The standard-setter is seeking feedback on three key areas:

• the strategic direction and balance of the ISSB’s activities;
• the suitability of criteria for assessing which sustainability-related matters (including topics, industries and activities) to prioritize and add to the ISSB’s work plan; and
• a proposed list of new research and standard-setting projects that could be added to the ISSB’s work plan.

Refer to the consultation on the FRAS Canada website.

The ISSB seeks feedback on the following components:

• the objective and effectiveness of the proposed methodology to update SASB Standards metrics
• the hierarchy, impacts, and criteria associated with the five proposed revision approaches;
• the proposed methodology to update the SASB Standards Taxonomy; and
• the considerations to inform future SASB Standards refinement.

Re­view consultation on the FRAS Canada website.

The CSA commended the ISSB for developing a global framework for investor-focused disclosure that is responsive to market demand for more consistent and comparable disclosures. The CSA is also encouraged by the ISSB’s proposed capacity building efforts to support adoption of the ISSB Standards.

Re­view the news release on CSA's website.

During the meeting, Lisa French, Vice-President, Sustainability Standards, CPA Canada presented a two-part update on the Canadian Sustainability Standards team’s activities. The first part focused on the International Sustainability Standards Board’s (ISSB) Exposure Drafts and the second part focused on efforts to build the Canadian Sustainability Standards Board (CSSB).

As part of her presentation, Ms. French noted that the ISSB received 735 submissions to the Exposure Draft IFRS S1 (with 75 Canadian responses) and 700 submissions to the Exposure Draft IFRS S2 (with 70 Canadian response). The Canadian responses made up 10 per cent of the global feedback. Responses from industry associations, investors, and preparers made up two-thirds of Canadian respondents. The remaining one-third came from not-for-profit, governments, supporting entities, professional bodies, and academia.

For further details refer to the minutes of the AASOC meeting on September 26, 2022

The CSSB will be led by Charles-Antoine St-Jean, FCPA, FCA, who is based in Quebec and most recently served as the IFRS Foundation regional director-Americas, where he assisted with the implementation of ISSB operations in Canada and the Americas.

The other initial members of the CSSB are:

• Bindu Dhaliwal, Senior Vice-President, Corporate Governance & ESG, CIBC;
• Alyson Slater, Managing Director and Head of Sustainable Investment in Canada, Public Markets, Manulife Investment Management; and
• Raylene Whitford, Chair, Indigenous Advisory Council, TC Energy Ltd. and former Partner, Global Indigenous Community of Practice Lead, Deloitte Canada.

Re­view the press release  on the CSSB website.

The letter also notes the risks that climate change could pose to financial stability. In that context, the letter notes:

“An important milestone in the FSB’s Climate Roadmap has been the publication of the International Sustainability Standards Board (ISSB)’s disclosure standards, which have been endorsed by the International Organization of Securities Commissions (IOSCO). The ISSB standards serve as a global framework for sustainability disclosures and, when implemented, will strengthen the comparability, consistency, and decision-usefulness of climate-related financial disclosures around the world. These standards can be seen as a culmination of the work of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD).”

The FSB states that it will work with the ISSB and other relevant bodies to promote the timely and wide use of the standards.

Access the letter on the FSB website.

The declaration mentions the work and progress of the International Sustainability Standards Board (ISSB) and highlights the need of sustainability disclosures for mobilizing private sector finance to support the transition to a sustainable economy.

It notes: “We (the G7)  underline our commitment to consistent, comparable and reliable disclosure of information on sustainability including climate. We support the International Sustainability Standards Board (ISSB) finalizing the standards for general reporting on sustainability and for climate-related disclosures and working toward achieving globally interoperable sustainability disclosure frameworks. We also look forward to the ISSB’s future work on disclosure on biodiversity and human capital, in line with its work plan consultation.

Re­view the full statement on Ministry of Foreign Affairs of Japan website.

In particular, the G20 concluded that flexibility will contribute to a global solution in sustainability reporting. The declaration notes:

“We welcome the finalization of the sustainability and climate-related disclosure standards published by the International Sustainability Standards Board (ISSB) in June 2023, which provide the mechanisms that address proportionality and promote interoperability. It is important that flexibility, to take into account country-specific circumstances, is preserved in the implementation of those standards. When put into practice as above, those standards will help support globally comparable and reliable disclosures.”

Review the declaration on the European council website.

IFAC calls on G20 leaders to:

• Make Sustainability A Reality, Not Just a Goal
• Support Public Financial Management and Fight Corruption
• Create an Environment for SME Growth and Innovation
• No Inclusive Growth without Education

Review the call to action on the IFAC website.

Generally, the IFAC response to the request for information notes that IFAC supports the ISSB’s focus on high-quality implementation of IFRS S1 and IFRS S2 so that jurisdictions will more readily adopt ISSB requirements. IFAC also urges the ISSB and the IFRS Foundation to secure the resources necessary (funding, staff, volunteer expertise, etc.) to continue to move with pace in new research and standard-setting activities related to the sustainability topic areas identified in the consultation.

Access the comment letter on the IFRS Foundation website.