News & Events

CSA / ACVM
For Immediate Release
August 1, 2019

 

Canadian Securities Regulators Issue Guidance on Climate Change-related Disclosure

Calgary and Toronto - The Canadian Securities Administrators (CSA) announced the publication of CSA Staff Notice 51-358 Reporting of Climate Change-related Risks, which is intended to assist companies in identifying and improving their disclosure of material risks posed by climate change.

The notice clarifies existing legal requirements and does not create any new ones. It reinforces and expands upon the guidance provided in CSA Staff Notice 51-333 Environmental Reporting Guidance and should be read in conjunction with that notice. CSA Staff Notice 51-333 continues to provide guidance to issuers on existing continuous disclosure requirements relating to a broad range of environmental matters, including climate change.

The guidance in the notice was based on the CSA’s research, review and consultations on issuers’ disclosure of risks and financial impacts associated with climate change (the Disclosure Project).  As reported in CSA Staff Notice 51-354 Climate change-related Disclosure Project, the Disclosure Project found that many investors, particularly institutional investors, have become increasingly focused on climate change-related risks and have expressed concern that they are receiving insufficient disclosure of these risks from issuers.

“We encourage directors and senior management of issuers to consider our guidance with respect to climate change-related risks,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Many investors are seeking improved disclosure on the material risks, opportunities, financial impacts and governance processes related to climate change. The guidance provided by both of these notices will enable issuers to improve their disclosure of material climate change-related risks affecting their business.”

The CSA recognizes that, while this disclosure is important for investors to make informed decisions, it presents challenges and potential burdens for all issuers, especially smaller issuers with more limited resources. This notice is intended to help issuers, particularly smaller issuers, by providing guidance on preparing the disclosure of material climate change-related risks.

The notice can be found on the websites of the participating jurisdictions.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them through information available here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Kristen Rose
Ontario Securities Commission
416-593-2336

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Brian Kladko
British Columbia Securities Commission
604-899-6713

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick
506-643-7045

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

David Harrison
Nova Scotia Securities Commission
902-424-8586

Steve Dowling
Government of Prince Edward Island,
Superintendent of Securities
902-368-4550

Renée Dyer
Office of the Superintendent
of Securities, Newfoundland and Labrador
709-729-4909

Tom Hall
Office of the Superintendent
of Securities, Northwest Territories
867-767-9305

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591