(Montreal) The International Sustainability Standards Board (ISSB), the body responsible for creating new standards for environmental financial disclosures, is preparing to appoint new directors based in Montreal and will open its office in the metropolis in July.
Posted at 3:51 p.m.
Its vice-president, Sue Lloyd, discussed the most recent developments of the Montreal office of the international organization, during an event on the integration of ESG (environmental, social and governance) criteria in business organized by the Chamber of commerce of metropolitan Montreal, Monday. In November, the ISSB announced that it would have a Montreal chapter.
The ISSB will establish itself in a temporary office in July before choosing the best place to establish its permanent facilities in the metropolis “within 12 to 18 months”.
The role of the Montreal office has yet to be “finalized,” said Ms.me Lloyd during the virtual presentation. Having offices in different cities, including Frankfurt in Germany, helps to get closer to stakeholders in each region, she pointed out. “The Americas region will be mainly managed from the office in Montreal. »
The leader was not yet able to say how many employees would be hired in the Montreal office. “We are also analyzing the possibility of having experts who will look into specific technical issues, depending on the regulatory issues specific to the region. We are trying to determine which particular subjects would be better dealt with in Montreal rather than at the head office in Frankfurt. »
It was not possible to obtain more details from M.me Lloyd, who was unavailable for an interview after his presentation.
For the IFRS Foundation, which oversees the ISSB and is the not-for-profit organization that created the IFRS accounting standards, the creation of the new entity represents a significant expansion. The IFRS Foundation should see the number of its employees double to about 300 people. “It’s not huge for an international organization, but for us it’s a significant expansion. »
ISSB plans
The creation of the ISSB was announced during the COP26 last November. Its mission is to create standards for environmental financial disclosures that would hopefully be used by all companies globally.
“We’re working very hard to try to develop international standards to reduce the risk of a company having to do slightly different things in two jurisdictions,” says Ms.me Lloyd.
As part of its work, the ISSB also questions how standards could have an impact on smaller companies and on companies in emerging countries. “We really want what we prepare to be usable around the world. »
The work of the ISSB has already begun. At the end of March, the organization unveiled two proposals for disclosure rules: the first for sustainable development standards, the second for climate risks.
A consultation period will take place until the end of July. The comments received will then be analyzed. The organization wants to finish publishing the standards by the end of the year.
In April, ISSB President Emmanuel Faber said the ISSB’s work could mark the end of greenwashing in an interview with The Canadian Press. “Greenwashing paralyzes everyone,” Faber said. Because people who want to make progress fail to stand out from others and people who don’t want to move have a good excuse not to. »