Are You Ready for the Disclosure Standards?

In March 2023, the Office of the Superintendent of Financial Institutions (#OSFI) of Canada released final version of its guidelines requiring federally regulated financial institutions to disclose information based on the framework of the Task Force on #Climate-related Financial Disclosures (#TCFD)Following expectation that in June 2023 the International Sustainability Standards Board’s (#ISSB’s) proposed IFRS Sustainability Disclosure Standards #(IFRS S1 - The General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 -Climate-related Disclosures), the Canadian Sustainability Standards Board (#CSSB) is expected to develop and support the adoption of international sustainability standards in Canada.

This year, 2023, the Canadian Securities Administrators (3CSA) is expected to issue regulation on disclosure of climate-related matters, which will require public companies to disclose climate risks and opportunities based on the recommendations of the TCFD to be enforced as early 2024.

By 2024 all Canadian crown corporations are expected to report and disclose following the framework of the TCFD. Beginning in 2022 crown corporations with more than $1 billion in assets are required to disclose and report.