The Guernsey Financial Services Commission issued a feedback paper on responses to its July 2024 discussion paper on the future of sustainability reporting in the Bailiwick of Guernsey, confirming it has no plans to implement mandatory sustainability disclosure standards for regulated financial services sectors in the foreseeable future. Supervised entities may instead make sustainability disclosures voluntarily in line with International Sustainability Standards Board (ISSB) Standards. Most respondents favoured a proportionate approach to any adoption of ISSB reporting that aligns with international peers, and identified interoperability and flexibility of disclosure requirements as key. The feedback paper also sits alongside consultations on proposed amendments to the Financial Sector Code of Corporate Governance to emphasise board consideration of biodiversity and nature risks alongside climate change, and on explanatory guidance clarifying that greenwashing is already prohibited under the Minimum Criteria for Licensing.
Guernsey Financial Services Commission 2025-07-30
Guernsey Financial Services Commission confirms no plans for mandatory sustainability disclosures and consults on biodiversity risk governance and greenwashing guidance
The Guernsey Financial Services Commission confirmed no plans to mandate sustainability disclosure standards, allowing voluntary disclosures per ISSB Standards. Respondents supported a proportionate, flexible approach. The paper accompanies consultations on amending the Financial Sector Code of Corporate Governance to address biodiversity risks and clarifying that greenwashing is prohibited under existing licensing criteria.