Governance Briefing — November 8, 2024

Executive briefing: On 8 November 2024 the Canadian Sustainability Standards Board (CSSB) issued Canadian Sustainability Disclosure Standards (CSDS) 1 and 2. The standards mirror IFRS S1/S2 and require entities to describe governance structures overseeing sustainability and climate-related risks, with board-approved oversight narratives.

Key governance signals

• Governance section prominence. Entities must disclose board and management responsibilities, committees, and reporting lines for sustainability matters.
• Scenario oversight. CSDS 2 emphasises board review of scenario analysis, risk appetite, and transition planning for climate risks.
• Canadian-specific guidance. The CSSB provides application guidance for Indigenous engagement and supply-chain disclosures, extending governance scope.

Action checklist

• Align board charters and management accountability maps with CSDS governance disclosure requirements.
• Integrate climate scenario analysis outputs into enterprise risk dashboards reviewed by directors.
• Plan limited assurance readiness by coordinating with auditors on sustainability data controls and documentation.

Sources

• CSSB news release announcing CSDS 1 and CSDS 2
• Canadian Sustainability Disclosure Standard 1
• Canadian Sustainability Disclosure Standard 2

Zeph Tech helps Canadian issuers coordinate board governance, scenario analysis, and assurance programs aligned with CSDS adoption.

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