Many of the traditional accounting models mainly focus on statistics and the compilation of pure financial data, largely neglecting the impact of business activities on climate and environment. If traditional financial standards are regarded as one yardstick, then disclosure and accounting standards for non-financial information are equivalent to another yardstick. This should not be underestimated. If the major capital markets around the world are willing to use this benchmark, then its power can move assets in the order of hundreds of trillions.
At COP26 in Glasgow in 2021, the International Financial Reporting Standards Foundation (IFRS) announced the establishment of the International Sustainability Standards Board (ISSB) to develop global standards for sustainability disclosures. In other words, the ISSB’s task is to develop such a benchmark.
Today, however, we want to take a completely different perspective: As a newly established, international professional organisation, a set of systematic communication mechanisms is essential for the ISSB to build its unique credibility in the industry and its international influence in a short period of time. After all, the ISSB is not the only international organisation that has developed sustainability disclosure standards, and all of these organisations have a longer history than the ISSB.
This article summarises the communication logic and strategy behind the ISSB by analysing a range of practices since its inception. In other words, this article gives us a brief insight into the question “How does ISSB tell its story?”
Building thought leadership by publishing quality content
It is widely recognised that the ISSB has significant standard-setting authority. While the ISSB’s authority is supported by its parent organisation, IFRS, it must also be built on its own.
Therefore, the ISSB is establishing itself as a thought leader in the field of sustainability reporting by producing insightful content such as white papers, reports and articles. These resources provide deep insight into the importance of sustainability standards and their impact on global finance. Through seminars, webinars and participation in conferences, the ISSB shares its expertise and engages more deeply with the financial community and all other key stakeholders. This strategy positions the ISSB as an authoritative source for sustainability reporting and strengthens its credibility and influence.
Reinforcing the message and standards through the networks
Since its inception, the ISSB has actively sought partnerships with financial institutions, regulators and sustainability organisations in Frankfurt and beyond. To date, the ISSB has signed around 10 memoranda of understanding with various partners. These collaborations are strategic steps to spread the Institute’s message and standards through the networks. By working with these partners, the ISSB utilises the strategy of synergy and creates a multiplier effect that extends its reach and impact far beyond what it could achieve on its own.
Ensuring accessibility and transparency through a strong online presence
In today’s digitally connected world, the need for accessibility and transparency is very high. Especially for international organisations, credibility and reputation are extremely important values. The guidelines developed by the ISSB are open to all countries and regions of the world, which means that an extremely wide range of opinions and suggestions must be taken into account in the rule-making and implementation process. Otherwise, the rules may only be accepted by part of the audience.
By launching a comprehensive, user-friendly web presence and actively participating in social media platforms, the ISSB ensures that its mission, standards and latest developments are accessible to a global audience. This digital positioning not only promotes transparency, but also facilitates two-way communication, allowing the ISSB to gather feedback and engage directly with all stakeholders.
Emphasising Frankfurt as a strategic location
The ISSB holds regular meetings in Frankfurt and has on numerous occasions highlighted Frankfurt’s status as a leading global financial centre, emphasising how this strategic choice – in the centre of Europe – enhances the ISSB’s accessibility and visibility to stakeholders. For the ISSB, Frankfurt is more than just a place to work, it means easier stakeholder engagement, the ability to influence financial practices and policies, drive the agenda and have a greater influence on key stakeholders who can drive the adoption of sustainability reporting standards not only in Europe, the Middle East and Africa, but also globally.
These four points seem to characterise the ISSB’s communication strategy. As a newly established international organisation, the ISSB has increased its visibility and influence in a very short time, which is inextricably linked to its successful communication. While maintaining its independence and professionalism, the ISSB uses a variety of channels and means and maximises the possibilities of modern communication technology and community networks.
