Adverse comment on the IASB’s draft sustainability standards
‘A Wake-Up Call’ – This week we at r3.0 sent an utterly strong message to the International ‘Sustainability’ Standards Board, responding to their draft sustainability standards. We concluded that what they present is a ‘Nonsensical Definition and Definitional Cooptation’ of sustainability and can only be seen as ‘Sociopathic’ when it comes to materiality definitions. We mainly stripped down their standards to showcase the utterly nonsense of what they put together and presented to the world as ‘the solution.’ They do not even give a clear definition of what they mean by sustainability, while that should be their starting point. They don’t understand materiality well and tinker around the edges with single materiality, while context-based materiality is needed. They have enterprise value in mind, when it’s system value that’s needed. It’ll add nothing to sustainability! Are they morally bankrupt using a term in their name and then don’t deliver at all? Could they be prosecuted for greenwashing? Was that a good enough wake-up call?