A roadmap for triggering the convergence of global ESG disclosure standards: lessons from the IFRS foundation and stakeholder engagement
ISSN: 1472-0701
Article publication date: 31 May 2023
Issue publication date: 3 November 2023
Abstract
Purpose
Motivated by the growing and urgent demands for a unified set of internationally accepted, and high-quality environmental, social and governance (hereafter ESG) disclosure standards, this exploratory study aims to propose a roadmap for setting out the proper technical groundwork for global ESG disclosure standards.
Design/methodology/approach
An exploratory study is conducted to gain initial understanding and insights into establishing a worldwide set of standards for reporting on sustainability, as this topic has not been extensively studied. This study examines the viewpoints of various stakeholders, including sustainability practitioners, academics and organizations focused on ESG issues, to generate knowledge that is more solid than knowledge produced when one group of stakeholders work alone.
Findings
The results revealed that there is an ongoing and incompatible debate regarding several conceptual and practical challenges for setting a unified set of ESG disclosure standards.
Practical implications
The study results provide multidimensional insights for regulatory parties and standard-setters to develop a high-quality package of global ESG reporting standards. This, in turn, enables different groups of stakeholders to understand the firm’s impact on the environment, society and economy.
Originality/value
Research into this timely and relevant global issue is considered an appealing area of study and deserves significant attention. Thereby, working on this topic merits remarkable attention. Furthermore, this exploratory article provides valuable and informative suggestions for creating a unified and high-quality set of internationally accepted sustainability reporting standards.
Keywords
Acknowledgements
Mohammad A.A. Zaid would like to express his sincere thanks to the Palestine Technical University-Kadoorie for supporting this research. Ayman Issa would like to extend his sincere gratitude to Skyline University College for supporting this research.
Citation
Zaid, M.A.A. and Issa, A. (2023), "A roadmap for triggering the convergence of global ESG disclosure standards: lessons from the IFRS foundation and stakeholder engagement", Corporate Governance, Vol. 23 No. 7, pp. 1648-1669. https://doi.org/10.1108/CG-09-2022-0399
Publisher
:Emerald Publishing Limited
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