Latest Developments: Sustainability Standards and Consultations
ISSB proposed Amendments to Greenhouse Gas Emissions Disclosures
In response to market feedback, the International Sustainability Standards Board (ISSB) published an Exposure Draft on April 28, 2025 proposing targeted amendments to IFRS S2 Climate-related Disclosures that would ease application of requirements related to the disclosure of greenhouse gas emissions. The comment period closed on June 27, 2025.
AASB proposing Canadian amendment to draft Sustainability Assurance Standard
On April 30, 2025, the Auditing and Assurance Standards Board (AASB) published the Re-exposure Draft: Canadian Amendments Related to Indigenous Matters in the Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements. The proposed amendment requires practitioners to identify and assess risks of material misstatement that are pervasive throughout the sustainability information related to an entity’s adherence to Indigenous rights. The amendment aims to enhance assurance practices by ensuring sustainability reporting considers Indigenous rights and fosters ethical corporate practices. The re-exposure draft is open for comments until July 18, 2025.
The Canadian Securities Administrators (CSA) pauses work on climate rule
On April 23, 2025, the CSA announced it is pausing its work on developing a new mandatory climate-related disclosure rule to support Canadian markets and issuers in adapting to the economic uncertainty due to recent developments in the U.S. and globally. The CSA confirmed that it will monitor domestic and international regulatory changes and revisit the climate-related disclosure project to finalize requirements in the future. In December 2024, the CSA confirmed its intention to publish a revised climate-related disclosure rule for public comment that would have considered the Canadian Sustainability Standards Board’s (CSSB) standards.
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