IR Leader
November 25, 2025

Now Available to CIRI Members: IR focus & IR leader Issue 3

Don't forget to add Issue 3 of both IR focus and IR leader to your reading list. (These are member-only publications. You must be logged in to access them.)

 

Each of these CIRI publications is packed with helpful suggestions and ideas. Articles include:

 

IR focus Issue 3, published August 27:

The Art of the Hunt: Thriving in the Search for Your Next IR Role

 

IR leader Issue 3, published November 10:

  • Upheaval at the SEC: What’s Happening and What It Means for Canadian IROs
  • Navigating Market Uncertainty: Canadian Securities Regulators Expand Capital-Raising Options that Offer Strategic Relief for Issuers
  • Shareholder Activism in 2025: A Shifting Landscape of Priorities and Support
  • The Impact of Climate Change on Impairment Testing: A Discussion Guide for Canadian IROs
  • And more

The next issue of IR focus will be published at the end of November, and the next issue of IR leader will be published in December.

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Top Stories

SEC Chair to Target Proxy Advisors, Investors Over “Weaponization of Shareholder Proposals”

The U.S. Securities and Exchange Commission (SEC) will examine and propose actions focused on the role of proxy advisory firms and large institutional investors’ influence over the shareholder voting process, in order to tackle “the abuse of the corporate governance system and weaponization of shareholder proposals by politicized shareholder activists,” according to comments by SEC Chair Paul Atkins.

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CSA Launches Consultation on Proposed Amendments to Non-GAAP and Other Financial Measures Disclosure

The Canadian Securities Administrators (CSA) has published a Notice and Request for Comment for proposed amendments and changes to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and other materials (together, the Proposed Amendments).

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Australia's Anti-Greenwashing Law Offers a Model for Canada

Australian regulators have developed the kind of clear guidance on greenwashing that Canadian firms need.

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Torys on Budget 2025: The Climate Competitiveness Strategy

Central to the 2025 Federal Budget was a climate competitiveness strategy—a roadmap for Canada’s bid to become a “clean energy superpower”. The strategy focuses on refining Canada’s industrial carbon pricing system, extending investment incentives for clean technologies and improving regulatory clarity through both revisions to existing frameworks and the introduction of new ones.

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Semi-Annual Reporting Moves From Concept To Pilot: What Venture Issuers Need To Know

October 23, 2025 marked the next step in Canada's shift toward semi-annual reporting. Building on the themes we explored in our September Cassels Comment, the Canadian Securities Administrators (CSA) have published a proposed, multi-year pilot project (the SAR Pilot) that would permit certain venture issuers to voluntarily adopt semi-annual financial reporting through Coordinated Blanket Order 51-933 – Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (Blanket Order). This development follows the CSA's earlier indication that it was considering alternatives to quarterly financial reporting and represents a potential significant change to Canada's disclosure framework.

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The Red Glare: Watching the Impact in Canada of ESG Changes in the United States -- Proxy Voting Changes

In response to regulatory pressures in the US and shifting stewardship priorities among their clients including in respect of ESG matters, in October 2025, both Glass, Lewis & Co. (Glass Lewis) and Institutional Shareholder Services Inc. (ISS) announced a shift in their global proxy voting policies away from standardized benchmark proxy voting recommendations to customized recommendations tailored to each investor’s priorities, including in respect of DEI and environmental matters.

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ISSB to Develop Standards for Nature-Related Reporting

The IFRS Foundation’s International Sustainability Standards Board (ISSB) announced that it will begin work on standard setting for disclosure requirements on nature-related risks and opportunities, with plans to have an initial draft released by late next year.

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