Last week, RCC attended the IFRS Sustainability Symposium in Montreal and it has been announced that the International Sustainability Standards Board (ISSB) will be releasing the first global standards for sustainability disclosure in June 2023. The standards will focus on driving reporting transparency around the affects of climate change on businesses amidst greenwashing reports. The Symposium was well attended by Canadian and international governments, security commissions, standards associations, ESG rating agencies, investors, and representatives of the private sector. Retailers should keep an eye on developments relating to the ESG reporting standards amidst increased reporting pressure from governments, security commissions, rating agencies, suppliers, and customers.
RCC will be discussing these standards in more depth with members through RCC’s ESG & Climate Action Committee.