Trustees of the International Reporting Standards (IFRS) Foundation have announced the launch of its new Technical Readiness Working Group (TRWG), as part of its sustainability efforts ahead of COP26 in Glasgow.
The new group has been founded to address the quality of companies’ sustainability disclosures to meet the needs of investors and other capital market participants.
Members of the group will have expertise in sustainability issues and integrated reporting, with the TRWG providing “technical observations and proposals” to a future sustainability board, which the IFRS Foundation has previously mentioned on creating in the near future.
In a statement, the IFRS Foundation said: “The TRWG aims to provide a running start for the potential new board, as described in the Trustees’ 8 March 2021 statement.
“The TRWG also responds to the International Organization of Securities Commissions’ (IOSCO) 24 February 2021 call for the coordination of work to drive international consistency of companies’ sustainability-related disclosures that focus on enterprise value creation.”
They added: “The TRWG’s role is to provide technical observations and proposals for consideration by the potential new board, as well as to formulate joint strategic recommendations regarding the potential transfer of content, technical expertise and resources to the board.”