"We're working very closely with ESRS on interoperability. It means that preparers shouldn't need to duplicate the information that's required for meeting investors' needs," Barker said.
Richard Howitt, former chief executive of the International Integrated Reporting Council, said complying with the new disclosure rules will have an appreciable cost in the first year to "transform the system", but that the EU and ISSB have both introduced extra phase-in periods to reduce the burden. Companies worry they are being overburdened with regulations and also that they will face different requirements in different jurisdictions as regulators rush to build new rules.
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