The Chartered Professional Accountants of Canada (CPA Canada) has backed the country’s offer to host the global headquarters for the new International Sustainability Standards Board (ISSB).
The Canadian Champions for Global Sustainability Standards, is a national collaboration with a shared objective to locate the new board in Canada.
Backed by support from the country’s public and private sectors, the Government of Canada has formally submitted the Canadian offer letter to the IFRS Foundation.
The Canadian offer includes financial contributions for the successful start-up and operations of the ISSB, should the IFRS Foundation decide to locate the headquarters in Canada.
CPA Canada board of directors chair Amanda Whitewood said: “The overwhelming support associated with the Canadian offer clearly demonstrates the breadth and depth of this collaborative effort. Collectively, there is strong recognition that sustainability considerations are increasingly driving investment and policy decisions both domestically and internationally.”
Once established, the ISSB will develop a much-needed set of global standards for reporting on environmental, social and governance matters. As the provider of international financial reporting standards in more than 140 jurisdictions around the world, CPA Canada believes the IFRS Foundation is well-positioned to create a global set of international sustainability standards through the ISSB.
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CPA Canada President and CEO Charles-Antoine St-Jean said: “Our country has a solid track record of working with global institutions on sustainability and standard setting. Our standard setters are respected internationally and their knowledge and expertise are continually in demand.
“Our major cities are one flight away from many of the world financial markets – and our country’s skilled, diverse and multi-lingual workforce, including leaders in sustainability and standard setting, make Canada an ideal location for the global headquarters of the ISSB.”
The Trustees are expected to officially announce their decision on a new ISSB by the United Nations Climate Change Conference, COP26, in November 2021.