Canadian Sustainability Standards Board Announces Proposed Sustainability Disclosure Standards

On March 13, 2024, the Canadian Sustainability Standards Board (CSSB) released exposure drafts of its first two proposed Canadian Sustainability Disclosure Standards (Proposed Standards). The Proposed Standards are based on the International Sustainability Standards Board (ISSB) IFRS Sustainability Disclosure Standards (IFRS Standards) that set a global baseline for companies to report sustainability and climate-related information.

In addition to the Proposed Standards, the CSSB also released its proposed "Criteria for Modification Framework" (Framework). The Framework sets out the basis upon which the CSSB could modify the ISSB IFRS Standards when adopting them in Canada.

Along with the introduction of the Proposed Standards and the Framework, the CSSB announced the opening of a public comment period in which it has invited feedback on the Proposed Standards and Framework from interested parties.