Canadian Sustainability Standards Board calls for public input on proposed disclosure standards

The draft standards are open for feedback until June 10
Canadian Sustainability Standards Board calls for public input on proposed disclosure standards

The Canadian Sustainability Standards Board (CSSB) has officially unveiled its proposed Canadian Sustainability Disclosure Standards (CSDS) and is inviting the public to contribute their feedback.

These proposed standards aim to establish a comprehensive framework for the disclosure of sustainability-related information, promoting enhanced consistency and comparability in reporting practices.

"With the release of the first proposed Canadian Sustainability Disclosure Standards, we're taking a significant step towards ensuring that sustainability is not just a buzzword but a fundamental aspect of our economic fabric," said Charles-Antoine St-Jean, Chair, CSSB. "Our goal is to empower organizations to not only communicate their sustainability performance effectively but to drive meaningful action towards a more sustainable future for all."

The initiative follows the International Sustainability Standards Board’s (ISSB) release of its first standards, IFRS S1 and IFRS S2, focusing on general sustainability-related financial information and climate-related disclosures in June 2023. The CSSB's CSDS 1 and CSDS 2 are designed to align with these international standards, incorporating adjustments specific to the Canadian context. A discussion paper outlining the CSSB’s approach to modifying the ISSB’s standards for use in Canada is also available for public comment, including proposals for specific effective dates and transition relief to facilitate the standards' implementation.

The CSSB is conducting a public consultation to gather input from various stakeholders on the proposed standards. This process is intended to capture a wide array of perspectives to ensure the standards accurately reflect diverse interests and requirements.

“The public consultation process for these proposed standards and the criteria with which we introduce changes to international standards is more than an opportunity for feedback; it's a call to action to contribute to shaping sustainability disclosures now and in the future," St-Jean stated.

Interested parties are invited to submit their comments and feedback by June 10 with multiple avenues available for providing input. The CSSB said it looks forward to engaging in meaningful discussions to refine and enhance the proposed standards.