In the last few years, climate change considerations have begun
to figure more prominently in the investment decisions of
Canadians. This, along with the complexities of complying with the
existing regulations (with the prospect of more to come) designed
to reduce greenhouse gas (GHG) emissions, has led the Ontario
Securities Commission (OSC) and the accounting
profession to focus on the disclosure of climate change issues by
Canadian reporting issuers to ensure that investors are fully
informed. Two recent initiatives highlight this trend.
OSC Staff Notice 51-716 - Environmental Reporting
In February 2008, the OSC issued Staff Notice 51-716 - Environmental
Reporting outlining the results of a targeted
review by OSC staff to determine the degree to which reporting
issuers were adequately disclosing information about so-called
"environmental matters" in their annual financial
statements, related management's discussion and analysis
(MD&A) and annual information
