Canadian Sustainability Standards Board draft standards

PMAC responded to the Canadian Sustainability Standards Board (CSSB) consultation survey on its first two standards, general requirements regarding sustainability-related financial information (CSDS 1) and climate-related disclosure requirements (CSDS 2). These drafts mirror the standards issued by the International Sustainability Standards Board (ISSB), with changes to reflect the Canadian context. These will be voluntary standards and will take effect over a staggered implementation period, which will come into effect one year after comparable ISSB requirements.

The standards require disclosure of sustainability-related and climate-related risks and opportunities faced by entities. The standards will help investors make informed and consistent decisions.  The consultation sought feedback as to whether additional relief is required regarding indirect (value chain), greenhouse gas emissions (scope 3), climate resilience, sustainability reporting beyond climate, and whether sustainability disclosure should be provided together with financial statements. A separate consultation is planned to involve Indigenous perspectives.

Generally, PMAC agreed with the CSSB recommendations, including providing transition relief for Canadian issuers to comply with the disclosure standards.  Please click here to see our responses to the CSSB survey.