Bates Wells has advised CDP, the global non-profit that runs the world’s environmental disclosure system, on the transfer of the intellectual property and employees of its Climate Disclosure Standards Board (CDSB) to the IFRS Foundation, a not-for-profit organisation that develops globally accepted financial reporting standards.
CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts.
The transaction represents an exciting step towards mainstreaming sustainability reporting with financial accounting, and is part of a wider commitment made by CDSB and the Value Reporting Foundation (VRF) to consolidate into the IFRS Foundation to provide staff and resources to the new International Sustainability Standards Board (ISSB).
Advising on the transfer of staff, intellectual property and technical assets, Bates Wells’ team was led by Richard Marke and Oliver Scutt, with support from Therese Rankin, Susan Shi and Bill Lewis.