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ARTICLE · 14 JULY 2017

Canadian Securities Regulators Turn Attention To Climate Risk Disclosures

On March 21, 2017, the Canadian Securities Administrators (CSA) announced that it will undertake a review of public company disclosures of climate-related risks.

CanadaFinance and Banking

On March 21, 2017, the Canadian Securities Administrators (CSA) announced that it will undertake a review of public company disclosures of climate-related risks. The review will assess Canadian and international disclosure practices and collect anonymous feedback from investors and issuers. The announcement builds upon CSA Staff Notice 51-333, released October 2010, which issued guidance on environmental risk reporting, and follows on the heels of a December 2016 report published by the Financial Task Force on Climate-Related Financial Disclosures (TCFD), which recommended new voluntary global standards for climate-related risk disclosure. The TCFD was spearheaded by Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, who appointed former New York City Mayor Michael Bloomberg to lead the industry-led task force. The annex to the TCFD report contains sector-specific recommendations on disclosure surrounding governance, strategy,

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