Help shape SVI’s response to the CDSB Consultation on Social Reporting
An open public consultation is underway on expanding the scope of the Climate Disclosure Standard Board Framework to include material social information, and as a member of Social Value International we would like you to help shape our response.
In July 2021, CDSB published a position paper on social reporting and determined the benefit of expanding the scope of the CDSB Framework to include social as well as environmental information, with the aim of assisting the development of higher-quality and more decision-useful environmental and social disclosures.
A draft version of the CDSB Framework for reporting environmental and social information is now available and open for public consultation and Social Value International is grateful for the opportunity to provide feedback and comment on this and will be working with our members to formulate a response to this.
As you know, Social Value International is a membership led ‘network of networks’ with a shared mission to change the way society accounts for value. We work with members and partners to develop a principles-based approach to accounting for value, in order to reduce inequality and promote wellbeing of people and planet. We therefore believe it is important to respond to this consultation because:
1) SVI has campaigned for changes to social accounting and reporting based on the Principles of Social Value for over 15 years. Concepts such as stakeholder engagement, accountability, valuation and double materiality (which are central to SVI’s approach) are all vital in the achievement of sustainability and the reduction of inequalities and yet are often neglected in international frameworks and standards. SVI therefore has a responsibility to represent our members and influence such frameworks to include these vital concepts.
2) There has been an expansion of work in the field of reporting and accounting for social impacts in recent years that SVI strongly welcomes, but is it vital that there is not a duplication of work causing confusion, and therefore SVI promotes collaboration and alignment to build convergence and consensus.
3) At COP26, alongside the IFRS Foundation announcement of the new International Sustainability Standards Board (ISSB) it was also announced that the IFRS Foundation will complete consolidation of the Climate Disclosure Standards Board and the Value Reporting Foundation (VRF—which houses the Integrated Reporting Framework and the SASB Standards) by June 2022. Therefore, influencing the work of the CDSB as they expand their scope to social reporting will have further impacts on the work of the IFRS Foundation and the ISSB. You can read more on SVI’s response to the creation of the ISSB, and why we deem it important to continue influencing the decisions of the ISSB here.
For further context on the CDSB consultation our partners, the Capitals Coalition, are hosting a webinar on January 12th 15:00 – 16:00 GMT. At the webinar Ravi Abeywardana and David Astley (CDSB), together with Mark Hodge (Shift) will present the new CDSB Framework and its key updates. This is followed by a reflection by our CEO, Ben Carpenter, who will share a first draft reaction to the consultation as a basis for discussion.
We therefore invite all members of Social Value International to join this webinar by registering here.
How to input into SVI’s response:
The deadline for SVI to submit a response to CDSB is January 20th and therefore we ask all SVI members to comment on the draft SVI response no later than 5pm GMT Monday 17th January.
Download the draft CDSB Framework. For more context, download the Basis for conclusions.
Open the draft SVI Response and add your response/comments by the deadline of 5pm Monday 17th January (please ensure to add comments and not track changes to ensure all feedback is captured equally).
If you have any questions, please contact Social Value International at hello@socialvalueint.org.