The IFRS Foundation, which sets global accounting and sustainability reporting standards and hosts the International Sustainability Standards Board (ISSB)[1].
The Financial Stability Board asked the IFRS Foundation to take over monitoring how companies disclose climate-related information.
The IFRS Foundation created the ISSB to write sustainability reporting standards. It also published a comparison of its climate standard, IFRS S2, with the earlier TCFD recommendations. The Financial Stability Board, a group of regulators, asked the IFRS Foundation to track companies' progress on climate disclosures. The IFRS Foundation also signed a memorandum of understanding with the Taskforce on Nature-related Financial Disclosures to align their work. But the record does not show that the IFRS Foundation can enforce disclosure or that its templates are legally binding everywhere.
It shows how a private standard-setter can be handed a monitoring role by regulators, even without the power to make companies or countries comply.