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Posted September 14, 2023

Canadian Sustainability Standards Board Welcomes Three New Members and Responds to ISSB Consultation

The Canadian Sustainability Standards Board (CSSB) has appointed three new members and met with the International Sustainability Standards Board (ISSB) in Montreal on September 14-15, 2023.

The CSSB supports the uptake of the IFRS S1 and S2 in Canada:

  1. IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

  2. IFRS S2 Climate-related Disclosures

The CSSB spent four months engaging with Canadian individuals and groups. The outreach culminated in CSSB providing a response to the ISSB Request for Information, Consultation on Agenda Priorities, on August 30, 2023. The CSSB highlights three key messages from its market outreach:

  1. CSSB consultation revealed strong support for the implementation of ISSB Standards as a top priority. The ISSB is encouraged to provide interpretive guidance and examples, address implementation and application challenges, and actively pursue interoperability with other jurisdictions in order to ensure successful implementation of the ISSB Standards.

  2. Future sustainability reporting matters should be assessed from a strategic perspective. Such an approach should be principle-based and prioritize urgency and wider reach over ease or time-to-market, in addition to other considerations detailed in the response letter of August 30, 2023.

  3. Stakeholders emphasized the need to safeguard Indigenous rights as a human rights subtopic.

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The CSSB supports the following:

  • the IFRS S1 and S2;

  • Interoperability with other jurisdictions

  • Sustainability reporting assessed using a strategy perspective; and

  • Stakeholders emphasized the need to safeguard Indigenous rights as a human rights subtopic.

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