Canada’s First Sustainability Disclosure Standards to be Issued in December 2024
Toronto, October 22, 2024 – The Canadian Sustainability Standards Board (CSSB) is pleased to announce the release of its Feedback Statement summarizing the responses received from its extensive public consultation on Canada’s first-ever sustainability disclosure standards.
The CSSB’s standards, based on the global baseline standards of the International Sustainability Standards Board (ISSB) and modified for the Canadian context, are expected to be finalized and issued in December 2024. The CSSB thanks everyone who contributed feedback on the documents released for public comment earlier this year: Canadian Sustainability Disclosure Standard (CSDS) 1, General Requirements for Disclosure of Sustainability-related Financial Information, CSDS 2, Climate-related Disclosures, and the Criteria for Modification Framework.
The Feedback Statement highlights the diversity of input the CSSB received from approximately 529 individuals and 392 organizations across Canada, representing a wide range of industries, regions, and perspectives. The engagement included Indigenous Peoples of Canada, investors, preparers, regulators, policymakers, sustainability practitioners, students, municipalities, members of the public, and many more. Feedback was received through a variety of forums, such as roundtables, small group discussions, surveys and response letters.
“The feedback we received is crucial to shaping high-quality, Canadian sustainability disclosure standards. We are grateful for the input from across Canada, which has helped us make decisions that balance alignment with international sustainability disclosure standards and the Canadian public interest” said Bruce Marchand, Interim Chair, CSSB.
“As we finalize CSDS 1 and 2, we remain committed to supporting the implementation of these standards, in a manner that is practical, adaptable, and reflective of the evolving sustainability landscape.”
Upon release, CSDSs will be voluntary, designed to bring consistency, comparability, and transparency to sustainability reporting, giving investors and other interested and affected parties decision-useful information. The CSSB continues its dialogue with governments and regulatory bodies, which will ultimately make decisions on mandating the CSSB’s standards in Canada.
Highlights from the Feedback Statement include:
- Engagement with 3,900 individuals and over 700 organizations, representing a wide cross-section of industries and sectors.
- Engagement with Indigenous respondents, with a commitment to further deepen consultation and expand pathways to participate in the future. (A separate report based on Indigenous participation and feedback related to Indigenous matters is forthcoming.)
- Significant feedback informing the balance between aligning with global standards and addressing Canadian-specific needs, including the several benefits of alignment with international baseline standards and concerns raised about costs, data availability, data quality, timeliness, capacity, competitiveness, the needs of small and medium enterprises, and regulatory alignment, to name a few.
About the CSSB
The Canadian Sustainability Standards Board (CSSB) works to advance the adoption of sustainability disclosure standards in Canada. The CSSB develops Canadian Sustainability Disclosure Standards that align with the global baseline standards developed by the International Sustainability Standards Board (ISSB) – but with modifications to serve the Canadian public interest. The CSSB is also a member of the ISSB’s Sustainability Standards Advisory Forum, which supports the second aspect of CSSB’s mission; its contribution internationally.
For more information
Daniella Girgenti, Director, Communications – Standards, Financial Reporting & Assurance Standards Canada, [email protected], 416-204-3482