The City of Montreal has been chosen to host the main offices of the new International Sustainability Standards Board (ISSB).
The announcement was made Wednesday by the International Financial Reporting Standards Foundation, a nonprofit accounting organization, at the COP26 climate summit being held in Glasgow, Scotland.
The mission of the ISSB will be to come up with standards that govern how information relating to environmental and social issues, as well as good governance, is disclosed by companies.
While Frankfurt, Germany, has been chosen to host the ISSB’s headquarters, Montreal will serve as the organization’s North American hub.
In a bid to consolidate Montreal’s position as a leader in hosting international organizations, the government approached the IFRS Foundation last September, according to the premier’s press attaché, Ewan Sauves.
In a press release, Sauves said Montreal’s role in establishing and developing a new organization dedicated to sustainable finance meshes perfectly with government objectives, notably in regards a policy on welcoming international organizations and its 2030 green economy plan.
“It is an initiative that brings together economic growth and sustainability on a global scale,” he said.