TORONTO, June 26, 2023 /CNW/ - The Canadian Sustainability Standards Board's (CSSB) next cohort of members are now appointed, including representation from western and eastern provinces and Canada's resource-based sectors.
These newest appointments make a quorum for the CSSB, putting the Board in decision-making mode and coming on the heels of the release of the International Sustainability Standards Board's (ISSB) initial standards – IFRS S1 and S2.
"Canada now has an operational CSSB, ensuring the release of the first international sustainability disclosure standards – and all forthcoming standards – have the leadership and expertise required to be adopted," says Lorraine Moore, chair of the Accounting Standards Oversight Council, and co-chair of the CSSB Implementation Committee.
All CSSB appointments are made by the Implementation Committee, which provides transitional oversight of the CSSB until decisions on a permanent oversight structure are finalized.
"Today's announcement includes representation from responsible investment and Canada's resource-based sectors. It is especially important to have high-emitting sectors like oil and gas, mining, energy and agriculture at the table, considering the focus of IFRS S2 – which establishes requirements for climate-related disclosure," adds Kevin Nye, chair of the Auditing and Assurance Standards Oversight Council, and co-chair of the CSSB Implementation Committee.
See the CSSB's current member roster.
The CSSB will partner with the ISSB by supporting the uptake of ISSB standards in Canada, highlighting key issues for the Canadian context, and facilitating interoperability between ISSB standards and any forthcoming CSSB standards. Canadian consultation efforts are currently underway on the ISSB's project to set its agenda priorities for the next two years and proposed amendments to Sustainability Accounting Standards Board (SASB) standards.
"With our amazingly diverse and knowledgeable board coming along, we are now in a position to make key decisions that will set the stage for Canada's future in sustainability disclosure standard setting for years to come," explains Charles-Antoine St-Jean, chair, CSSB. "We also continue to focus on building close relationships with people and organizations – both in Canada and globally – to ensure sustainability disclosure standards reflect our country's unique needs."
Additional member appointments are coming this year, with a focus on including strong representation from Quebec, pension funds or others with a long-term investment horizon, and those who operate outside capital markets. The latter category could include not-for-profits, small and medium-sized enterprises, or others who bring a distinct perspective to CSSB discussions.
The CSSB will also hold its first meeting next month. While the ISSB has set an effective date for annual reporting periods beginning on or after January 1, 2024 for IFRS S1 and S2, decisions about adoption – including how effective dates are determined in Canada – will be part of the CSSB's initial discussions.
Collaboration with Canada's regulatory bodies, which determine the mandatory application rules of standards for Canada's publicly accountable enterprises, will continue.
SOURCE Financial Reporting & Assurance Standards Canada
Daniella Girgenti, Director, Communications - Standards, Financial Reporting & Assurance Standards Canada, [email protected], 416-204-3482
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