Ontario Securities Commission Seeks Improved Environmental Disclosure

Copyright 2008, Blake, Cassels & Graydon LLP

HIGHLIGHTS

• A recent OSC Staff Notice reported that the disclosure relating to known and contingent environmental liabilities in the continuous disclosure documents of many reporting issuers does not fully satisfy applicable disclosure requirements.
• Two general concerns raised were that (i) issuers frequently relied upon boilerplate disclosure, which OSC Staff view as generally not sufficient, and (ii) disclosure often lacked detailed discussion and quantification of environmental liabilities.
• Reporting issuers should examine their disclosure and consult with their professional advisors to ensure that their environmental disclosure is consistent with the guidance provided by OSC Staff.