Toronto, October 11, 2021 - Toronto Finance International (“TFI”) is incredibly proud and supportive of Canada being considered as a potential host of the new International Sustainability Standards Board (ISSB). Canada is well positioned to host the ISSB due to the strong support from the public and private sector and Canada’s strong track record of working with global institutions on sustainability and standard setting. Toronto Finance International, and many of our stakeholders, hold the view that it is of considerable importance to select the City of Toronto, Canada’s financial capital, as the location for the new headquarters.
Canada has an important role to play in shaping the future of sustainability reporting as Canada has long been known both for the quality of its standard setting and for its independent and transparent governance and oversight for the delivery of those standards.
The quality of those standard settings is driven by a capital markets and corporate reporting ecosystem that is largely based in Toronto, which is clearly Canada’s financial capital. Toronto’s position as a global financial centre and Canada’s financial capital is demonstrated by its many strengths. For example, Toronto is home to:
- The second largest financial centre in North America and top-ten globally
- Canada’s largest stock exchange
- Canada’s largest securities regulator
- Most of the largest asset management companies in Canada
- Leading pension plan investment managers who are global leaders in sustainability
- The headquarters of Canada’s largest banks and insurance institutions
- The largest group of CFA charterholders in the world with just under 11,000 members
- Many of the leading professional services firms and research organizations in the area of sustainability reporting
"The location of the ISSB in Canada’s financial capital would send a powerful signal to the international community regarding Canada’s credibility and commitment to reduce complexity and establish high-quality global standards for sustainability reporting" said Jennifer Reynolds, President & CEO, Toronto Finance International.
“OMERS is a long-term investor with a strong focus on sustainable investing and managing climate-related risk. The International Sustainability Standards Board (ISSB) will set high-quality, global standards for sustainability reporting at a most critical time. We’re pleased to endorse Canada’s proposal to house the ISSB, and we are proud of TFI and the City of Toronto, our largest employer, for their commitment to supporting the ISSB’s initiative,” said Jonathan Simmons, Chief Financial & Strategy Officer, OMERS.Toronto’s clear position as a top-ten global financial centre and the expertise of its capital markets and corporate reporting ecosystem make it the logical and natural choice for Canada to house the headquarters of the ISSB.
About Toronto Finance International
Toronto Finance International (TFI) is a public-private partnership between Canada’s three levels of government, the financial services sector and academia. TFI’s mission is to lead collective action that drives the competitiveness and growth of Toronto’s financial sector and establishes its prominence as a leading international financial centre. For more information about TFI, please visit www.tfi.ca or follow us on Twitter: @TFI_Canada and LinkedIn: Toronto Finance International
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