The governments of Germany, Japan, Switzerland and the UK have this week joined Canada in throwing their hats in the ring to host a critical initiative developing global sustainability reporting standards.
The new International Sustainability Standards Board (ISSB) was set up by the influential International Financial Reporting Standards (IFRS) Foundation to oversee the new framework – expected to underpin global consensus on how to report on ESG issues. It is looking for a headquarters and funding as its work begins.
The project is intended to put an end to long-standing criticism about the current fragmentation of reporting requirements depending on geography and sector.
Canada was the first country to offer to host, back in July. The federal government penned a letter backed by 55 of the country’s public and private institutions, including pension funds, banks, asset managers, insurers and regulators.
Based on public documents, the J…