Korea Accounting Standards Board to Hold Sustainability Mandatory Disclosure Forum

On the 30th, the Korea Accounting Standards Board (KASB) announced, "We plan to hold a related forum on the 20th of next month to discuss the usefulness of sustainability disclosure information and the necessity of mandatory disclosure from the perspective of investors and other information users." This forum will be co-hosted with the Korea Financial Investment Association, the Korea Capital Market Institute, the Bank of Korea, the Korean Accounting Association, and the United Nations Environment Programme Finance Initiative (UNEP FI).

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The KASB Sustainability Standards Board (KSSB) released a public draft of the Korean Sustainability Disclosure Standards last April and has since been gathering feedback from various stakeholders.

To establish highly acceptable standards considering the characteristics of domestic industries, corporate readiness, and capabilities, the KSSB has actively collected opinions from companies, the entities responsible for preparing sustainability disclosure information, through field meetings and forums.

This forum is an opportunity to directly hear opinions from capital market information users such as investors regarding the usefulness of sustainability disclosure information and the necessity of mandatory disclosure. This is because the purpose of the sustainability disclosure standards is to provide useful sustainability-related information to information users.

A KASB official explained, "Based on the opinions gathered at the forum, the KSSB plans to consider the views of not only companies, the preparers of disclosures, but also related information users such as investors in a balanced manner when establishing the Korean Sustainability Disclosure Standards."

The forum will invite various figures from institutional investors such as the National Pension Service, capital market research institutions, monetary policy organizations, UN environmental agencies, evaluation agencies, academia (certification and legal system experts), and the government to discuss the usefulness and necessity of mandatory sustainability disclosure to enhance capital market value. Details about the forum, including participation applications, can be found on the KASB website.

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