Environmental, Social and Governance monitoring, measuring and reporting are becoming a complex topic for the construction industry due to the ongoing evolution of regulations.
Finalization is proposed for Q3 2024. Rules would come into effect in 2025, although not binding on Canadian companies until adopted by the Canadian Securities Administrators , or unless required under other Canadian legislation or regulatory requirements. Cole adds, “My expectation is that if the standards were to become mandatory that this would only apply to larger entities at first instance.”
At the same time, caution is advised when relying on any statements made by third parties due to verification concerns, Cole said. “What the term ‘sustainable’ will mean for a particular company in the construction sector will depend on many factors, including the entity’s size, sophistication and role within the sector and on a particular project,” Cole said.
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