The UN Pension Fund will contribute to develop sustainability financial reporting, having recently joined the Investor Advisory Group (IIAG) of the IFRS Foundation’s International Sustainability Standards Board (ISSB). International financial reporting standards for sustainable investment have been developed over the past years, but many questions remain open for the investors in this area.
“As a global investor and leader in sustainable investment, the UN Pension Fund is in the best position to advise,” stated Pedro Guazo, Representative of the Secretary-General for the investment of UNJSPF assets. “By assisting the main international body on sustainability reporting standards, the UN Pension Fund will share its experience and help clarify requirements, showing the way to the industry. This is also its role, as part of the UN family” added Mr Guazo.
The IIAG comprised leading asset owners and asset managers in various markets who are committed to improving the quality and comparability of sustainability-related financial disclosures. The goal of the Group is to provide strategic guidance on developing IFRS Sustainability Disclosure Standards and to help ensure that the investor perspective is articulated clearly and is considered in standard-setting process.
The IIAG serves as an advisory body to the ISSB. The ISSB was created on 3 November 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB is developing—in the public interest—standards that will result in a high-quality, comprehensive global baseline of sustainability disclosures focused on the needs of investors and the financial markets.
The ISSB is a body of the IFRS Foundation, which oversees the International Financial Reporting Standards (IFRS), a standardized way of describing company's financial performance and position so that statements are understandable and comparable across international boundaries.
The UN Pension Fund has also joined the IFRS Sustainability Alliance, a global membership programme for sustainability standards, integrated reporting and integrated thinking which focuses on the need to develop standards of sustainability disclosure to meet information needs of investors globally.
To get to know more on the UNJSPF’s efforts in sustainable investing, please read here.