Bankhaus Metzler welcomes the decision of the International Financial Reporting Standards Foundation (IFRS Foundation) to establish the International Sustainability Standards Board (ISSB) in Frankfurt/Main. The ISSB will develop international standards for sustainability in the financial industry. The IFRS Foundation is a non-profit private organization established with the goal of setting high-quality global accounting standards. By establishing the ISSB, the IFRS Foundation aims to highlight the already growing importance of a uniform and internationally recognized sustainability reporting.
"We are very pleased that the IFRS Foundation has chosen Frankfurt as its headquarters. I am personally convinced that this decision will be of historic dimensions. Frankfurt as a financial center will play a pioneering role in shaping a sustainable financial economy. In the future, Frankfurt will be the financial center from which global reporting standards for sustainability criteria will be shaped," says Gerhard Wiesheu, member of the bank's Executive Board and Partner responsible for the Asset Management. Sustainability has played an important role at Metzler Asset Management for more than 20 years. In addition to purely financial criteria, Metzler Asset Management's investment process also takes into account how companies handle environmental, social and corporate governance aspects – also known as ESG-criteria.
Frankfurt's official application was coordinated and submitted by the Financial Center Initiative Frankfurt Main Finance, the Value Balancing Alliance and the Frankfurt Economic Development Corporation. The application found more than 180 supporters from the financial sector, industry, politics, science and civil society. Frankfurt is thus prevailing over competitors from Canada, Japan, South Korea, the United Kingdom and Switzerland.