In this paper I argue that theIntegrated Information Theory of Consciousnesshas an underlying emergentist metaphysics, specifically of a kind that has received minimal attention and we may callfunctionalist emergentism.I will try to show that in this scientific theory conscious experience is a functional-role property possessed by the whole system, not by their parts, which is dependent on, but also (purportedly) causally powerful over and above, the properties of the parts. However, I will argue that depicting conscious experience as a functional-role emergent property threatens the whole coherence of the theory because, by definition, functional-realizers do all the causal work associated with the instantiation of any functional-role property on any occasion. Hence, to preserve the causal power of consciousness, which, as we will see, is one of the fundamental building blocks of the theory, linked to the assertion of the very existence of consciousness, phenomenal properties should be re-thought as realizers of the relevant informationally integrated causal-roles.