Faber to take lead at IFRS Foundation
Image: IFRS Foundation
The Trustees of the IFRS Foundation have announced the appointment of Emmanuel Faber to serve as chair of the International Sustainability Standards Board (ISSB), effective 1 January 2022. The appointment follows the announcement at COP26 in November about the creation of the ISSB; the consolidation of the Climate Disclosure Standards Board and the Value Reporting Foundation (which houses the Integrated Reporting Framework and the SASB Standards) into the IFRS Foundation; and the publication of prototype general disclosures and climate disclosure requirements developed by the Technical Readiness Working Group.
The ISSB will develop, in the public interest, IFRS Sustainability Disclosure Standards that provide a global baseline of disclosure requirements designed to give investors high quality, globally comparable sustainability information that can be used by jurisdictions on a standalone basis or incorporated into requirements to meet broader, multi-stakeholder or public policy needs. This programme of work has been welcomed by the G20 Leaders and carries the support of market regulators, multilateral institutions, investors and companies worldwide.
The ISSB will work in close cooperation with the International Accounting Standards Board (IASB) to ensure connectivity and compatibility between IFRS Accounting Standards and IFRS Sustainability Disclosure Standards.
As the former chair of the board and CEO of Danone, a multi-national food products company, Faber has long championed the importance of sustainability information to the global capital markets and its relevance to the investment decision-making process. Under his leadership, Danone introduced various innovations to help investors and credit providers better understand how sustainability factors might affect their assessment of enterprise value over the short, medium and long-term.
Faber has significant global experience, having lived in and held senior leadership positions across four continents—Africa, the Americas, Asia and Europe. He founded and chairs several international organisations and initiatives, including the One Planet Business for Biodiversity coalition and the G7 Business for Inclusive Growth coalition―co-chaired with the OECD Secretary General. He initiated Danone Communities, a social business initiative providing funding to bring nutrition and water access for vulnerable communities, as well as the Livelihoods Venture, which provides funding for ecosystem restoration and the development of sustainable farming in emerging economies.