The Canadian Sustainability Standards Board (CSSB) recognizes that advancing reconciliation with First Nation, Métis, and Inuit Peoples in Canada is fundamental to the work of Canadian standard setting for sustainability-related financial disclosures.
The CSSB included its commitment to Indigenous Peoples in the introductions to the Exposure Drafts for “Proposed Canadian Sustainability Disclosure Standard (CSDS) 1, General Requirements for Disclosure of Sustainability-related Financial Information,” and “Proposed CSDS 2, Climate-related Disclosures.”
Feedback gathered from the CSSB’s inaugural Canadian consultation in 2024 provided important insights. These will contribute to advancing this commitment by informing members of gaps and themes expressed by Indigenous and non-Indigenous respondents. Publicly sharing these insights is meant to ensure transparency and accountability in advancing our commitment to Indigenous Peoples.
Overview
Of the 529 participants who provided feedback in the consultation, 4 per cent identified themselves as Indigenous. Outside the specific feedback on the questions outlined in the documents for comment, Indigenous respondents shared recommendations related to Indigenous matters in the context of sustainability standard setting.
Key Themes
Key themes respondents shared feedback about included:
- the need for further education and cultural competency, and awareness training;
- the opportunity for a leadership role for the CSSB on Indigenous rights and interests, both domestically and internationally; and
- the need for deeper consultation and transparency during the process of creating standards.
The CSSB carefully reviewed all feedback from Indigenous respondents and commits to carefully considering this advice as it continues to advance its work.
Non-Indigenous Respondents: Support
Notably, several influential non-Indigenous respondents explicitly expressed support for the CSSB’s stated commitment and/or encouraged the inclusion of Indigenous rights and interests in the Board’s reporting frameworks.
This feedback echoed the key themes Indigenous respondents highlighted, such as the CSSB’s opportunity to lead and the need to integrate Indigenous Peoples’ perspectives and/or worldviews in the standards. Further points include:
- support for the building-block approach and/or additions to the global baseline relating to Indigenous rights and interests;
- the need to ensure meaningful engagement with Indigenous Peoples and to prioritize their concerns;
- the need for specific sections and/or amendments in the existing standards on Indigenous matters;
- the interest in guidance on how Indigenous matters should be disclosed in the existing standards; and
- the potential for references to Indigenous Peoples’ rights and interests in the Board’s governance documents.
We are encouraged by the support for advancing the participation of First Nation, Métis, and Inuit Peoples in setting sustainability standards in Canada and the feedback that highlighted the importance of ensuring that Indigenous Peoples' rights and interests are meaningfully included in these standards.
What’s next
We are currently finalizing our deliberations on the feedback received during the consultation process. CSDS 1 and CSDS 2 are expected to be officially issued in December 2024.
Keep up to date with our activities via our post-meeting decision summaries.
Feedback Statement
Don’t forget to read our Feedback Statement that summarizes all the responses received from the CSSB’s extensive public consultation on Canada’s first-ever sustainability disclosure standards.
Read now