Financial Services Commission "Appointed as an inaugural member country of the ISSB official advisory body"

Advisory Body 'SSAF' Founding Member Countries... Attending Q1 Meeting Next Year
Former Chief Secretary Lee Seok-jun Appointed IFRS Director
"Korea's Status in IFRS Foundation Will Rise"

[Asia Economy Reporter Minji Lee] The Financial Services Commission announced on the 22nd that the International Financial Reporting Standards (IFRS) Foundation has appointed South Korea as an inaugural member country of the Sustainability Standards Advisory Forum (SSAF), the official advisory body of the International Sustainability Standards Board (ISSB). Additionally, with former Senior Secretary to the Prime Minister Seokjun Lee appointed as a director of the IFRS Foundation, South Korea has produced directors for three consecutive terms.

The SSAF includes governments and standard-setting bodies from major countries worldwide to establish sustainability disclosure standards. Thirteen major countries, including South Korea, Europe, the United Kingdom, Canada, China, Japan, and Brazil, have been appointed as member countries. Although the U.S. Securities and Exchange Commission and the International Organization of Securities Commissions are not official members, they will participate in meetings and continue to make statements.

In South Korea’s case, the Financial Services Commission and the Korean Accounting Standards Board were jointly appointed as SSAF members. The Korean representative will be Kwangil Kim, Director of the Fair Market Division at the Financial Services Commission.

With South Korea appointed as an inaugural member country of the SSAF, it is expected that the domestic economy, industrial conditions, and stakeholder opinions from companies will be more effectively conveyed during the ISSB’s standard-setting process. Furthermore, as the SSAF brings together financial authorities and standard-setting bodies from major countries worldwide, it is anticipated to be a valuable opportunity to exchange views on sustainability disclosure policies and standard-setting trends across countries.

SSAF meetings will be held four times a year, with the first meeting scheduled for the first quarter of next year at the ISSB headquarters in Frankfurt, Germany. The meetings are expected to discuss final standards for general and climate-related sustainability disclosures and the future direction of ISSB standard-setting.

Meanwhile, the IFRS Foundation appointed former Senior Secretary to the Prime Minister Seokjun Lee as a director of the foundation and Jeonghyuk Park, an accounting expert at Samsung Life Insurance, as a member of the Global Preparers Forum (GPF). The newly appointed director succeeds former director Sugun Kwak and will serve representing South Korea for the next three years. With this, South Korea has produced directors on the IFRS Foundation board for three consecutive terms since 2011 and has entered the GPF for the first time.

The Financial Services Commission explained, “With the appointment of former Senior Secretary to the Prime Minister Seokjun Lee as a director of the IFRS Foundation and South Korea’s appointment as an inaugural member country of the SSAF, South Korea’s role and status within the IFRS Foundation will be further elevated.”

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