Bill S-211 – Forced Labour in Canadian Supply Chains

Accounting for the Future

How can Canadian companies prepare to comply to Bill S-211? In this episode, host Anne-Marie Henson is joined by Pierre Taillefer, Partner and National Sustainability and ESG Leader at BDO Canada, in a discussion on the evolving landscape of ESG reporting and compliance. He sheds light on regulatory requirements in Canada, specifically, Bill S-211, highlighting the importance of understanding and addressing compliance obligations regarding supply chain management and the mitigation of child labour and forced labour risks. The episode offers valuable insights into the challenges faced by organizations and provides practical strategies for navigating the complexities of reporting obligations.

What you’ll hear in this episode:

[1:55] ESG regulatory and reporting landscape update.

[7:35] Introduction to Bill S-211.

[10:50] Compliance and reporting obligations.

[15:38] Impacted industries

[21:40] The role of Governance (the G) in reporting obligations.

[23:30] Challenges and response strategies.

[26:26] The future of ESG reporting.

Mentioned:

Anne-Marie Henson

Pierre Taillefer

BDO

Quotes:

“We're seeing a lot of activity over the last couple of months on Bill S-211, which is Canada's Anti-Slavery Act.”

"Demonstrating that you've done something and that you have a plan for improvement is crucial, and it allows you over time to implement a more robust process around managing that risk in your supply chain."

"We're not trying to boil the ocean. The idea here is not perfection, it is to demonstrate that you have done your work. An organization that needs to comply has done work to evaluate its supply chain and has a plan, a plan for improvement."

"The objective is that Canada's supply chain adequately manages the risk of child labour and forced labour within its supply chain."

"It's not only “what is the financial result you achieved,” but how did you achieve it, and that trend is not going to go away."

“We definitely see Europe ahead in terms of integrated reporting, and they will continue on that trajectory. It does have an impact on Canadian/US organizations that are selling into Europe.”