The Canadian Sustainability Standards Board’s (CSSB) first-ever chair and initial members have been appointed, setting the stage for supporting the adoption of sustainability disclosure standards in Canada.
The CSSB will be led by standard-setting veteran Charles-Antoine St-Jean, FCPA, FCA, with initial member appointments bringing expertise in sustainability matters and representing a cross-section of Canada’s market – both geographically and professionally.
“Charles-Antoine’s deep standard-setting experience along with his senior leadership roles focused on financial management and operational excellence will ensure the new board develops at the expeditious pace that sustainability standards require,” says Lorraine Moore, chair of the Accounting Standards Oversight Council, and co-chair of the CSSB Implementation Committee.
All CSSB appointments were made by the Implementation Committee, which provides transitional oversight of the CSSB until decisions on a permanent oversight structure are made.
“Charles-Antoine’s standard-setting leadership and International Sustainability Standards Board (ISSB) experience will be coupled with our initial CSSB members’ understanding of sustainability matters among public disclosure users and preparers. This means that Canada’s strong reputation as a standard setter will continue and grow as we start to work more with the ISSB,” adds Kevin Nye, chair of the Auditing and Assurance Standards Oversight Council, and co-chair of the CSSB Implementation Committee.
Charles-Antoine is based in Quebec and most recently served as the IFRS Foundation® regional director-Americas, where he assisted with the implementation of ISSB operations in Canada and the Americas.
Initial CSSB Members
- Bindu Dhaliwal, Senior Vice-President, Corporate Governance & ESG, CIBC: Bindu’s experience as a sustainability lead at one of Canada’s largest banks saw her tasked with establishing and implementing its ESG framework. Bindu is based in Ontario.
- Alyson Slater, Managing Director and Head of Sustainable Investment in Canada, Public Markets, Manulife Investment Management: Alyson is a global leader in sustainability reporting standards, with prior senior-level experience with the Global Reporting Initiative. Alyson is based in Ontario.
- Raylene Whitford, Chair, Indigenous Advisory Council, TC Energy Ltd. and former Partner, Global Indigenous Community of Practice Lead, Deloitte Canada: Raylene’s international energy industry experience includes leading a company listed on the London Stock Exchange and founding Canative Energy, a consultancy that supports the economic prosperity of Indigenous peoples impacted by the energy sector. Raylene is based in Alberta.
Working with the International Sustainability Standards Board
The CSSB will partner with the ISSB by supporting the uptake of ISSB Standards in Canada, highlighting key issues for the Canadian context, and facilitating interoperability between ISSB Standards and any forthcoming CSSB standards.
“With enthusiasm, I accept the role of inaugural chair of the CSSB,” says Charles-Antoine. “The CSSB will support the adoption of international standards in Canada while considering supplemental requirements tailored to the Canadian market. Our goals are to help Canadian and foreign providers of capital access actionable sustainability information and help issuers tell their story on what matters, using a common approach. Collectively, this will help Canada develop and reach its full, long-term potential – economically and beyond.”
Next steps
Approved in June 2022, the CSSB’s formation aligns with the release of the ISSB’s inaugural standards – IFRS S1 and IFRS S2 – to be released this year.
As CSSB member appointments continue, the Implementation Committee will focus on ensuring wider regional and industry perspectives. This means boosting representation from western and eastern provinces and exploring participation from Canada’s resource-based economy.
The CSSB expects to announce another group of members in June 2023, which will set the stage for an operational board.
For further information:
Daniella Girgenti,
Director, Communications - Standards,
Financial Reporting & Assurance Standards Canada,
[email protected],
416-204-3482