{"id":1037,"date":"2024-09-29T10:14:28","date_gmt":"2024-09-29T09:14:28","guid":{"rendered":"https:\/\/cleeritesg.com\/?p=1037"},"modified":"2024-09-29T10:16:19","modified_gmt":"2024-09-29T09:16:19","slug":"efrag-and-tisfd-join-forces","status":"publish","type":"post","link":"https:\/\/cleeritesg.com\/index.php\/2024\/09\/29\/efrag-and-tisfd-join-forces\/","title":{"rendered":"EFRAG and TISFD join forces"},"content":{"rendered":"<p>On September 27 the <a class=\"app-aware-link \" href=\"https:\/\/www.linkedin.com\/company\/taskforce-on-inequality-and-social-related-financial-disclosures-tisfd\/\" target=\"_self\" rel=\"noopener\" data-test-app-aware-link=\"\">Taskforce on Inequality and Social-related Financial Disclosures (TISFD)<\/a> communicated its official launch, and on the same day <a class=\"app-aware-link \" href=\"https:\/\/www.linkedin.com\/company\/european-financial-reporting-advisory-group\/\" target=\"_self\" rel=\"noopener\" data-test-app-aware-link=\"\">EFRAG<\/a> and TISFD announced that it had signed a cooperation agreement.<\/p>\n<p>The collaboration seeks to promote global disclosure frameworks that enable businesses and financial institutions to understand and report on their impacts, dependencies, risks, and opportunities related to people.<\/p>\n<p>It reflects EFRAG\u2019s and TISFD\u2019s shared commitment to enhancing corporate transparency on social issues and supporting companies in meeting growing stakeholder expectations for more equitable and sustainable business practices.<\/p>\n<p>By aligning efforts, EFRAG and TISFD will work together, building on each organisation\u2019s unique expertise in sustainability and corporate reporting.<\/p>\n<p>Key objectives of the agreement include:<\/p>\n<ul>\n<li><strong>Technical alignment<\/strong> ensuring consistency between EFRAG\u2019s EU Sustainability Reporting Standards, ESRS, and TISFD\u2019s global framework.<\/li>\n<li><strong>Co-developed implementation support<\/strong> to assist companies in disclosing inequality and social-related data, facilitating the adoption of ESRS and TISFD requirements.<\/li>\n<\/ul>\n<p>TISFD is a global initiative to develop recommendations and guidance for businesses and financial institutions, with the aim to incentivize business and financial practices that create fairer, stronger societies and economies.<\/p>\n<p>The initiative is supported by financial institutions, business, civil society, and labour leaders worldwide, including UN Development Programme, OECD, ILO, OXFAM, WBC and PRI.<\/p>\n<p>You may have heard about the <strong>Task Force on Climate-Related Financial Disclosures (TCFD)<\/strong> \u2013 now disbanded as the work has been completed and the recommendations incorporated into both the ISSB and ESRS standards.<\/p>\n<p>The TCFD was set up by the Financial Stability Board in 2015 following a request from the G20 to improve and increase reporting of climate-related financial information, to support investors and other financial actors in appropriately assessing and pricing a specific set of risks &#8211; risks related to climate change &#8211; to avoid misallocation of capital.<\/p>\n<p>Then came the <strong>Taskforce on Nature-related Financial Disclosures (TNFD)<\/strong> in 2023 &#8211; a set of disclosure recommendations and guidance for organisations to report and act on evolving nature-related dependencies, impacts, risks and opportunities. The more holistic idea is that TNFD biodiversity and nature-loss data will complement companies\u2019 existing climate disclosures.<\/p>\n<p>And now we have the TISFD to add the S to the ESG equation.<\/p>\n<p>Anyone still thinks sustainability has nothing to do with financial performance?<\/p>\n<p>Sources:<\/p>\n<p><a href=\"https:\/\/www.efrag.org\/en\/news-and-calendar\/news\/efrag-and-tisfd-sign-cooperation-agreement-to-advance-socialrelated-financial-disclosures\">https:\/\/www.efrag.org\/en\/news-and-calendar\/news\/efrag-and-tisfd-sign-cooperation-agreement-to-advance-socialrelated-financial-disclosures<\/a><\/p>\n<p><a href=\"https:\/\/www.tisfd.org\/\">https:\/\/www.tisfd.org\/<\/a><\/p>\n<p><a href=\"https:\/\/www.fsb-tcfd.org\/about\/\">https:\/\/www.fsb-tcfd.org\/about\/<\/a><\/p>\n<p><strong>#getCSRDready<\/strong>, <strong>#CSRD<\/strong>, <strong>#ESRS<\/strong>, <strong>#CSDDD<\/strong>, <strong>#ESG<\/strong>, <strong>#Strategy<\/strong>, <strong>#Governance<\/strong>, <strong>#SustainabilityReporting<\/strong>, <strong>#Digitalisation<\/strong>, <strong>#CleeritESG<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On September 27 the Taskforce on Inequality and Social-related Financial Disclosures (TISFD) communicated its official launch, and on the same day EFRAG and TISFD announced that it had signed a cooperation agreement. The collaboration seeks to promote global disclosure frameworks that enable businesses and financial institutions to understand and report on their impacts, dependencies, risks, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,5,40],"tags":[],"class_list":{"0":"post-1037","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-csrd","8":"category-esrs","9":"category-sustainability-regulations","11":"post-with-thumbnail","12":"post-with-thumbnail-large"},"_links":{"self":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts\/1037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/comments?post=1037"}],"version-history":[{"count":3,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts\/1037\/revisions"}],"predecessor-version":[{"id":1041,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/posts\/1037\/revisions\/1041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/media\/1038"}],"wp:attachment":[{"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/media?parent=1037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/categories?post=1037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cleeritesg.com\/index.php\/wp-json\/wp\/v2\/tags?post=1037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}