The Globe and Mail reports in its Thursday edition that Canada has submitted a bid to headquarter the new International Sustainability Standards Board (ISSB), a proposed group that would develop rules for how companies report on environmental, social and governance (ESG) matters. The Globe's David Milstead writes that ISSB is a creation of the Britain-based IFRS Foundation, which manages the international financial reporting standards used by Canadian companies that trade on public stock exchanges. The ISSB will create a global set of sustainability standards rather than continue with companies picking from among many existing frameworks for disclosing these issues. Chartered Professional Accountants of Canada has been calling for international standards. It has also been pushing to make Canada the host country for the organization that will develop them. CPA Canada has signed up accounting firms, pension plans, regulators and large corporations for the effort, and they have committed to provide start-up and operational funding if Canada wins the bidding. BMO's Simon Fish said in a statement that Canada has expertise in standard setting and sustainability reporting, climate change, and climate-related disclosure.
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