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21 December 2020 General

DNB supports the IFRS Foundation’s plans to set up a Sustainability Standards Board.

IFRS is ideally suited to set global sustainability reporting standards for the business sector. In addition to the financial information already available in annual reports, it is important that they shortly also contain reliable and comparable sustainability information. This will provide investors, shareholders and other stakeholders with reliable data to assess the risks of climate change and biodiversity loss, and to contribute to meeting the Paris Climate Agreement targets.

DNB writes this in a response to the IFRS Foundation consultation for sustainability reporting. Sustainability should form an integral part of the (audited) annual accounts of companies as soon as possible – not only in terms of the impact of sustainability challenges on businesses, but also in terms of the impact of businesses on the environment. In addition, the standards should provide scope for extensions by individual jurisdictions. It is also important to address other sustainability challenges besides climate change, such as biodiversity loss. Moreover, the new sustainability standards need to be brought into line with current financial IFRS standards and vice versa.

IFRS Foundation consultation on sustainability reporting - Response DNB

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