The Canadian Securities Administrators (CSA) has welcomed two new developments in the field of Climate-Related Disclosure.
The first, on June 26th, is the publication by the International Sustainability Standards Board (ISSB)’s first two sustainability disclosure standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate- related Disclosures (together, the ISSB Standards).
The CSA is also encouraged by the ISSB’s proposed capacity building efforts to support adoption of the ISSB Standards. The regulator believes this may lead to a global framework for investor-focused disclosure that is responsive to market demand for more consistent and comparable disclosures.
The second, is the announcement by the Canadian Sustainability Standards Board (CSSB), also on June 26 that it is now operational, having appointed a quorum of members.
The CSA looks forward to engaging and collaborating with the CSSB with respect to the ISSB Standards. CSA members are responsible for developing climate-related disclosure requirements for reporting issuers in Canada. CSA staff intend to conduct further consultations to adopt disclosure standards based on ISSB Standards, with modifications considered necessary and appropriate in the Canadian context. A further market update from the CSA will follow in the coming months.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate- related Disclosures can be found on the website of the IFRS Foundation.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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