Today, the International Financial Reporting Standards (IFRS) Foundation announced that it has selected Montréal, Quebec, to be home to offices of the new International Sustainability Standards Board (ISSB). The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today issued the following statement:
"We are thrilled Canada will host one of the central offices for the ISSB and grateful to be recognized for our country's diverse and strong talent, financial sector expertise, and climate leadership. Canada is also recognized internationally as a leader and innovator in pricing pollution, with an ambitious price trajectory, and which encourages climate action for people and businesses.
"When it comes to sustainability in the financial sector, now more than ever, the world needs consistent, comparable global reporting standards. The ISSB and its new Montréal offices will be the global sustainability disclosure standard setter. This will provide people, around the world, with access to reliable information and strengthen accountability for companies and investors, in order to ensure an efficient global transition to a net-zero economy.
"The IFRS Foundation has done commendable work in advancing the global sustainability standards people expect and need. This new board is critical to ensuring consistent reporting on climate change and environmental, social, and governance factors.
"The new ISSB will create good jobs here in Canada and accelerate growth in the green economy, at home and around the world.
"I want to congratulate the many partners who helped to bring this group together. Canada looks forward to working with the IFRS Foundation and our international partners to stand up the ISSB, without delay, and begin the important work of setting global sustainability standards.
"Canada is a top destination for global talent. This selection is a win for Canada and is a reflection of our commitment to climate action across the economy."
Quick facts
- The IFRS Foundation is a not-for-profit, public interest organization established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards that bring transparency to financial information, enabling investors and other market participants to make informed economic decisions. IFRS Standards are currently required in more than 140 jurisdictions and permitted in many more.
- The ISSB will have a global presence. Offices in Frankfurt (the office of the board and the chair) and in Montréal will be responsible for key functions supporting the new board.
- Canadian coalition members, from across the country, have pledged tens of millions of dollars to attract the ISSB to Canada. As an anchor member of the coalition, the Government of Canada has pledged up to $8 million for the operations of the ISSB in Canada.
- The IFRS Foundation will engage immediately with Frankfurt and Montréal to make the necessary arrangements to enable the ISSB to commence work early in 2022.
- On July 23, 2021, the Deputy Prime Minister and Minister of Finance sent a letter on behalf of the Government of Canada and a coalition of over 55 Canadian public and private institutions inviting the Board of Trustees of the IFRS Foundation to locate the ISSB headquarters in Canada.
- The City of Montréal has the third highest concentration of international organizations in the Americas.
