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ISS-Corporate Approved as External Reviewer Under the European Union Green Bond Regulation 
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Use of Proceeds Instruments: A Practical Review & Application

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    Press Release

    ISS-Corporate Approved as External Reviewer Under the European Union Green Bond Regulation 

    STOCKHOLM (23 June 2026) – ISS-Corporate, a leading provider of robust SaaS, expert advisory, and sustainable finance services to companies globally, today announced that ISS-Corporate AB,  a wholly owned subsidiary of ISS-Corporate, has been approved and registered by the European Securities and Markets Authority (ESMA) as an external reviewer under the European Green Bond Regulation (EuGB Regulation). The registration is active as of 22 June 2026.

    The EuGB Regulation, adopted in 2023, establishes a rigorous and transparent framework for issuers seeking to use the voluntary “European Green Bond” designation, linking use-of-proceeds bonds to clear disclosure requirements and EU Taxonomy alignment, subject to defined flexibilities. Its purpose is to strengthen market integrity, support investor confidence in green bonds, and reduce the risk of greenwashing.

    As a registered external reviewer, ISS-Corporate AB plays a critical role by assessing whether issuers meet the requirements of the EuGB Regulation. Under the transition regime, which went into effect in December 2024, ISS-Corporate was active in supporting issuers in this emerging market segment through pre-issuance and post-allocation reviews, with more than 40 such reviews issued through June 2026.

    Within this context, ESMA’s direct supervision of external reviewers – now formalized through registration under the EuGB Regulation, which firms must have to provide these services going forward – adds a layer of market oversight that strengthens the credibility and consistency of external reviews under the regulation. To obtain approval, ISS-Corporate AB had to demonstrate compliance with stringent requirements in governance, independence, and organizational robustness, including effective control frameworks, high-quality data and analytical processes, and demonstrable expertise of analytical staff. These elements are designed to ensure that external reviews are conducted on a consistent, transparent, and reliable basis.

    “This approval reflects extensive work across product development, methodology, governance, and regulatory engagement,” said Reinhilde Weidacher, ISS-Corporate’s Head of Corporate Sustainability Services. “More importantly, it supports the development of a market in which issuers, investors, and other stakeholders can place full confidence in the integrity of labelled green bonds.”

    External reviewers also play a critical role in sustainable debt markets by providing independent, evidence-based assessments of the environmental credentials of labelled instruments, reinforcing investor confidence and market integrity. Under the EuGB Regulation, that role is particularly important given the level of technical specificity embedded in the regime, including the use of EU Taxonomy criteria.

    “As the EU Green Bond market evolves, experienced external reviewers will remain central to supporting transparency, comparability, and the effective mobilisation of capital,” said Weidacher.

    To learn more about ISS-Corporate’s sustainable finance offering and external review process, please click here.

    ISS-Corporate AB is a Swedish entity, and a wholly owned subsidiary of ISS-Corporate. For external review services provided in connection with European Green Bonds subject to Regulation (EU) 2023/2631 and corresponding regulatory supervision, ISS-Corporate AB is the contracting entity and acts in its capacity as an external reviewer registered with and supervised by the European Securities and Markets Authority (“ESMA”).

    ISS-Corporate is a leading provider of robust SaaS and expert advisory services to companies, globally. ISS-Corporate’s data-driven, research-backed Compass platform empowers businesses to understand and shape the signals they send to institutional investors, regulators, lenders, and other key stakeholders. By delivering essential data, tools, and advisory services, ISS-Corporate can help businesses around the world to be more resilient, align with market demands, and proactively manage governance, compensation, sustainability, and cyber risk initiatives. ISS Corporate Solutions, Inc. (“ISS-Corporate”) is a wholly owned subsidiary of Institutional Shareholder Services Inc. (“ISS”) and part of the ISS STOXX GmbH group of companies. This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of ISS-Corporate or its affiliates. The Information may not be reproduced or disseminated in whole or in part without prior written permission of ISS-Corporate. ISS-Corporate MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION. ISS-Corporate provides advisory services, analytical tools and publications to companies to enable them to improve shareholder value and reduce risk through the adoption of improved corporate governance practices. The ISS STOXX Governance and Sustainability research teams, which are separate from ISS-Corporate, will not give preferential treatment to, and are under no obligation to support, any proxy proposal of a corporate issuer nor provide a favorable rating, assessment, and/or any other favorable results to a corporate issuer (whether or not that corporate issuer has purchased products or services from ISS-Corporate). No statement from an employee of ISS-Corporate should be construed as a guarantee that ISS STOXX will recommend that its clients vote in favor of any particular proxy proposal or provide a favorable rating, assessment or other favorable result. For more information, please visit https://www.iss-corporate.com

    ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,800 professionals operating across 30 global locations in 20 countries. Its approximately 5,500 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.