The Canadian Sustainability Standards Board is now considering adopting globally aligned sustainability and climate disclosure standards
Barbara Zvan is the president and chief executive officer of University Pension Plan Ontario and was one of four members of Canada ’s Expert Panel on Sustainable Finance.
International accounting disclosure rules have long guided the way companies present their finances to ensure fair play. Canada is one of 164 jurisdictions to have adopted the International Financial Reporting Standards Accounting Standards. globally, including stock exchanges, accounting bodies, companies and investors representing more than US$120-trillion in assets.
For years, Canadian investors have been asking for the type of standardized comparable disclosures of material sustainability and climate information provided by the ISSB standards. Support for the ISSB standards was so strong that the ISSB set up one of its two offices in Montreal. Although the U.S. has not yet taken up the ISSB standards, other major economies have. Canada is a small fish, and we need global capital. We don’t have the luxury of levelling down while everyone else is levelling up.
According to the two organizations’ governance and process documents, there is a high threshold for modifications or deletions of international standards.
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