Canadian Offer To Host International Sustainability Standards Board Well Supported: CPA Canada

TORONTO, July 28, 2021 /CNW/ - 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...
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TORONTO, July 28, 2021 /CNW/ - 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:

Financial ContributorsAlberta Investment Management Corporation (AIMCo) ATB FinancialAutorité des marchés financiers The Bank of Nova Scotia (Scotiabank) / Jarislowsky Fraser Ltd BDO Canada LLP Bell BMO Financial Group British Columbia Securities Commission Caisse de dépôt et placement du Québec Canada Life Canada Pension Plan Investment Board Canadian Imperial Bank of Commerce (CIBC) Chartered Professional Accountants of Canada (CPA Canada) The Co-operators Group Deloitte Desjardins Group Ernst & Young LLP (EY) Fairfax Financial Holdings Ltd First Nations Financial Management Board Government of Canada Healthcare of Ontario Pension Plan (HOOPP) iA Financial Group Intact Financial Corporation KPMG Magna International Inc.ManulifeNational Bank of Canada Ontario Municipal Employees Retirement System (OMERS) Ontario Securities Commission Ontario Teachers' Pension Plan PricewaterhouseCoopers LLP (PwC) PSP Investments Royal Bank of Canada (RBC) Sun Life Suncor Energy Inc. TELUS TD Bank Group TMX Group

SupportersBusiness Council of Canada Business Schools Association of Canada Canadian Academic Accounting Association Canadian Association of Petroleum Producers Canadian Chamber of Commerce Canadian Coalition for Good Governance (CCGG) Canadian Securities Administrators City of Calgary City of Mississauga City of Montreal City of Ottawa City of Toronto City of Vancouver The Conference Board of Canada Global Risk Institute Insurance Bureau of Canada Institute for Sustainable Finance (ISF) Institute of Corporate Directors Institute of Fiscal Studies and Democracy Ivey Foundation Responsible Investment Association

About CPA CanadaChartered Professional Accountants of Canada (CPA Canada) works collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration allows the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-evolving operating environment featuring unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies worldwide. cpacanada.ca

SOURCE CPA Canada