Press release

Monday, 16 October 2023

On June 26, the IFRS Foundation through the International Sustainability Standards Board (ISSB) published the first two sustainability standards titled IFRS S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and IFRS S2 “Climate-related disclosures.”

The Superintendency of Banks of Panamá, aware of the importance of consistent and comparable sustainability disclosures in building trust among investors and depositors and taking advantage of the meeting of the IFRS Foundation Trustees currently taking place in Panamá City, has conveyed to that institution its strong support for the initiatives being undertaken by the ISSB. Additionally, the Superintendency has committed to promoting the analysis and use by regulated entities of these standards in the disclosure of their risks and opportunities related to climate and other sustainability aspects.

The comprehensive management of risks faced by banking institutions and the adherence to international standards aimed at enhancing transparency in the information provided by banks will remain a top priority for the Superintendency, which will continue updating the prudential regulations to meet this commitment.

Panama, October 16, 2023