CSA Provides Update On Proposed Climate-Related Disclosure Rules

BACKGROUND

As we reported in our October 2021 Blakes Bulletin: CSA Seeks Comments on Climate-Related Disclosure Rules, on October 18, 2021, the Canadian Securities Administrators (the CSA) issued a notice and request for comment on proposed National Instrument 51-107 – Disclosure of Climate-related Matters and its companion policy (collectively, the Proposed Instrument), which would introduce specific disclosure requirements regarding climate-related matters for most public companies in Canada. The Proposed Instrument is largely based on the disclosure standards prescribed by the Task Force on Climate-related Financial Disclosures (the TCFD Framework).

Since the Proposed Instrument was issued and its comment period closed, following a 30-day extension, on February 16, 2022, several significant developments occurred in the international climate-related disclosure landscape. In particular, on March 21, 2022, the United States Securities and Exchange Commission