Montreal centre selected to host ESG functions throughout the Americas

The IFRS Foundation and Chartered Professional Accountants of Canada (CPA Canada) have signed an agreement to set up the Montreal centre of the International Sustainability Standards Board (ISSB) to host key functions on behalf of the ISSB, including the co-ordination of activity across the Americas. 

Established at the COP26 climate conference in November 2021, the ISSB will operate a multi-location model to deliver consistent global standards for reporting on environmental, social and governance matters. ISSB also has a presence in Frankfurt, which will host key functions and co-ordinate activities in Europe, the Middle East and Africa regions. Arrangements for the Asia-Oceania region are continuing. 

The Montreal agreement calls on CPA Canada to work collectively with the array of stakeholders who have come together to help fund and lend support to the ISSB and the Quebec-based centre. CPA Canada spearheaded efforts to unite the group known as the Canadian Champions for Global Sustainability Standards. 

 Canada has strong commitment to sustainability standards 

“Canada's strong commitment to global sustainability standards is clearly demonstrated by the extensive range of support that has come together to back the ISSB and the establishment of its Montreal centre,” said Richard Olfert, Chair of the CPA Canada Board of Directors. “By welcoming Montreal, the IFRS Foundation is signalling its trust in Canada to help the ISSB establish a global footprint.' 

The five-year agreement states that Montreal will host significant standard-setting responsibilities and associated functions, including a share of board meetings, leadership and resources that reflect the Montreal location's importance to the ISSB. The two signing parties have also committed themselves to the long-term success of the ISSB and its Montreal presence. 

As part of its Americas co-ordination role, the Montreal centre will work closely with the San Francisco office, headquarters of the Value Reporting Foundation, which is expected to be consolidated into the IFRS Foundation by June 30 2022. 

The next meeting of the IFRS Foundation Trustees will take place in Montreal in June.