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'Sustainability Materiality, Standards and the Future of Disclosures' Roundtable


sustainability standards roundtable

As part of the Sustainable Leadership Preparedness Programme, we hosted a private virtual roundtable on the 16th of May with programme members and selected guests.


Our expert speakers Paul Druckman of the World Benchmarking Alliance and Veronica Poole of Deloitte were discussing Sustainability Materiality, Standards and the Future of Disclosures with our 15 participants, all high-profile board director and/or chairs.


The key takeaways were:


  • There is currently a fragmented landscape of sustainability reporting standards and regulations globally, including from ISSB, EFRAG (CSRD), SEC, SASB, GRI, and others. Consolidation and harmonisation are needed.


  • The concept of "interoperability" between standards is being explored, as well as the idea of having standards deemed "equivalent" across jurisdictions to allow multinational companies to use a consistent global baseline.


  • There may need to be three sets of global standards - financial reporting (IFRS), sustainability disclosures focused on capital markets (ISSB), and stakeholder/impact reporting standards (like GRI).


  • Upcoming reporting requirements like the EU's CSRD present major strategic decisions for companies around reporting boundaries, materiality assessments across subsidiaries, integration with financial reporting, assurance readiness and more.


  • For boards, sustainability engagement is about influencing behaviour and considering the company's purpose and impacts, not just compliance. Boards need to ensure robust governance, controls and assurance over reporting processes.


 

Paul Druckman is a Non-Executive Chairman and Director of organisations in multiple sectors.


He is Chairman of the World Benchmarking Alliance and a Trustee of many organisations including Accounting for Sustainability which was established by King Charles III. He is also an Advisor for Workiva and on its ESG Advisory Committee.


Paul is a Chartered Accountant who built his own software company before becoming a non-executive director for companies including being Chairman of the Board of Clear Insurance Management Group and the Access Group.


Highlights in the past have also included being President of the Institute of Chartered Accountants in England & Wales (ICAEW): the founding CEO of the International Integrated Reporting Council; a Board member of the UK government regulator (FRC) and Chairman of UK accounting standards.



Veronica Poole is a vice chair of Deloitte UK, Global IFRS and Corporate Reporting leader and NSE Head of Accounting and Corporate Reporting.


She leads Deloitte’s contributions to the World Economic Forum IBC Stakeholder Capitalism Metrics, and has facilitated the work of the leading sustainability standard-setters to develop a prototype climate standard, helped launch the UK Directors’ Climate Forum—Chapter Zero, and spearheaded Deloitte’s partnership with the A4S Finance for the Future Awards.


 

Request access to the recording by sending an email to SLPP(at)sustainability-board.org


Learn More about The Sustainability Board’s Sustainable Leadership Preparedness Programme (SLPP).

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