Confronting sustainability grand challenges: How do Standard-Setters Shape Sustainability Reporting Standards and Accountability Practices?

Purpose: This study critically reflects on how international sustainability standard-setters, namely the Global Sustainability Standards Board (GSSB), the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) – are responding to the environmental and social grand challenges by shaping sustainability reporting standards and accountability practice. Design/methodology/approach: Drawing on insights from the academic debate and the official resources of GSSB, ISSB and EFRAG, this study performs a thematic analysis of public documents, such as meeting summaries, minutes and notes, audio recordings gathered from January 2022 to May 2024 related to the process and discussions on sustainability reporting standards. Findings: Findings reveal how the struggle to address grand environmental and social challenges unfolds in the standard-setting arena. Sustainability reporting standards emerge from power struggles among stakeholders within t...