Disclosure Tip Of The Month - Environmental Disclosure

CSA Staff Notice 51-333 Environmental Reporting Guidance provides guidance on environmental matters that issuers should consider when preparing their continuous disclosure documents. It is intended to assist in determining what information about environmental matters needs to be disclosed, and enhancing or supplementing disclosure regarding environmental matters, as necessary. The key disclosure requirements with respect to environmental matters relate to: (i) environmental risks; (ii) trends and uncertainties; (iii) environmental liabilities; (iv) asset retirement obligations; and (v) financial and operational effects of environmental protection requirements. For instance, management's discussion and analysis ("MD&A") should include a description of what has been, and is reasonably likely to be, the impact of environmental trends or uncertainties on revenues, expenditures and cash flows, and the impact these have on the issuer's financial condition and liquidity (if