Toward a Canadian Sustainability Standards Board: Financial Sector Dialogue
KEY HIGHLIGHTS FROM OUR FEBRUARY 24, 2022 WEBINAR
GRI was pleased to host Edward Waitzer, the chair of the Independent Review Committee on Standard Setting in Canada (IRCSS), who shared the committee’s recommendation to form a Canadian Sustainability Standard Board (CSSB) with financial sector stakeholders and sought their feedback and perspectives.
Sonia Baxendale, GRI’s President and CEO, and member of the IRCSS observed in her remarks that users of reported information such as lenders, investors, and underwriters have increasingly diverse expectations and information needs from their clients, counterparties, and portfolio firms to inform business decisions and risk analysis. This information is not available in traditional financial reports, and standard setting needs to evolve to reflect these changing needs.
The proposed establishment of a CSSB is recommended by the committee to address domestic sustainability-related issues that are unique to Canada, to bring harmonization and standardization to the Canadian reporting landscape, and also to influence the International Sustainability Standards Board (ISSB) with Canadian perspectives.