• Frankfurt, 03 November 2021

Financial Centre Frankfurt to be one of the key locations of the International Sustainability Standards Board

Frankfurt’s application awarded key functions for the new International Sustainability Standards Board, which will develop future standards for global sustainability disclosures for financial markets: Frankfurt will be seat of the Board and also host the office of the chair. Montreal will also be providing key functions to the ISSB. 

An additional office will be placed in the Asia Oceania region which underlines the global ambition of the ISSB and enables regional stakeholders to engage with the new board. Today’s announcement on the COP26 constitutes an important step towards tackling the global sustainability challenge. The ISSB, to be established under the International Financial Reporting Standards-Foundation, will develop an international baseline standard for sustainability reporting. 

Frankfurt’s official application was submitted this September in a coordinated effort by the 
Value Balancing Alliance, Frankfurt Main Finance and Wirtschaftsförderung Frankfurt. The 
application was also signed by Federal Minister of Finance, Olaf Scholz, Federal Minister of 
Justice, Christine Lambrecht, and State Ministers of Hesse, Tarek Al-Wazir and Michael 
Boddenberg, as well as the Economic Development Director of the City of Frankfurt. 
It found public support from more than 180 well-known figures from politics, finance, industry, 
civil society and academia as well as bodies like the nearby City of Eschborn, the European 
Commission, the European Central Bank (ECB) and Members of the European Parliament. 

Associations with numerous members representing the financial centre and the entire German economy, including the German Banking Industry Committee (Deutsche Kreditwirtschaft – 
DK), the BDI (Federation of German Industries), BDA (Confederation of German Employers’ 
Associations), Deutsches Aktieninstitut (DAI), BVI (German Investment Funds Association), 
the GDV (German Insurance Association) and Institute of Public Auditors in Germany (IDW) 
were likewise supporters of the Frankfurt application. All involved also contributed to the start-up funding concept for the ISSB. 

As corporate reporting on sustainability becomes increasingly important, so, too, do 
internationally accepted reporting standards. The IFRS Foundation is a non-profit private 
organisation established with the aim of developing high-quality, understandable, enforceable 
and globally recognised accounting standards – the IFRS standards. With the establishment 
of the International Sustainability Standards Board (ISSB), the IFRS Foundation acknowledges 
the growing importance of uniform sustainability reporting by companies. 

Federal Minister of Finance, Olaf Scholz: “The climate summit has shown once again that 
climate action is the biggest global challenge of our time. Channelling money towards 
sustainable financial products is a key element of successful climate action. Frankfurt is set to 
become a definitive global player in this major challenge. The decision in favour of Frankfurt is 
a success for Germany as a financial location. It also underlines the strength of our Sustainable Finance Strategy. We are driving forward the topic of sustainability in the financial market with 
great determination. The choice of Frankfurt gives us additional motivation to forge ahead with this transformation.” 

Christine Lambrecht, Federal Minister of Justice and Consumer Protection: "The topic of 
sustainability has become indispensable in the industrial and financial sectors. The 
development of uniform global standards for sustainability reporting is a logical next step. I am 
very pleased that Germany, with its financial centre of Frankfurt, will be taking on a leading 
role in this process." 

State Prime Minister of Hesse, Volker Bouffier, says: “Frankfurt's application was a united 
team effort. The federal government, the state, the municipalities and numerous private 
institutions all pulled together. The decision for Frankfurt strengthens the international 
importance of our most important financial centre and thus also of Hesse. I would like to thank everyone who supported our efforts and the IFRS Foundation, which honoured this with its 
decision. I am convinced: Frankfurt and Hesse will provide a good home for the ISSB and its 

Hesse’s Finance Minister, Michael Boddenberg, adds: “Today is a good day – both for 
Frankfurt and for the further development of international standards in corporate sustainability reporting. Frankfurt will be the financial centre from where global standards of sustainability reporting will be shaped. This clearly demonstrates Frankfurt’s pioneering role in sustainable finance, which is a key issue for the future. For the ISSB, Frankfurt is the ideal choice – a financial centre of global importance that is also the gateway to Europe's largest economy. Developing the standards for sustainability reporting here, and thus close to globally leading business enterprises, offers the best conditions for the success of the ISSB’s future work.” 

Hessian Minister of Economics Tarek Al-Wazir: “Today, the financial centre Frankfurt took 
another big step on its way to becoming a leading sustainable finance centre. The new ISSB 
will further strengthen Frankfurt's international role. Ambitious sustainability standards for 
companies are essential to redirecting capital flows in a way that they are fit for the future - 
away from climate-damaging business practices and towards sustainable ones. The state 
government of Hesse has been working for years to strengthen sustainable finance in Frankfurt and sees its strategy confirmed by today’s decision.” 

Mayor of Frankfurt am Main, Peter Feldmann, comments: “This is a great success for 
Frankfurt, whose international importance as a financial centre increases even further with this decision. What’s more, and what makes me particularly happy: It underlines the role of our city 
as a location for innovation and sustainability.” 

Adnan Shaikh, Mayor of the City of Eschborn: “The City of Eschborn welcomes the decision 
of the ISSB to locate in the Frankfurt Rhine-Main Metropolitan Region. Our dynamic and 
economically vibrant region is at the forefront when it comes to sustainability, a fact underlined by this choice!" 

Dr. Karl-Peter Schackmann-Fallis, Executive Member of the Board, Deutscher Sparkassen- 
und Giroverband (DSGV), as this year’s leader of the “Deutsche Kreditwirtschaft” (DK): “The 
German banking industry welcomes the decision to locate the seat of the ISSB in the financial 
centre of Frankfurt. International standards for sustainability reporting ensure comparability 
and acceptance and are therefore of great importance.” 

Georg Lanfermann, President of the Accounting Standards Committee of Germany (ASCG): 
“As a German standard setter, we expressly welcome the establishment of the ISSB in 
Frankfurt. This is an important step towards universal sustainability reporting standards for the globally reaching European economy.” 

Dr. Christine Bortenlänger, Managing Director of Deutsches Aktieninstitut (DAI): “I welcome 
the fact that Frankfurt has won the bid to host the ISSB. Sustainability reporting is of great 
relevance for the capital market. Frankfurt’s success is also due to the extraordinary 
commitment of the listed companies.” 

Jörg Asmussen, Managing Director of the German Insurance Association (GDV): “Frankfurt 
is an excellent choice: a financial centre in the heart of Europe, well connected with the airport and the location of many institutions such as the ECB and EIOPA. Ideal conditions for 
developing coherent international standards for sustainable finance.” 

Prof. Dr. Klaus-Peter Naumann, Spokesman of the Board of the Institute of Public Auditors 
in Germany (IDW): “We are very pleased that the International Sustainability Standards Board 
is coming to Europe. A global world needs global standards. The international financial centre 
of Frankfurt is a good place to further develop NFI reporting.” 

Thomas Richter, Chief Executive Officer of the German Investment Funds Association (BVI): 
“The German fund industry warmly welcomes the ISSB to Frankfurt. The decision strengthens 
the financial centre in competition with other cities. As the voice of investors, we have always 
highlighted the need for global standards, and the announcement of the location for the seat 
at COP26 in Glasgow underlines the international dimension.” 

Christian Heller, CEO of the Value Balancing Alliance e.V.: “The ongoing discussions at the 
United Nations Climate Conference demonstrate that more commitment and comparability are needed, especially when it comes to the measurement and transparency of companies' 
sustainability performance. We welcome the broad support for the IFRS Foundation in 
developing a globally consistent basis for reporting, most recently expressed at the G20. We 
are pleased with the decision of the IFRS Trustees to locate the ISSB in the centre of Europe, 
as it will strengthen cooperation between the different actors.” 

Gerhard Wiesheu, President of the Financial Centre Initiative Frankfurt Main Finance: “We 
are very happy that the financial centre Frankfurt am Main was able to convince the Trustees 
of its many advantages as headquarters of the new International Sustainability Standards 
Board. My thanks go to the many high-profile supporters of the initiative. They demonstrated 
impressively the enormous support the financial centre enjoys.” 


Contact Persons for Media Inquiries: 

Ralph-Nicolas Pietzonka 
Ministry of Finance, State of Hesse 

Telephone: +49 611 32 13 2223-4523 

Andreas Framke 
Frankfurt Main Finance e.V. 

Telephone: +49 69 94 41 80 – 55 

Sarah Fischer 
Value Balancing Alliance e.V. 

Telephone: +49 69 152 2936-22 

Béatrice Kaufeler 
Business Development Frankfurt GmbH 

Telephone: +49 69 212 – 36226 

About Frankfurt Main Finance 

Frankfurt Main Finance is the voice of the Frankfurt Rhine-Main financial centre. In addition to 
the State of Hesse, its approximately 70 members include the cities of Frankfurt am Main and 
Eschborn, numerous well-known financial market players (banks, insurance companies, the 
stock exchange) and their service providers as well as private and public universities. With 
their membership, they all express their close ties to the city as well as their will to position 
Frankfurt am Main as a first-class national and international financial centre. More about the 
Financial Centre Initiative and its members at www.frankfurt-main-finance.com. 

About the Value Balancing Alliance

Founded in 2019, the Value Balancing Alliance e.V. (VBA) is a non-profit organisation with the 
goal of changing the way corporate performance is measured and evaluated. The goals of the 
Alliance are to create a global standard for measuring and evaluating the impact of corporate 
activities and to provide guidelines that can be integrated into corporate management. The 
desired transformation and systemic change require the cooperation of all actors in the 
business ecosystem. The Alliance makes its work publicly available and encourages more 
companies to join: www.value-balancing.com. 

About Wirtschaftsfoerderung Frankfurt GmbH

Wirtschaftsfoerderung Frankfurt GmbH is the competent contact for location matters and 
questions of economic development in Frankfurt am Main. It is an independent pilot and offers 
tailor-made information about Frankfurt's economic structure and its key industries. With the 
help of the industry meetings and networks it initiates, it puts you in touch with other 
companies, associations, communities and consultants. Even though it is primarily known for 
its strong financial sector, Frankfurt am Main has various other important target industries: 
creative industries, IT and telecommunications, biotechnology and life sciences, logistics and 
manufacturing. Quick and easy market access is guaranteed by local institutions and 
educational facilities. Visit us at www.frankfurt-business.net.