SVI has responded to the CDSB Consultation on corporate reporting on social issues

In early January, Social Value International published a draft response to the Climate Disclosure Standard Board consultation on expanding the scope of the CDSB Framework to include material social information. Following a period of consultation with our own international community of members and partners, SVI has submitted a response.

Social Value International produced this response with the support of SVI members and networks, and also through collaboration with the Capitals Coalition and their community of practitioners and businesses. Engagement with these communities consisted of a period for comment on a Draft response as well as an open webinar discussion delivered by the Capitals Coalition in partnership with Shift and CDSB.

You can download Social Value International’s response in full here.

Background:

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 was made available and open for public consultation in late 2021 and Social Value International has been most grateful for the opportunity to provide feedback and comment on this and to formulate a response to this.

Why SVI has responded:

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 more information about SVI’s response, or how you can further support the mission of SVI please reach out to us at hello@socialvalueint.org.