BMO supports Canada’s bid to host headquarters of International Sustainability Standards Board
BMO is proud to support Canada’s bid to be the headquarters for the new International Sustainability Standards Board (ISSB). Proposed by the trustees of the International Financial Reporting Standards (IFRS), ISSB aims to develop a common set of consistent, comparable and reliable global sustainability standards to help meet stakeholder needs.
Canada’s governments and corporate sector have a global reputation for strong business governance and sustainable business practices, making it the ideal location for ISSB. Under the terms of the proposal, the Canadian Champions for Global Sustainability Standards – a coalition of leading Canadian financial services and asset management firms, a broad cross-sector of Canada’s leading business, academic, municipality and environmental stakeholder organizations and the Canadian government, facilitated by the Chartered Professional Accountants of Canada (CPA Canada) – would jointly fund start-up operating expenses for the ISSB headquarters.
“As part of our purpose to Boldly Grow the Good in Business and in Life and our commitment to sustainability, and as part of our ambition to be our clients’ lead partner toward a net zero world, BMO applauds Canada’s bid to host the headquarters of the new international sustainability standards board. We’d also like to acknowledge CPA Canada’s leadership in facilitating the coalition to this point,” said Simon Fish, Chair of the BMO Climate Institute and Special Advisor to the CEO on ESG. “A resource-rich and intensely biodiverse nation, Canada brings to this role its reputation as an active supporter of international institutions, and its expertise in standard setting and sustainability reporting, climate change and climate-related disclosure.”
A decision on the ISSB headquarters is due to be announced at the 26th United Nations Climate Change Conference of the Parties (COP26), which will be held in Glasgow in November 2021.
BMO’s commitment to sustainability and sustainability reporting
As one of the first major banks to sign the UN Principles for Responsible Banking, BMO is committed to aligning its business strategy with the UN Sustainable Development Goals (SDGs), the Paris Climate Agreement and relevant national and regional frameworks. BMO is a member of UNEP-FI and signatory of the Principles for Responsible Banking, serves as North American representative on the Steering Committee of the Equator Principles and is Chair of the Cross-Sector Biodiversity Initiative. In January 2021 the bank joined the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.
For more information about Canada’s bid to host ISSB headquarters visit CPA Canada.