The Regional Partnership for the promotion of sustainability and SDG reporting in Latin America met virtually on February 24th & 25th and May 26th & 27th to address the most important issues on sustainability reporting in Latin-America and global developments on the topic, such as Latin America’s regional response to the International Sustainability Standards Board’s Exposure Drafts.
The LATAM Regional Partnership is a space for countries in the region to share best practices and serves as a channel for dialogue on the topic of sustainability reporting. Members are able to learn from each other in their efforts to develop national strategies and policies for the establishment of national infrastructure for the preparation of high-quality sustainability reports and the measurement of the contribution of the private sector toward the implementation of the Sustainable Development Goals (SDGs). Mexico is the first member to chair the Partnership - represented by the Mexican Council for Financial Reporting Standards (CINIF) with the support of the National Banking and Securities Commission of Mexico (CNBV), and the Mexican Institute of Public Accountants (IMCP).
During its first session in 2022, which took place on the 24th and 25th of February, stakeholders addressed the general foundations needed for the establishment/strengthening of the national infrastructure for corporate sustainability reporting and shared best practices on the topic. Topics covered included current issues such as the role of the SDGs, trends and developments in sustainability reporting, and the importance of taxonomy development. Furthermore, the session explained the development of national plans for sustainability reporting infrastructure in Latin America, and participants were able to learn about relevant tools developed by UNCTAD, hear the perspective of regulating institutions, and discussed pressing topics such as greenwashing.
The second session of the Partnership, which took place on the 26th and 27th of May, actively engaged participants in a poll aimed at crafting a joint response to the recently released ISSB’s sustainability standards exposure drafts. The meeting also addressed the three foundational components that are needed for a solid national infrastructure for sustainability reporting (institutional, regulatory, and human capacity).
The poll on the exposure drafts published by the ISSB represented an opportunity for the region to come together and decide on a joint response to a key global development, through the Partnership as a successful channel. The poll addressed the documents S1: General Requirements for Disclosure of Sustainability Related Financial Information and S2: Climate Related Disclosures. Participants from 17 countries voted and provided general input on the questions posed by the ISSB in its exposure drafts, reflecting the regional perspective from Latin-America and feedback regarding the implementation of the upcoming ISSB sustainability standards.
The electronic platform of the Partnership, developed by UNCTAD and eagerly awaited by members, was launched during the second session. In addition to the virtual Partnership meetings that are held three times a year, the electronic platform will serve as a complementary space for the exchange of useful resources and materials relevant to the topic of sustainability reporting, with a forum that fosters dialogue and best practice sharing among Partnership members.
The Partnership continues to grow its membership rapidly; currently there are member entities from 13 countries, with additional participants totaling 17 Latin-American countries. Members encompass representatives from regulating institutions, financial reporting standard setters, entities responsible for sustainability reports and the implementation of the 2030 Agenda, and professional accountancy associations. Under the guidance of its Chair, members will decide the topics to address during the next session of the Partnership, which will take place in September of 2022.
