25 financial institutions call to go forward with the adoption of
ISSB standards as a global reference for sustainability
Montréal, December 13, 2023 – In an open letter published as COP 28 draws to a close, 25 Quebec financial institutions ask to go forward with a collective adoption of the International Sustainability Standards Board (ISSB) standards as a global benchmark for sustainability reporting. Rooted in the Statement by the Québec Financial Center for Sustainable Finance, this initiative marks a decisive turning point in their ongoing commitment to responsible and transparent financial practices.
Financial Institutions Mobilized for the Transformation of Global Finance.
Led by Finance Montréal, this initiative underscores the determination of Quebec's financial institutions to play a leading role in the transformation of global finance. By raising awareness around the ISSB's disclosure standards, they will promote a unified, integrated approach that takes into account both financial aspects and global environmental and social impact.
"Today, Quebec's financial institutions are demonstrating their commitment to finance that not only meets economic imperatives, but actively works for the advancement of environmental and social well-being. This is an important step towards a future where sustainable finance is the norm, not the exception," said Jacques Deforges, Chief Executive Officer of Finance Montréal.
A Robust Foundation for Transparent and Comparable Disclosures
The ISSB standards provide a robust foundation to ensure transparent and comparable disclosures regarding climate and sustainability-related risks and opportunities. These disclosures are essential for informed and responsible investment decisions. They form the cornerstone of genuinely sustainable finance, calling for the establishment of market infrastructure to enable consistent and comparable climate disclosures on a global scale.
"The commitment of Quebec's financial center provides an inspiring example for the global financial community. This initiative reflects a deep understanding of the importance of sustainability in modern finance, and helps lay the foundations for a global transformation towards more responsible financial practices," added Jingdong Hua, Vice-Chair of the International Sustainability Standards Board.
A Financial Center Actively Working for Sustainable Finance
Beyond this announcement, Finance Montréal is focusing on concrete initiatives to strengthen the skills and knowledge necessary for the effective adoption of ISSB Standards. The organization is focusing on building capacity for the ecosystem with, for instance, in-depth training programs for financial sector professionals and businesses, creating a better understanding and application of the standards.
This proactive approach towards the swift adoption of ISSB standards once again demonstrates the leadership of the Quebec financial centre in sustainable finance, urging the international financial community to join this transformative movement where climate issues and sustainability take centre stage.
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About Finance Montréal
Created in 2010, Finance Montréal, Québec's financial cluster, is at the heart of the development and promotion of Québec's financial services industry and its international positioning as a growing, competitive, attractive and innovative world-class place to do business.
With its International Financial Centre (IFC) team, Finance Montréal works to attract foreign financial companies to Montreal. The organization also focuses on fintech and innovation, sustainable finance and talent development. As the crossroads of the financial community, Finance Montréal mobilizes its forces around these poles, like the community built around Station FinTech Montréal, which it administers.
To find out more about Finance Montréal, visit www.finance-montreal.com or our LinkedIn page.
The Signatories of the Statement by the Québec Financial Centre for Sustainable Finance, an initiative carried out by Finance Montréal:
- Roger J. Beauchemin, President and Chief Executive Officer, Addenda Capital
- Isabelle Gagnon, Chief Executive Officer, Aequo
- Stéphane Corriveau, President, Managing Director, AlphaFixe Capital
- Jean François Chalifoux, President and CEO, Beneva
- Debby Cordeiro, Vice-President, Communications, Public Affairs and ESG, Banque Nationale du Canada
- Charles Emond, President and Chief Executive Officer, Caisse de dépôt et placement du Québec
- Michel Brutti, Founder and CEO, Clear Skies Investment Management
- Geneviève Mottard, President and Chief Executive Officer, Ordre des CPA du Québec Andrée-Lise Méthot, Founder and Managing Partner, Cycle Capital
- Guy Cormier, President and CEO, Desjardins Group
- Pierre Langlois, President, Econoler
- Emilio Imbriglio, Chairman of the Board, Equisoft
- Géraldine Martin, President and Chief Executive Officer, Evol
- Jessica Pilz, Head of Sustainable Investing, Private Markets, and Vincent Beaulieu, Head of Sustainable Investing, Public Markets, Fiera Capital
- Geneviève Morin, President and Chief Executive Officer, Fondaction
- Vincent Moreau, CEO, Fonds Climat du Grand Montréal
- Janie Béïque, President and CEO, Fonds de solidarité FTQ
- Thomas Estines, Co-CEO, Groupe Investissement Responsable
- Federico Pasin, Director, HEC Montréal
- Renée Laflamme, Vice-President, Individual Insurance, Savings and Retirement, iA Financial Group
- Guy LeBlanc, President and CEO, Investissement Québec
- Charles Nadim, Head of Research & Portfolio Manager – Canadian Equities, Jarislowsky Fraser
- Sylvain Boulé, President and Chief Executive Officer, Montrusco Bolton
- Alice Chipot, CEO, Regroupement pour la responsabilité sociale des entreprises
- Vincent Morin, President, Trans-Canada Capital
