Forum's International Business Council has released a statement this week, endorsing the possible establishment of a global Sustainability Standards Board by the International Financial Reporting Standards (IFRS) Foundation. Such a move would be crucial to promoting global consistency and comparability of the ESG information disclosed by issuers across capital markets.
Brian T. Moynihan, Chairman and Chief Executive Officer, Bank of America, USA; Chairman, International Business Council, World Economic Forum
Ana Botfn, Group Executive Chairman, Banco Santander SA, Spain
Victor L. L. Chu, Chairman and Chief Executive Officer, First Eastern Investment Group, Hong Kong SAR, China
Lubna S. Olayan, Chair of the Executive Committee, Olayan Financing Company, Saudi Arabia
Klaus Schwab, Founder and Executive Chairman, World Economic Forum, Switzerland
Jim Hagemann Snabe, Chairman, Siemens, Germany; Chairman, AP. M0ller-Maersk, Denmark
Michael K. Wirth, Chairman of the Board and Chief Executive Officer, Chevron, USA
The members say, "We recognize that these commitments need to be supported by consistent and comparable metrics and disclosures, to enhance decision-making, trust and accountability."
Read the full statement here.