Comment on the new International Sustainability Standards Board
Commenting on the IFRS announcement on the International Sustainability Standards Board, Chris Cummings, Chief Executive of the Investment Association said:
"As an industry which invests in companies around the world on behalf of both UK and overseas savers and investors, investment managers have a vital role to play in the shift to a more sustainable global economy. Today’s announcement by the IFRS, including the creation of a new International Sustainability Standards Board; the commitment to ensure strong investor representation within the Board’s governance structure; the publication of prototype climate disclosure requirements, leveraging the knowledge and expertise of existing reporting bodies, are therefore very welcome. Investment managers need high quality and comparable data on the risks that companies face from climate change, and these measures will be pivotal for investors and companies to work together to achieve the Paris Agreement targets.
"This is why we also welcome the Chancellor’s announcement that UK listed companies will be required to produce Transition Plans by 2023 as part of the UK becoming the first net zero financial centre. Investors want to understand the steps which companies are taking now to transition their businesses to net zero, so these new disclosure requirements will give investors more visibility on the immediate actions their investee companies are taking."
For further information, please contact:
Katie Martin, Head of Communications: [email protected]
T: +44 (0)20 7269 4655
Camilla Esmund, Communications Executive: [email protected]
T: +44 (0)20 7269 4625
IA press office: [email protected]
T: 020 7269 4696
About the Investment Association (IA):
- The IA champions UK investment management, supporting British savers, investors and businesses. Our 270 members manage £9.4 trillion of assets and the investment management industry supports 114,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages over a third (37%) of all assets managed in Europe.