Frankfurt will become headquarters of the new International Sustainability Standards Board
Deutsches Aktieninstitut welcomes the decision of the IFRS Foundation to locate the International Sustainability Standards Board in Frankfurt. This offers the opportunity to achieve the necessary convergence between international and European sustainability reporting standards.
In the future, not only the internationally recognised accounting standards will be developed and updated under the auspices of the IFRS Foundation, but also the international standards for sustainability reporting. This latter task will be assigned to the International Sustainability Standards Board (ISSB).
The Board of the ISSB and the office of the chair of the ISSB will be hosted in Frankfurt. Further ISSB offices will be established in Montreal, San Francisco and London to maintain a broad dialogue with stakeholders. Additional offices in Beijing and Tokyo are currently discussed.
„I welcome the decision that Frankfurt will be hosting the headquartes of ISSB. Sustainability reporting is crucial for capital markets. The success of Frankfurt's application is also the result of the great commitment of listed companies“, emphasises Dr. Christine Bortenlänger, Chief Executive and Member of the Board of Deutsches Aktieninstitut.
„The engagement to bring the ISSB to Frankfurt reflects the great support of companies on sustainability and their quest for the ISSB and the European standard setter EFRAG to move closer together and develop convergent sustainability reporting standards“, says Bortenlänger. The alignement is important for the comparability of the sustainability information that the companies publish.
The application of Frankfurt for the seat of the International Sustainability Standards Board was led by Frankfurt Main Finance, the Value Balancing Alliance and the Wirtschaftsförderung Frankfurt GmbH. More than 180 public and private institutions, associations and numerous companies actively supported the application. Deutsches Aktieninstitut, together with the German Accounting Standards Committee (DRSC) and the Value Balancing Alliance, coordinated the application process for listed companies. The Federal German Government, the State Government of Hesse and the European institutions also supported the application of Frankfurt am Main.