Apr. 13, 2023 — The Taskforce on Inequality-related Financial Disclosures (TIFD) and the organisations preparing a Taskforce on Social-related Financial Disclosures (TSFD) – two initiatives that have been developing in parallel – are now consolidating efforts into a single initiative.

The shared vision for the Taskforce's mandate is to develop a global framework for financial disclosures with a scope that provisionally encompasses social- and inequality-related risks and opportunities affecting financial stability and long-term enterprise value creation. Recognizing market demand for harmonized disclosure guidance, the Taskforce will leverage third-party research and collaborate with existing initiatives to build convergence and identify critical gaps.

The disclosure framework will be designed for consideration in the future work of standard-setting bodies and designed to ensure interoperability with the frameworks of the Task Force on Climate-related Financial Disclosures (TCFD) and the Taskforce on Nature-related Financial Disclosures (TNFD).

The Taskforce will be constituted and operated in a manner that enables a co-creation process in which those advocating for the people most impacted by inequality have an explicit role in building the framework alongside investors, companies, regulators, academics, and other stakeholders. An early priority will be to develop an inclusive governance structure that includes a balance of these stakeholder representatives.

Further information about the Taskforce, including propositions regarding its governance, processes, and substantive work, will be shared for public consultation.

TIFD is led by an Interim Secretariat that includes the Argentine Network for International Cooperation (RACI), Predistribution Initiative (PDI), Rights CoLab, Southern Centre for Inequality Studies (SCIS), and United Nations Development Programme (UNDP). 

The proposal to create a TSFD was initiated by the Business for Inclusive Growth (B4IG) coalition together with its strategic partner, the OECD. 

The creation of the consolidated Taskforce is also supported by the World Business Council for Sustainable Development (WBCSD), the Council for Inclusive Capitalism (CIC), Shift, and investor- and labour-focused organisations that are pursuing particular bodies of work that are aligned with the long-term vision for the Taskforce.