Frankfurt to be Home for New Sustainability Board
The non-profit International Financial Reporting Standards Foundations (IFRS) says it is forming an International Sustainability Standards Board (ISSB) in the German financial capital Frankfurt am Main. The announcement came on November 3 at the COP26 summit in Glasgow.
The new body is intended, in the words of the IFRS, “to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs.”
The idea is to provide investors with quality, transparent, globally comparable sustainability disclosure on a par with financial statements and prevent companies from “greenwashing” their activities, i.e. making them seem more ecological than they actually are.
Reuters news agency quoted Gerald Podobnik, finance chief of Deutsche Bank’s corporate division, as saying, “The current debate about greenwashing is a symptom and it will not go away until we have a clear, enforceable global set of standards.”
In addition to its headquarters in Frankfurt, the ISSB will have offices in Montreal, London and San Francisco, with discussions ongoing about locations in Beijing and Tokyo.
Frankfurt am Main © Pixabay