Washington, D.C., November 3, 2021 – SIFMA AMG today released the following statement from Tim Cameron, SIFMA Managing Director and head of SIFMA’s Asset Management Group (SIFMA AMG) regarding the establishment of the International Sustainability Standards Board (ISSB):

“SIFMA AMG strongly supports the development of coherent and comprehensive internationally recognized, industry-specific sustainability reporting standards, as such standards are necessary to provide consistency across the market and enhance the reliability and comparability of sustainability reporting for investors. Today’s launch of the IFRS Foundation’s International Sustainability Standards Board (ISSB), together with their announcement that they will acquire the Value Reporting Foundation (VRF), are welcome developments signalling the IFRS Foundation is serious about assisting the industry in meeting these goals. We firmly believe the IFRS Foundation and the ISSB should build upon the accumulated knowledge and expertise of the Sustainability Accounting Standards Board, which is now part of the VRF. We urge the IFRS Foundation and the ISSB, as it proceeds, to incorporate SASB’s work and follow their approach, focusing on industry-specific standards in an effort to develop data that is useful for investors.  We also reiterate our belief that the ISSB will only be truly effective if it has full-time investor representation at a governance level, ensuring that investors – and indeed all stakeholders – remain involved at a meaningful level as the standards develop. We stand ready to assist the IFRS Foundation and the ISSB to achieve these goals.”

-30-

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecing retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.