The Auditing and Assurance Standards Board (the “AASB”) published a set of requirements for sustainability assurance engagements in Canada (the “CSSA 5000”). The CSSA 5000 included certain Indigenous factors and considerations in its proposed requirements. The FMB was pleased to see this because Indigenous lands and territories are indelibly intertwined with business in Canada, with over 60% of TSX non-venture issuers operating in Indigenous-intensive industries, or industries that disproportionately affect Indigenous Peoples, by operating on their lands or otherwise. These industries include mining, energy, oil and gas, utilities and pipelines, telecommunications, clean technology and renewable energy, and financial services.
The FNFMB made a series of recommendations to the AASB, including that there is a rebuttable presumption that an entity should have consulted with Indigenous Peoples, and that a sustainability auditor should have to have a minimum understanding of Canada’s Indigenous Peoples.