Canada Publishes Draft IFRS-Based Reporting Standards on Sustainability

Last week, the Sustainability Standards Board in Canada announced proposed standards for companies to report climate-related and sustainability data. The new standards are based on the International Sustainability Standards Board by the IFRS Foundation.

The introduction of these new standards represents a step toward the establishment of compulsory reporting requirements for companies in Canada. In 2021, prime minister Justin Trudeau instructed cabinet ministers to adopt a reporting system based on the Task Force on Climate-related Financial Disclosures (“TCFD”).

The ISSB was launched during the COP26 climate conference that same year, with its objective being to develop sustainability disclosure standards. That objective was driven by demand from companies, investors, regulators and governments to provide an international baseline of disclosure requirements that would allow better understanding of the effect of opportunities and sustainability risks on companies’ prospects.

The next year, the Canadian government announced that the Office of the Superintendent of Financial Institutions required that all federally regulated financial institutions publish climate disclosures aligned with the TCFD framework beginning this year. In 2023, the TCFD revealed that its responsibilities were being transferred to the International Sustainability Standards Board (“ISSB”) under the IFRS. That same year, the IFRS released the general climate (IFRS S2) and sustainability (IFRS S1) reporting standards.

In July 2023, the International Organization of Securities Commissions requested that regulators include these standards in their regulatory frameworks for sustainability reporting. The International Organization of Securities Commissions is in charge of regulating the securities and futures markets globally.

The ISSB works in conjunction with the Canadian Sustainability Standards Board, which was established in 2022 to support the adoption of ISSB standards in the country. The new standards include CSDS 1 and 2, which align with IFRS S1 and S2. They also feature some Canada-specific alterations. The standards will become effective for any reporting period that begins after or on Jan. 1, 2025.

Charles-Antoine St-Jean, chair of the Canadian Sustainability Standards Board, stated that with the publishing of these proposed standards, a huge step toward ensuring sustainability had been made. St-Jean then noted that the board’s objective was to empower companies to effectively communicate their sustainability performance while also driving meaningful action toward a sustainable future for everyone.

The Canadian Securities Administrators also announced shortly after the new standards were published that it would consider the board’s final standards, with possible capital markets-focused alterations for incorporation into a rule under the agency. The Canadian Securities Administrators is in charge of coordinating, improving and harmonizing the regulation of capital markets in Canada.

Canadian-registered companies such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are likely to scrutinize these reporting standards and find ways to incorporate them within their own ESG implementation plans.

NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at

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