New Sustainable Guidance Released for Canadian Companies to Report on Impact
TORONTO, Canada, September 6th, 2023
With gratitude, we acknowledge that we live, work, and play on the traditional territories of many Indigenous Peoples across Turtle Island and we affirm our ongoing commitment to principles and processes of reconciliation and to the TRC 94 Calls to Action.
TORONTO, Canada, September 6, 2023 – Social Value Canada (SVC), the Digital Governance Standards Institute (DGSI), and the Standards Council of Canada (SCC) announced the release of the first ‘Technical Specification (TS) for Impact Statements’ issued by for-profit entities seeking to report credibly on impact and sustainability performance.
Moving Canada Forward on Sustainability Reporting Practices
With the increasing demand for credible non-financial reporting within ESG and sustainability reporting, this Technical Specification (TS) for Impact Statements for Profit- Oriented Entities offers essential guidance for all companies seeking to report credibly on the social, environmental, and financial impact linked to their operations, goods and services, and relationships.
Developed by a technical committee of leading Canadian experts in sustainable finance, impact measurement, and reporting, the technical specification is aligned with international standards and norms in the field of non-financial reporting. This includes UN Declaration on the Rights of Indigenous Peoples (UN DRIP), Impact Management Project Norms hosted by Impact Frontier, the UN Sustainable Development Goals (SDGs), the SDG Impact Standards, the Social Value International Principles and Standards, the European Union Sustainable Finance Disclosure Regulation (SFDR), the Corporate Sustainability Responsibility Directive (CSRD) regulations, and the Draft Canadian Sustainable Finance Taxonomy.
“The Digital Governance Standards Institute is happy to lend our expertise to the development of the Technical Standard”, said Darryl Kingston, Executive Director of the Digital Governance Standards Institute. “Canadian companies face an increasing demand to produce credible sustainability reports and we hope the reporting process outlined will be of great benefit to those tasked with creating those reports.”
“A major challenge to companies is to develop a process to consistently report on impact”, said Stephanie Robertson, Acting Executive Director, Social Value Canada and International Co-Chair of Social Value International. “This Technical Specification offers guidance in an area that is an increasing corporate priority.”
Aligning with Global Leadership
With federal net zero and the 2030 UN Sustainable Development Goals clearly in mind, Canada joins other nations, including Britain, France, New Zealand, Taiwan, and Japan, in raising expectations for corporate non-financial disclosure. “The development of this TS was an opportunity for technical experts in impact reporting to come together and share expertise to the benefit of sustainability reporting”, said Stephanie Robertson, Acting Executive Director, Social Value Canada and International Co-Chair of Social Value International. “The TS benefited greatly from the combined efforts of the Technical Committee which included experts from Rally Assets, Raven Capital Partners, The Common Approach, and impak Analytics, and from the highly valuable feedback received through public consultation.”
By providing a clear structure for transparent and high-quality impact statements that avoids greenwashing and ensures relevant data is included, the TS will serve as a cornerstone for Canada’s non-financial reporting for listed and private companies.
“This giant step towards corporations’ sustainable accountability is also the very first step towards a transition plan and the generation of more positive impacts. This pioneering initiative will not only help the Canadian financial sector’s sustainable transformation, but its entire economy,” explains Paul Allard, CEO of impak Analytics.
For more information or any questions about the standards development activities, please contact Darryl Kingston.
More about the Lead Organizations
The Digital Governance Standards Institute (DGSI) develops digital technology governance standards fit for global use. The Institute works with experts, as well as national and global partners and the public to develop standards that reduce risk to communities, business and governments adopting and using innovative digital technologies in today’s digital economy. The Institute is an independent division of the Digital Governance Council. Learn more at dgc-cgn.org.
Social Value Canada is Canada’s professional network for social value and maximizing impact. As part of a global movement transforming how the world captures and assigns value in decision-making, the network extends across all sectors of the Canadian economy and throughout Canadian society. New tools and methods are developing, and assurance standards and practices are emerging, all toward the goal of maximizing the well-being of people and the planet. Learn more at socialvalue-canada.org.
About The Standards Council of Canada
The Standards Council of Canada (SCC) was created by the Government of Canada as a Crown corporation in 1970. SCC leads and facilitates the development and use of national and international standards and accreditation services in order to enhance Canada’s competitiveness and well-being.
scc.ca/en
For media inquiries: