Published On: June 11, 2021
IIRC & SASB Merger of Frameworks

In the News! #IIRC and #SASB merge to form the Value Reporting Foundation and will be providing a comprehensive suite of tools to assess, manage and communicate value in ESG Reporting.

The merger is designed to simplify the reporting requirements for listed companies and reduce the current complexity of operating multiple systems.

The Value Reporting Foundation is committed to enabling organizations to move from buy-in to action. By more closely aligning the Integrated Reporting Framework and the SASB Standards, the Value Reporting Foundation will make it easier for businesses to communicate their long-term strategy and provide a more comprehensive view of business performance to investors and other providers of capital.

Janine Guillot, CEO of SASB Standards, addressing delegates at a webinar on the plans said, ‘We want to focus on reporting as a means to improve decision making by companies and investors. The merger will lead to better integrated thinking.

‘It is very exciting to think about the range of tools in one place and we want to accelerate towards a comprehensive reporting framework.’

The merger of the two standard setters is currently at the negotiation stage and part of the work involves benchmarking the current standards so that they can align into a single reporting structure with Guillot confirming that ‘the merger will close the first week of June’.

Charles Tilley, CEO of IIRC, said: ‘The international IR framework establishes the guiding principles that underpin the SASB standards.’

The merger plans were welcomed by institutions reporting under the current framework.

Ilmi Granoff, Program Director, Sustainable Finance, ClimateWorks Foundation said: “We are proud to represent a coalition of funders supporting this work—The Value Reporting Foundation will accelerate progress towards a global, standardized, comparable and comprehensive corporate reporting system. It will enable businesses to take climate and human capital better into account, improving environmental, economic and social outcomes.”

Alex Broedel Lopes, group CFO of Brazilian financial institution Itaú Unibanco Unibanco, said: ‘The issue of sustainability is not only important for investors but from a customer perspective. The integrated reporting framework was very important in terms of putting structure to our reporting so we could produce a single integrated report including financial statements.

From an investor perspective, simplifying the reporting framework will be beneficial.

‘We are very excited about the merger and it feels like a very rational evolution. If simplicity allows comparability then that makes sense,’ said Leon Kamhi, executive director of Federated Hermes International.

Read the report here:

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