IFRS Foundation Inks MoU to Establish an ISSB Office in Beijing

The IFRS Foundation Trustees and China’s Ministry of Finance (MoF) announced plans to open an office for its International Sustainability Standards Board (ISSB) in Beijing,

The signing of the MoU follows the COP26 announcement of the ISSB and its global and multi-location presence by the Trustees, and is effective for an initial three-year period. The Beijing office, established as a representative office, is expected to open in mid-2023.

As the world’s second-largest economy China plays a vital role in supply chains for companies around the world—making it an important jurisdiction as the ISSB develops its global baseline of sustainability disclosures for the capital markets. The Beijing office will play a vital role in this endeavour.

The new office will work in collaboration and cooperation with other IFRS Foundation offices around the globe, with staff focused on leading and executing the ISSB’s strategy for emerging and developing economies, acting as a hub for stakeholder engagement in Asia, facilitating deeper cooperation and engagement with stakeholders, and undertaking capacity-building activities for emerging economies, developing countries and SMEs.

The office will also host meetings of the ISSB and its various advisory bodies and serve as a base initially for ISSB Member Bing Leng. ISSB Vice-Chair Jingdong Hua, who is responsible for overseeing the ISSB’s engagement across all developing and emerging economies, will regularly visit the office.

Commenting on the announcement Erkki Liikanen, Chair of the IFRS Foundation Trustees, said: “When we announced the ISSB at COP26, we confirmed the new board would have a global presence through a multi-location model. The announcement of the Beijing office is an important step towards the establishment of our global footprint in the ISSB’s inaugural year. I would like to thank our Chinese colleagues for their commitment to the work of the ISSB and look forward to the successful opening of the office in 2023.”

Jingdong Hua, ISSB Vice-Chair added: “The Beijing office has an important role to play in facilitating the full and active engagement of developing and emerging economies in the work of the ISSB. I look forward to working with colleagues to ensure its success.”

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