Update: International Sustainability Standards Board (ISSB) in Frankfurt - Agreements signed
As we reported in our last newsletter, Frankfurt has been awarded as the headquarters for the new International Sustainability Standards Board, which is to set global standards in the field of financial sustainability reporting.
In February, the public and private sector signed agreements with the International Financial Reporting Standards Foundation (IFRS) that regulate the presence of the International Sustainability Standards Board (ISSB) in Frankfurt.
At the ceremony in Frankfurt's city hall, the declarations of intent were signed by the IFRS Foundation and by high-ranking representatives of the Federal Republic of Germany, the State of Hessen and the cities of Frankfurt and Eschborn.
The declarations are determining conditions for establishing the ISSB´s key presence in Frankfurt. While the ISSB will have multiple locations worldwide, Frankfurt will act as a hub for Europe, the Middle East and Africa (EMEA). Moreover, it will host the headquarters of the Executive Board and the office of the ISSB chair. Thus, the ISSB´s Frankfurt office will hold central decision-making functions, such as hosting board meetings.