The International Sustainability Standards Board (ISSB) has announced that it plans to open an office in Geneva, Switzerland, which will serve as the ISSB’s seat from 2027, as part of a five-year plan approved by the IFRS Foundation Trustees.
The Geneva office, which is expected to open by the middle of next year, marks the expansion of the ISSB’s existing multi-location model, which includes offices in Beijing, Frankfurt, Montreal and Tokyo. Its Frankfurt office will continue to act as a hub for the ISSB’s EU engagement.
‘Major International hub’
“I am thrilled that Switzerland, through our new Geneva office, is joining our global network,” commented Emmanuel Faber, ISSB chair. “As a major international hub for sustainable finance and a unique centre for multilateral cooperation, Geneva is a natural ecosystem for our work.
“Access to resources and supply chains is being challenged amid rising geopolitical uncertainties, climate events and other emerging sustainability-related risks and opportunities. Now more than ever, capital markets need a global language for companies to communicate their resilience to investors. My sincere thanks to all those who make this work possible through their ongoing support.”
The ISSB was established in 2021 to develop sustainability disclosure standards focused on information about sustainability-related risks and opportunities that could affect enterprise value. Currently, more than 45 jurisdictions are using ISSB Standards, while from next year, companies in 18 jurisdictions will be issuing reports using the standards.
Funding framework
The ISSB sits as a standard-setting body within the IFRS – International Sustainability Standards Board, which said that the five-year plan provides a funding framework for the initiative, while also securing funding for the International Accounting Standards Board (IASB).
“Our five-year operating and financing plan helps ensure the IFRS Foundation and its boards are equipped to deliver high-quality Standards critical to global capital markets,” added Erkki Liikanen, IFRS Foundation trustee chair. “On behalf of the Trustees, I extend my thanks to all those, current and future, who fund the important work of the IASB and the ISSB.
“In addition, I thank our funders – including those in Beijing, Frankfurt, Montreal and Tokyo – for supporting the ISSB as its journey began. Furthermore, we deeply appreciate the trust and support, including from philanthropies, for this next phase, as well as Swiss and Geneva authorities and private donors, as we establish a new office in Geneva as the seat of the ISSB.” Read more here.
