PAFA Board Approves Centre of Excellence for Sustainability

Johannesburg, South Africa, 19 August 2024 – The Pan African Federation of Accountants (PAFA) is pleased to announce that its Board has officially approved a pioneering strategy to establish a Centre of Excellence (CoE) for Sustainability. This initiative marks a significant milestone in PAFA’s mission to promote good governance, transparency, accountability, and sustainable value creation across Africa. The CoE is poised to play a crucial role in advancing the adoption and implementation of the IFRS Sustainability Disclosure Standards of the International Sustainability Standards Board (ISSB) throughout the continent.

The development of the strategy was made possible through a partnership with the UK Foreign, Commonwealth and Development Office (FCDO) and the IFRS Foundation. This collaboration is a key example of the operationalisation of the IFRS Foundation Partnership Framework for Capacity building, demonstrating a shared commitment to enhancing ISSB Standards across Africa.

Why the Strategy Matters

Sustainability disclosures is increasingly recognised as a critical component of good governance and transparent business practices, particularly in Africa, where nations are striving to align with global standards. The PAFA Board’s decision to establish the CoE underscores the urgent need to build capacity to support the adoption and implementation of the ISSB Standards. This initiative is designed to empower Professional Accountancy Organisations (PAOs) and their members across Africa to drive meaningful change and contribute to economic development and growth.

What the Strategy Entails

The CoE will serve as a central resource hub, providing comprehensive services tailored to the needs of PAOs and their members in Africa. These services include:

Learning and Development: Curated and created content, educational webinars, and dynamic discussion forums to foster continuous learning and knowledge sharing.

Adoption and Implementation Support: Tailored guidance, actionable resources, and hands-on support to accelerate a considered approach towards the adoption and implementation of the ISSB standards.

Data and Analytics Tools: Access to curated data sets and analysis tools to support sustainability disclosure efforts.

Multilingual Accessibility: All content and services will be available in multiple languages, ensuring inclusivity and broad accessibility across the continent.

How It Will Be Achieved

The CoE’s online platform will be the cornerstone of its service delivery, featuring a user-friendly interface that offers a wide range of resources and tools. A phased implementation plan, supported by strategic partnerships, donor funding, and sponsorships, will ensure the CoE’s long-term sustainability and operational effectiveness. The strategy also includes a diversified funding model that balances reserves, donor funding, sponsorships, and earned revenue to mitigate financial risks and ensure continuous service delivery.

Next Steps

With the strategy now approved, PAFA has swiftly move into the implementation phase. This critical phase involves identifying and upskilling country champions who will lead local initiatives, as well as establishing a Forum for Advancing Sustainability and Integrated Reporting in Africa. The country champions and Forum will guide the development and implementation of a detailed multi-year strategy implementation plan. Given that the future success of the CoE is heavily dependent on securing external funding, PAFA will also undertake extensive fundraising efforts during this phase.

PAFA invites all stakeholders, including PAOs, corporate partners, and international organisations, to actively engage with the CoE and support its mission to elevate sustainability reporting practices across Africa. Your collaboration and investment are essential to realising the full potential of this transformative initiative.

For more information, please contact: Alta Prinsloo at AltaP@pafa.org.za

About PAFA The Pan African Federation of Accountants (PAFA) is the continental body representing Africa's professional accountancy organisations and an International Network Partner of the International Federation of Accountants (IFAC). PAFA’s mission is to strengthen the capacity and influence of the accountancy profession in Africa and contribute to the continent’s socio-economic development.