On March 13, 2024, The Canadian Sustainability Standards Board (“CSSB”) has taken a major leap forward with the release of exposure drafts for the first Canadian Sustainability Disclosure Standards (“CSDS”) 1 (i.e., sustainability disclosure standard) and CSDS 2 (i..e, climate related disclosures). These drafts are designed to align with international standards yet address the specificities of the Canadian landscape with CSDS 1 focusing on general sustainability-related financial disclosures and CSDS 2 on climate-related disclosures.
The baseline for both of these standards are based on the June 26, 20203 international Sustainability Standards Board (“ISSB”) release of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information lays out the general requirements for disclosing sustainability-related financial information; and IFRS S2 Climate-related Disclosures focuses on climate-related disclosures. This marks a pivotal moment for sustainability reporting in Canada.
It appears that now is the time to shape sustainability reporting standards in Canada with the exposure drafts open for feedback until June 20, 2024 to help ensure that the final standards are reflective of Canada's diverse economic and ecological landscapes.
As the Canadian landscape moves towards a more sustainable and transparent corporate environment, ensuring your organization is aligned with the evolving standards is paramount. HIVE’s ESG services are here to guide one through this transition. Our expertise in sustainability reporting and compliance will help companies not only meet any new requirements but help you excel in your sustainability efforts. Connect with HIVE today to prepare for the future of sustainability and demonstrate your commitment to a greener and more sustainable future.
HIVE’S COMMITMENT TO ESG & SUSTAINABILITY
We believe that the transformation towards ESG excellence is not only a moral imperative but also a business necessity. Our commitment to sustainability drives everything we do, and we are passionate about helping you embrace this transition.
At HIVE, we are dedicated to empowering businesses and organizations to thrive in an increasingly conscious and responsible world. We understand that Environmental, Social, and Governance (ESG) considerations are not just a passing trend but are essential for building a sustainable, resilient, responsible and competitive future for companies. The organizations of tomorrow are the ones that can turn a strong ESG performance into a competitive advantage. Our ESG services are designed to guide and support you on your journey towards ESG excellence.””
-HIVE Partners
Hive Advisory Inc. (“HIVE”) is a Canadian non-traditional management consulting firm designed to develop and expand a network of highly skilled and experienced, certified, independent and trained management consultants (Hive Advisors) that specialize across various service lines and industry sectors. HIVE brings a network of expert advisors with years of experience and knowledge to help today’s CFOs and CEOs overcome challenges standing in the way of their growth and strategic goals.
