The International Sustainability Standards Board (ISSB) of the IFRS Foundation has cemented its presence in Montreal with the opening of a permanent office in the city.
The office opening was marked with an event gathering officials and partners across the public and private sectors in Canada to celebrate the ISSB’s progress in developing a global baseline of sustainability disclosure standards to better inform decision-making in the world’s capital markets.
The creation of the ISSB was announced by the IFRS Foundation at COP26 in Glasgow in 2021. The ISSB operates as an independent standard-setter alongside the International Accounting Standards Board. Milestones since its creation include:
- the ISSB issuing its inaugural two IFRS Sustainability Disclosure Standards in June 2023 after extensive consultation with stakeholders globally, covering general sustainability disclosure requirements (IFRS S1) and climate-related disclosures (IFRS S2);
- the Standards being endorsed by the International Organization of Securities Regulators (IOSCO) in July 2023;
- Canada and other jurisdictions around the world consulting with stakeholders on adopting the Standards;
- the ISSB publishing a digital taxonomy reflecting the requirements in its inaugural Standards to enable investors to efficiently search, extract and compare sustainability-related financial disclosures; and
- the ISSB, informed by a public consultation, deciding the focus of its work plan.
The Foundation’s interim office in Montreal since June 2022 has enabled the ISSB to host meetings and effectively engage with stakeholders across the region, including through the 2023 IFRS Sustainability Symposium.
Erkki Liikanen, Chair of the IFRS Foundation Trustees, said:
The IFRS Foundation is grateful for the ongoing support from the Governments of Canada and Quebec, Montreal International and the Coalition of Canadian Champions, led by CPA Canada, in making Montreal one of the key locations for the ISSB’s work and engagement with stakeholders.
Emmanuel Faber, Chair of the ISSB, said:
Our Montreal office plays an important role in enabling the ISSB to deliver its mission, including hosting ISSB members and central functions thus enabling us to engage with our wide range of stakeholders across the region. I look forward to continuing the close collaboration with our counterparts in Montreal.
The Honourable Soraya Ferra Martinez, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec, said:
I am delighted that the International Sustainability Standards Board (ISSB) has chosen Montreal for one of its two main offices! The opening of this office represents an integral part of our government’s ambitious environmental objectives and is the result of proactive collaboration with Quebec and Montreal, with the help of Montréal International. International organisations such as the ISSB help build the economy of tomorrow, an economy that is stronger, more resilient and more sustainable.
Martine Biron, Minister of International Relations and La Francophonie and Minister Responsible for the Status of Women, said:
With its decision to open an office in Montreal, the International Sustainability Standards Board (ISSB), one of the 85 international organisations present in the province, has given a vote of confidence to Quebec, a destination of choice for international organisations. ISSB’s work reflects Quebec’s environmental values and will help the Quebec government meet its objectives with regard to a green and responsible economy. We are proud to have ISSB on board as we strive to fulfil this mission.
Valérie Plante, Mayor of Montreal, said:
We are very proud to welcome the ISSB offices to Montreal, whose arrival confirms the city's central role in sustainable finance on an international scale. We can no longer talk about climate without talking about finance, and we certainly can no longer talk about finance without talking about climate. This new international organisation sets sustainability disclosure standards for companies worldwide, which will have a major accelerating effect on the ecological transition. Our ambition is clear: to position Montreal as a leader in North America's green, sustainable and circular economy. We're delighted to be able to do this alongside ISSB.
Pamela Steer, President and CEO, CPA Canada, said:
From spearheading the Coalition of Canadian Champions to hosting the ISSB in its Montreal office, CPA Canada is proud to have played a role in establishing the board's Canadian presence. The CPA profession looks forward to seeing the Montreal centre continue to blossom into a hub of innovation and collaboration and we are as enthusiastic as ever to help foster a robust and globally aligned sustainability reporting ecosystem, here in Canada.
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IFRS Foundation strategy and governance
