The Chartered Professional Accountants of Canada (CPA Canada) has welcomed the IFRS Foundation’s decision to establish an office of the International Sustainability Standards Board (ISSB) in Montreal, Quebec.
The ISSB will feature a global and multi-office structure. According to the IFRS Foundation announcement: “Offices in Frankfurt (the seat of the Board and the office of the Chair) and in Montreal will be responsible for key functions supporting the new Board and deeper co-operation with regional stakeholders.”
In addition, there will be offices in San Francisco and London providing technical support and platforms for market engagement and regional stakeholder co-operation. Further discussions are also ongoing in relation to proposals from Beijing and Tokyo to establish the new Board’s footprint in the Asia Oceania region.
CPA Canada president and CEO Charles-Antoine St-Jean said: “Selecting Montreal to host an office of the new international Board demonstrates that the IFRS Foundation recognises this country’s strong commitment to sustainability governance, something showcased by the extensive support behind the Canadian bid. It is a significant achievement and we look forward to seeing Canada’s role evolve as the ISSB takes shape. The IFRS Foundation has clearly signaled its trust in Canada helping the ISSB establish a global footprint.”
“Canada has a proven history of being an engaging and effective facilitator when it comes to bringing various parties and diverging views together to reach a consensus or in finding a path forward. In this context, Canada is well positioned to engage with developing and emerging economies, which the IFRS Foundation has acknowledged will be an important priority.”