The Canadian Sustainability Standards Board (CSSB) has published draft versions of the First Canadian Sustainability Disclosure Standards (the standards) for a 90-day comment period ending June 10, 2024.
The standards aim to set a new benchmark for sustainability-related information disclosure, facilitating a more consistent and comparable approach.
The CSSB is developing sustainability disclosure standards in Canada that acknowledge Canadian needs and interests and are aligned with global baseline standards developed by the International Sustainability Standards Board (ISSB). In June 2023, the ISSB issued its first standards – IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures.
Once the consultation is complete and its standards are finalized, the Canadian Securities Administrators (CSA) will incorporate them into a proposed rule, setting out climate-related disclosure requirements, which the regulator will publish for review and comment. The CSA proposal will consider the final CSSB standards and may include modifications appropriate for the Canadian capital markets. The CSA anticipates adopting only those provisions of the sustainability standards that are necessary to support climate-related disclosures.
The draft version of the First Canadian Sustainability Disclosure Standards is available for download from the website of the Canadian Sustainability Standards Board.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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