The International Financial Reporting Standards Foundation (IFRS) announced today two new senior appointments for the recently launched International Sustainability Standards Board, including the IASB’s Sue Lloyd as Vice-Chair and Value Reporting Foundation CEO Janine Guillot as a Special Advisor to the ISSB Chair.
The announcement follows the recent appointment of former Danone CEO and Chairman Emmanuel Faber as the first chair of the ISSB.
“Sue brings a wealth of standard-setting experience and technical knowledge that will be vital to the ISSB. She is already fully immersed in the topic, having been part of the working group developing the climate and general sustainability disclosure prototypes. Janine’s guidance on the integration of the VRF and her deep experience of global investors and US stakeholders will also greatly benefit the ISSB―I welcome her to the team.”
Launched in November 2021 at the COP26 climate conference, the ISSB aims to develop IFRS Sustainability Disclosure Standards, in order to provide a global baseline of disclosure requirements that can be used by jurisdictions on a standalone basis or incorporated into broader reporting frameworks.
The ISSB sits alongside the International Accounting Standards Board (IASB), with both boards overseen by the IFRS Foundation Trustees. At the ISSB launch, the IFRS also announced the consolidation of leading sustainability reporting standards organizations the Climate Disclosure Standards Board (CDSB) and the Value Reporting Foundation into the IFRS Foundation.
Sue Lloyd has been a member of the IASB since 2014, and has served as Vice-Chair since 2016. She played a key role in the ISSB’s formation, including serving as an IASB representative on the Technical Readiness Working Group (TRWG), tasked with undertaking the technical preparatory work for the proposed standards. Lloyd will step down from her current role at the IASB to take on the new position.
In her new role, Lloyd will focus on the ISSB’s work on technical standard-setting issues and developments.
“I’m excited to take on this new challenge within the IFRS Foundation and about the opportunity to use my experience to assist in the creation of the ISSB and its delivery of sustainability standards for the global capital markets. I’ve enjoyed my time on the IASB and look forward to working closely with both old and new colleagues across the organisation in my new role.”
Andreas Barckow, Chair of the IASB, added:
“I congratulate Sue on her appointment as ISSB Vice-Chair and would like to thank her for the tremendous job she has done as IASB Vice-Chair and Chair of the IFRS Interpretations Committee. Sue’s experience from the IASB will help facilitate the important connectivity between the IASB and the ISSB’s work, and I look forward to continuing working with her in her new role.”
Guillot has served as Chief Executive Officer of the Value Reporting Foundation since its formation last year through the merger of the International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB), after serving as SASB CEO prior to the combination. SASB was created with the mission to establish industry-specific ESG disclosure standards for companies, designed to enable investors to assess the materiality of reported sustainability information, and to compare companies on these metrics on a global basis. Guillot also served as a member of the TRWG.
As a Special Advisor, Guillot will provide strategic advice and counsel to the Chair of the ISSB and the Trustees, will help oversee the consolidation of the VRF into the IFRS Foundation and the establishment of the ISSB.
“The formation of the ISSB is a historic opportunity to establish a global sustainability disclosure standard-setter for the financial markets. The consolidation of the VRF and CDSB into the IFRS Foundation will provide a running start for the work of the ISSB and enable strong connectivity between the ISSB and IASB. I look forward to working with Emmanuel and Sue to help take comparable and reliable sustainability disclosure for the financial markets to a truly global level.”
The IFRS Foundation also said that it expects to appoint another Special Advisor to the ISSB Chair from the Asia-Oceania region to focus on the ISSB’s engagement with developing and emerging economies, as well as with smaller companies.
Erkki Liikanen, Chair of the IFRS Foundation Trustees, said:
“Sue has been an exemplary Vice-Chair of the IASB, and we are delighted she will bring her skills and experience to helping Emmanuel establish the ISSB. Janine’s contribution will also be essential in guiding work to integrate the VRF and CDSB teams into the IFRS family. I congratulate both on their appointments.”