The ISSB recently made several decisions that further clarify the role and evolution of the SASB Standards in response to extensive market feedback received on the draft IFRS Sustainability Disclosure Standards, General Sustainability-related Disclosures (IFRS S1) and Climate-related Disclosures (IFRS S2):– The ISSB confirmed that industry-specific disclosures are required and, in the absence of specific IFRS Sustainability Disclosure Standards, companies must consider the SASB Standards to identify sustainability-related risks, opportunities and appropriate metrics.– The ISSB will enhance the international applicability of the SASB Standards and continue SASB Standards projects handed over by the VRF as foundational work in 2023. In other words, the ISSB is not just preserving the SASB Standards, it is updating and improving them to provide a solid footing when companies use them when applying the new IFRS Sustainability Disclosure Standards. As part of that process, a group of ISSB members—chaired by Jeff Hales, former Chair of the SASB Standards Board—has been established and tasked with developing recommendations for the ISSB related to the maintenance, evolution and enhancement of the SASB Standards. The group will develop drafts of the required exposure drafts of amendments to the SASB Standards and, after considering the stakeholder feedback, drafts of the final amendments. The ISSB as a full board will consider the recommendations of this group in ISSB meetings (which are public) and ratify the exposure drafts and, subsequently the final amendments prepared by the group. The comment period for the exposure drafts will be the same as for those related to IFRS Sustainability Disclosure Standards.– Some commenters said the industry-based climate-related topics and metrics that the ISSB had adopted from the SASB Standards in the appendix to its exposure draft need further market exposure and improvements to be applied globally. There were also concerns that smaller companies and markets newer to climate reporting need time to get ready for those industry-specific disclosures. In a strong response to this feedback, the ISSB, while confirming the requirement for industry-specific climate information to be disclosed, decided to classify this appendix as examples of disclosures that could be provided, with the intention to make these disclosures mandatory in the future, subject to further consultation. This will give the ISSB more time to consider the need to improve these industry-based climate-related metrics and companies more time to prepare.– The ISSB decided to clarify and improve the Illustrative Guidance on S1. This important though sometimes overlooked guidance explains how preparers can identify sustainability-related risks and opportunities and the metrics to disclose material information about them – a two-step process. S1’s Illustrative Guidance will also be expanded to show how a company spanning multiple industries can use the SASB Standards in that two-step process.