TISFD and EFRAG join the Impact Management Platform

The Partners of the Impact Management Platform have welcomed two more organisations to join the initiative. Effective today, the Taskforce on Inequality and Social-related Financial Disclosures (TISFD) will join the group as a Partner and EFRAG will join as an Observer, to mainstream the practice of impact management.

The TISFD is a global initiative to develop recommendations and guidance for businesses and financial institutions to understand and report on impacts, dependencies, risks, and opportunities related to people. The aim of the Taskforce is to incentivize business and financial practices that create fairer, stronger societies and economies.

EFRAG’s mission is to serve the European public interest in both financial and sustainability reporting by developing and promoting European views in the field of corporate reporting. EFRAG builds on and contributes to the progress in corporate reporting and in its sustainability reporting activities, provides technical advice to the European Commission in the form of draft European Sustainability Reporting Standards (ESRS) elaborated under a robust due process and supports the effective implementation of ESRS.

The two organisations join 19 other leading international providers of sustainability standards and guidance to coordinate efforts to mainstream the practice of impact management. They do this by working together to:

• clarify and build consensus on the meaning and practice of impact management;
• work towards a complete and coherent system of impact management resources; and
• have coordinated dialogue with policymakers.

To date, the Partners have published several resources that reflect their view of impact management. These include, among others: A thought piece clarifying the imperative for impact management, an explanation of the core management actions that allow for impact management, and a set of associated key terms and concepts.