Effective 1 January 2022, Emmanuel Faber is the International Sustainability Standards Board’s (ISSBs) new Chair. The ISSB is a part of the Integrated Reporting Framework Sustainability Foundation. The latter’s International Accounting Standards Board writes accounting rules used in around 140 countries.
The ISSB was created last November at COP26. The ISSB develops, with public interest in mind, Integrated Reporting Framework Sustainability Disclosure Standards that create a global baseline for disclosure requirements. These requirements are designed to provide investors with high-quality, universally comparable sustainability information.
Faber is a former head of Danone and advocate for sustainable business. He was removed from his position at Danone after coming under fire over sales and margins. Faber will work out of Frankfurt. His appointment is for three years.
Faber says the current “alphabet soup” of disclosure practices impedes the market’s ability to deliver capital to sustainable investments.
“Greenwashing is basically paralysing everyone,” Faber said, adding, “One of the reasons I was excited about joining this initiative is we will significantly reduce the greenwashing noise.”
Sources: https://www.institutionalassetmanager.co.uk/2021/12/16/310496/international-sustainability-standards-board-appoints-new-chair; https://www.reuters.com/business/environment/former-danone-ceo-chair-global-climate-disclosures-body-2021-12-16/