The First Nations Financial Management Board (FMB) is thrilled to welcome the new Canadian Sustainability Standards Board (CSSB), which can help advance Economic Reconciliation with Indigenous Peoples in Canada. Today’s announcement was a clear response to the growing demand for standardized sustainability disclosures in Canada and around the world.
It’s critical that disclosure standards recognize the rights and title of Indigenous Peoples across Canada and the crucial role Indigenous Peoples play as stewards of the land. In Canada, environmental, social, and corporate governance (ESG) standards will be of little value if they don’t fully capture Indigenous considerations. As we have seen, ignoring Indigenous perspectives carries significant material risk for investors. This is particularly true of natural resource development and extraction.
Geordie Hungerford, FMB’s CEO, is part of the Independent Review Committee on Standard Setting in Canada (IRCSS) which recommended the formation of the new Canadian standards board. The IRCSS is currently conducting a review of the governance and structure for establishing Canadian accounting, auditing, assurance standards, and sustainability standards. Mr. Hungerford’s membership in IRCSS reflects corporate Canada’s growing understanding of the need to include Indigenous voices, and illustrates the talent and expertise FMB has accumulated.
We are pleased that the new Canadian board will work closely with the International Sustainability Standards Board. This will support the development and adoption of IFRS Sustainability Disclosure Standards. CSSB can help ensure actions and decisions will be tailored to include Canadian and Indigenous considerations as part of international decision-making on disclosure standards.
Ultimately, our goal is to see all disclosure standards fully capture the rights of Indigenous Peoples in accordance with the United Nations Declaration of the Rights of Indigenous Peoples This would create a much more equitable, favourable, and profitable environment for investors across the globe.
Harold Calla
Executive Chair of FMB