(Glasgow, United Kingdom) Montreal lost the headquarters of the new Council for International Sustainability Information Standards, which moved to Frankfurt, Germany. The Quebec metropolis will however host one of the main offices of the organization and will become “the heart of sustainable finance in America,” the Legault government announced on Wednesday.
With this office of the International Sustainability Standards Board (ISSB), Montreal will play a decisive role in sustainable finance. The announcement was made Wednesday as part of the United Nations Climate Summit, COP26, in Glasgow, Scotland.
The mission of the ISSB is to manage internationally the standards governing the disclosure by companies of information on environmental, social and good governance aspects.
“The city of Frankfurt, Germany, was chosen to host the organization’s headquarters. If the cities of Montreal and Frankfurt will be the two poles responsible for the key functions of the new board of directors, several other cities, including San Francisco and London, will provide technical support to the organization, ”explained the government of Quebec. of press release.
Earlier this fall, Premier François Legault and a consortium of Quebec organizations intervened with decision-makers at the IFRS Foundation. Quebec was working behind the scenes to obtain the ISSB headquarters. In the corridors of COP26, the Prime Minister’s office was enthusiastic about today’s announcement, while the metropolis obtains an office of the organization.
The president of the Caisse de dépôt et placement du Québec, Charles Emond, who is also in Glasgow this week, affirmed that this new office of the ISSB in Montreal confirms “the expertise that there is in Quebec” in this matter. matter.
“It was the goal of [plusieurs villes] of the world to get a presence. […] I think Quebec is recognized for having a population that is mobilized behind the environmental cause, ”he said.
Montreal in sustainable finance
Among the main promoters of Montreal’s bid to attract the ISSB, the CEO of Montreal International, Stéphane Paquet, who is participating in COP26, was delighted with “the arrival of the ISSB. [Cela confirme] that Montreal is a center of sustainable finance and that our expertise will help to [décarboner] the global economy. ”
Montreal is now part of the solution to a complex problem that requires rallying all countries on all continents.
Stéphane Paquet, CEO of Montréal International
On the side of Finance Montréal, which brings together stakeholders from the financial sector in the metropolis and in Quebec, the Managing Director, Jacques Deforges, affirmed: “We can be proud that our leadership in sustainable finance is recognized internationally. The decision to establish in Montreal one of the main ISSB offices confirms that Quebec and Canadian expertise in this field now extends far beyond our borders. ”
Meanwhile, in Quebec, during a morning press scrum, the Minister of Finance, Eric Girard, described as “very positive” the choice of Montreal for one of the ISSB’s management offices.
“The head office is going to be in Frankfurt and the main office for the Americas is going to be in Montreal. This is important because the IFRS [principale instance mondiale en comptabilité financière, instigatrice de l’ISSB en finance durable] was responsible for financial standards. But here we are going to add ESG standards [environnement, société, gouvernance]. So it’s very positive. ”
In addition, on the side of the group of Chartered Professional Accountants of Canada, or CPA Canada, which also worked closely on the candidacy of Canada and Montreal to attract the ISSB, the President and Chief Executive Officer, Charles-Antoine St- Jean, said that “if Montreal was chosen to host one of the offices of the new international council, it is because the IFRS recognizes Canada’s strong commitment to governance of sustainability”.
“The message from the IFRS is unequivocal: it trusts Canada to help the ISSB establish its global presence,” according to the president of CPA Canada.
In Ottawa, Deputy Prime Minister and Minister of Finance Chrystia Freeland praised “Canada being recognized for its diverse and skilled talents, for its expertise in the financial sector and for its leadership on climate change” . “Internationally, Canada is also recognized as a leader and innovator in carbon pricing with an ambitious price path, and which encourages people and businesses to participate in climate action,” said she said.
A “strong signal”, says Valérie Plante
In a press release, Mayor Valérie Plante said Wednesday that the selection of Montreal for this ISSB office “is a strong signal of the positioning” of the metropolis. “We are at the forefront of the global movement in business circles and financial markets for sustainable development and responsible investment,” she exclaimed.
His cabinet also spoke of a “huge victory”. “The development of new international environmental financial disclosure standards, as the ISSB will develop them, will play a key role in ensuring access to better information and thus allow the movement of capital towards tangible solutions,” assured Mr.me Plant. However, she did not comment on the fact that Montreal ultimately failed to accommodate the organization’s head office.
Last September, mayoral candidate Denis Coderre argued that Montreal should strengthen its diplomatic presence in the world and protect its stranglehold on the headquarters of organizations such as the World Anti-Doping Agency or the Civil Aviation Organization. international (ICAO). “If we do not get involved, we will lose the World Anti-Doping Agency,” he said, expressing concern that the International Air Transport Association (IATA) will ultimately give less importance to his office. Montreal, head office since its founding in 1945, for the benefit of its executive headquarters in Geneva, Switzerland.
According to city data, there are more than 65 international organizations, including 4 UN headquarters, in Montreal, making it the third largest city of international organizations in North America.