RIAA supports the formation of a single entity which oversees financial and sustainability reporting. Done well, this entity will ensure more consistent development and connection between standards, the flexibility to set further sustainability standards and potentially better-enable integrated reporting. To ensure success of a new body the entity must be appropriately resourced and embed the following principles:
- Independence of the new body is fundamental to the credibility of financial reporting and requires strict governance controls to ensure that the risk of undue interference from interested parties is mitigated.
- Incorporates industry (including investor) views into standards development;
- Comprised of individuals with sufficient and diverse expertise (both technical and practical) in areas under its remit, including climate change and broader sustainability issues.
RIAA made recommendations to further strengthen the governance of the new body as well as to safeguard the decision making of the standard-setting committees under the new structure.
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RIAA supports the formation of a single entity which oversees financial and sustainability reporting. Done well, this entity will ensure more consistent development and connection between standards, the flexibility to set further sustainability standards and potentially better-enable integrated reporting. To ensure success of a new body the entity must be appropriately resourced and embed the following principles:
- Independence of the new body is fundamental to the credibility of financial reporting and requires strict governance controls to ensure that the risk of undue interference from interested parties is mitigated.
- Incorporates industry (including investor) views into standards development;
- Comprised of individuals with sufficient and diverse expertise (both technical and practical) in areas under its remit, including climate change and broader sustainability issues.
RIAA made recommendations to further strengthen the governance of the new body as well as to safeguard the decision making of the standard-setting committees under the new structure.
