Canadian offer to host International Sustainability Standards Board well supported: CPA Canada
TORONTO, July 28, 2021 -- Chartered Professional Accountants of Canada (CPA Canada) is pleased to be among the private and public institutions, including the Government of Canada, backing this country’s offer to host the global headquarters for the new International Sustainability Standards Board (ISSB). Known as Canadian Champions for Global Sustainability Standards, this 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 bid incorporates an extensive collaborative effort, facilitated by CPA Canada, that includes the largest pension funds, financial institutions, securities regulators, a leading First Nations organization, accounting firms, insurance companies, and other large Canadian companies, along with the support of the country’s six largest municipalities and a broad cross-sector of Canada’s leading business, academic and environmental stakeholder organizations.
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.
“The overwhelming support associated with the Canadian offer clearly demonstrates the breadth and depth of this collaborative effort,” says Amanda Whitewood, chair, CPA Canada Board of Directors. “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.This is critical because there are currently multiple reporting frameworks and standards related to sustainability. The business landscape has evolved to the point where a consistent approach is required. As the provider of international financial reporting standards in more than 140 jurisdictions around the world, the IFRS Foundation is well-positioned to create a global set of international sustainability standards through the ISSB.
Canada has long been known both for the quality of its standard setting and for its independent, objective and transparent structures responsible for the delivery of those standards. The accounting profession’s ongoing contribution includes providing expertise, resources and funding, as well as supplying the official French translation of international accounting and auditing standards.
“Our country has a solid track record of working with global institutions on sustainability and standard setting, including the IFRS Foundation,” explains Charles-Antoine St-Jean, president and CEO, CPA Canada. “Our standard setters are respected internationally and their knowledge and expertise are continually in demand.”
The Trustees are expected to officially announce their decision on a new ISSB by the United Nations Climate Change Conference, COP26, in November 2021.
“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,” adds St-Jean.
Visit the link https://www.ifrs.org/projects/work-plan/sustainability-reporting/#current-stage for more information on the IFRS Foundation’s work toward establishing sustainability reporting and the ISSB.
Here is a list of the Canadian Champions for Global Sustainability Standards: