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ARTICLE · 24 OCTOBER 2023

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The ISSB'S New Sustainability Standards May Impact Loan Agreements

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The Office of the Superintendent of Financial Institutions (OSFI) published new expectations for the management of client-related risks known as Guideline B-15.

CanadaFinance and Banking
Christopher Alam
Christopher Alam
Alexa Meretsky
Alexa Meretsky
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The Office of the Superintendent of Financial Institutions (OSFI) published new expectations for the management of client-related risks known as Guideline B-15. This Guideline will be effective fiscal-year end 2024 for Domestic Systemically Important Banks (DSIBs) and Internationally Active Insurance Groups (IAIGs) headquartered in Canada.

The International Sustainability Standards Board (ISSB) published its first two sustainability disclosure standards on June 26, 2023, entitled IFRS S1 and IFRS S2. These standards are set to be effective starting January 1, 2024, or thereafter.

The primary objective in implementing these standards is to guarantee that organizations incorporate sustainability details with their financial statement reports. The standards mandate detailed disclosure requirements to enable financial reporting users to determine whether they are properly managing and evaluating sustainability and climate-related risks. The standards incorporate

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