Media Release – Canadian Sustainability Standards Board Announces First Canadian Sustainability Disclosure Standards for Public Consultation

TORONTO March 13, 2024 – The Canadian Sustainability Standards Board (CSSB) is proud to announce the release of its first proposed Canadian Sustainability Disclosure Standards (CSDS), marking a significant milestone in advancing sustainability reporting in Canada.

The proposed standards aim to set a new benchmark for the disclosure of sustainability-related information, facilitating a more consistent and comparable approach.

"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,” says 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."

About the Consultation

The International Sustainability Standards Board (ISSB) issued its first standards in June 2023 – IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2, Climate-related Disclosures.

Committed to the global baseline the ISSB established, the CSSB’s proposed CSDS 1 and CSDS 2 align with IFRS S1 and S2 – but with Canadian-specific modifications suggested. Also available for public comment is a paper discussing how the CSSB proposes to introduce changes, if required, to IFRS Sustainability Disclosure Standards for use in Canada.

Proposed modifications to CSDS 1 and CSDS 2 include Canadian-specific effective dates and transition relief proposals to help with eventual implementation of the standards.

Public Consultation Details

The CSSB is inviting comments and feedback from all interested parties as part of a robust public consultation process. This inclusive approach ensures that a wide range of perspectives are considered in the finalization of the standards.

"We believe that through collaborative and transparent reporting, we can build a stronger, more resilient economy. 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," explains Charles-Antoine.

The CSSB values the input of all participants and looks forward to engaging in meaningful discussions to refine and enhance the proposed standards. Comments on all the proposals are due by June 10, 2024, with a variety of options to provide feedback available.

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 (CSDS) that align with the global baseline standards developed by the International Sustainability Standards Board (ISSB) – but with modifications to serve the Canadian public interest.

For more information

To learn more about the proposals and participate in the public consultations, please visit FRASCanada.ca/CSSB.

For interview requests

Daniella Girgenti, Director, Communications - Standards, Financial Reporting & Assurance Standards Canada, [email protected], 416-204-3482