Two initiatives consolidate efforts to develop a single disclosure framework for social- and inequality- risks and opportunities
Written
13.04.2023
Author
TIFD
Source
TIFD
Social
On April 13, 2023, two initiatives that have been working in parallel (the Taskforce on Inequality-related Financial Disclosures (TIFD) and the Taskforce on Social-related Financial Disclosures (TSFD)) announced convergence. The framework to be developed will cover both social- and inequality-related risks and opportunities. This announcement is a step towards consolidating the efforts of the organizations preparing the two initiatives into one. The announcement also pinpoints that the framework will be developed in a manner that ensures ‘interoperability’ with other disclosure frameworks, namely: the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD).
The Taskforce on Social and Inequality-related Financial Disclosures (TIFD) aims to develop a global framework for financial disclosures that address social and inequality-related risks and opportunities. It will collaborate with existing initiatives and leverage third-party research to build convergence and identify gaps in disclosure guidance. The framework will be designed to ensure interoperability with the frameworks of the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). The Taskforce will have an inclusive governance structure that includes representatives from stakeholders such as investors, companies, regulators, academics, and those advocating for marginalized groups impacted by inequality. The Interim Secretariat, consisting of various organizations, leads the TIFD, and further information will be shared for public consultation. The proposal for the TIFD was initiated by the Business for Inclusive Growth (B4IG) coalition and the OECD. The Taskforce is also supported by organizations such as the World Business Council for Sustainable Development (WBCSD), the Council for Inclusive Capitalism (CIC), Shift, and investor and labor-focused organizations aligned with its vision.
The Taskforce on Social and Inequality-related Financial Disclosures (TIFD) aims to develop a global framework for financial disclosures that address social and inequality-related risks and opportunities. It will collaborate with existing initiatives and leverage third-party research to build convergence and identify gaps in disclosure guidance. The framework will be designed to ensure interoperability with the frameworks of the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD). The Taskforce will have an inclusive governance structure that includes representatives from stakeholders such as investors, companies, regulators, academics, and those advocating for marginalized groups impacted by inequality. The Interim Secretariat, consisting of various organizations, leads the TIFD, and further information will be shared for public consultation. The proposal for the TIFD was initiated by the Business for Inclusive Growth (B4IG) coalition and the OECD. The Taskforce is also supported by organizations such as the World Business Council for Sustainable Development (WBCSD), the Council for Inclusive Capitalism (CIC), Shift, and investor and labor-focused organizations aligned with its vision.