CSSB Releases Proposed Canadian Sustainability Disclosure Standards

The Canadian Sustainability Standards Board ("CSSB") released proposed Canadian sustainability disclosure standards (the "CSSB Standards") on March 13, 2024. The CSSB Standards are modelled after the sustainability disclosure standards developed by the International Sustainability Standards Board ("ISSB") which were released on June 26, 2023. The two ISSB standards include IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information ("IFRS S1") and IFRS S2 Climate-related Disclosures ("IFRS S2" together with IFRS S1, the "ISSB Standards"). The CSSB has requested feedback on the CSSB Standards by June 10, 2024 and the adoption of "Proposed Canadian Sustainability Disclosure Standard (CSDS) 1, General Requirements for Disclosure of Sustainability-related Financial Information" ("CSDS 1") and "Proposed Canadian Sustainability Disclosure Standard (CSDS) 2, Climate-related Disclosures" ("CSDS 2") will be voluntary until required by