The Trustees of the IFRS foundation have appointed Tae-Young Paik and Elizabeth Seeger as inaugural members of the International Sustainability Standards Board (ISSB).
Paik has worked as an academic and policy advisor on accounting and sustainability matters for over 30 years in Korea and internationally. He is currently professor of accounting at Sungkyunkwan University in Seoul and chair of the Sustainability Evaluation and Disclosure Committee in the G7 Korea Impact Alliance, and organisation created to support the G7 Impact Taskforce initiatives. Paik has a PhD in accounting from University of California-Berkeley and studied economics in Bachelor and Master programmes at Seoul National University.
Seeger has over 20 years’ experience of standard-setting, investment, and working on corporate environmental and social issues. She joins the ISSB from global investment firm KKR. There she was managing director, sustainable investing, responsible for helping to oversee the firm’s consideration of sustainability matters throughout KKR’s investment process and part of KKR’s Global Impact team. Since 2017 she has also served as a member of the SASB Standards Board. She has an MBA from the Wharton School of the University of Pennsylvania and an undergraduate degree in environmental studies from University of Chicago.
IFRS Foundation Trustees chair Erkki Liikanen said: “I am delighted to appoint Tae-Young and Elizabeth to the ISSB. The interest in and support for the ISSB has resulted in applications from highly qualified candidates worldwide, enabling us to carefully create a diverse board that reflects the calibre and importance of the work ahead.”
ISSB chair Emmanual Faber said: “We have a unique opportunity to build a new standard-setting board from scratch and will shortly have a complete ISSB with the balanced expertise that will enable us to deliver on our mission. I’m excited to welcome Tae-Young and Elizabeth to the team as we prepare for the ISSB’s inaugural meeting.”
Both Paik and Seeger are appointed for a three-year term, effective July and November 2022 respectively. These appointments bring the ISSB to 10 members: Emmanuel Faber (Chair), Sue Lloyd (Vice-Chair), Richard Barker, Verity Chegar, Jeffrey Hales, Michael Jantzi, Bing Leng, Ndidi Nnoli-Edozien, Tae-Young Paik and Elizabeth Seeger.
The Trustees expect to announce the remaining four ISSB members later this quarter to bring to a total of 14 members. The remaining appointments are expected to include one member from Asia-Oceania (Japan), two members from Europe (including a candidate with experience in preparing financial reports) and one ‘at large’ member (can be from any region).
The ISSB will hold its first board meeting in Frankfurt 20-21 July, which can be observed on the IFRS Foundation’s website. It is also currently consulting on its first two proposed IFRS Sustainability Disclosure Standards. The consultation period closes 29 July 2022.