Just over a year has passed since Dentons released a paper outlining significant governance implications for directors, boards and public companies from the Canadian Securities Administrators’ (CSA) proposed National Instrument 51-107 Disclosure of Climate-related Matters (NI 51-107) and its proposed Companion Policy 51-107CP (the Climate Disclosure Proposals). That paper can be found here.

On October 12, 2022, the CSA announced that it was reviewing the ISSB and SEC proposals and how they may impact or further inform the Canadian Climate Disclosure Proposals. The CSA noted that the Canadian rule would need to reflect Canadian capital markets and investor needs, but also have considered international consensus with a view to providing climate-related disclosure standards “that as a priority elicit consistent and comparable disclosure for investors and that support a comprehensive global baseline of sustainability disclosures.” 

Given the likely finalization of the ISSB climate-related disclosure standard in 2023 and the apparent relevance of the ISSB’s work to the development of the CSA’s Climate Disclosure Proposals, this insight updates our earlier paper on governance considerations from climate-related disclosure proposals to account for the ISSB’s proposed standard, including steps boards of directors should consider in preparing to comply.

Please click here to download the insight.