IR Leader
June 21, 2022

CIRI Issues Advocacy: CIRI Submission to the SEC on Climate-related Disclosures

On June 17, CIRI submitted recommendations to the Securities and Exchange Commission's (SEC) proposed rule: The Enhancement and Standardization of Climate-Related Disclosures of Investors. Recognizing that climate change is an important issue and that the capital markets are well served when issuers provide disclosure to the material risks and opportunities associated with climate change, CIRI is in agreement with the objectives of the SEC to provide investors with consistent, comparable and reliable information that enables them to make informed judgements. That said, Canadian issuers eligible to report under the Multijurisdictional Disclosure System should not be required to report under both Canadian and U.S. reporting requirements.

To read the full submission, click here.
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Top Stories

Canadian Securities Regulators Highlight CSA 2019-2022 Business Plan Achievements

The Canadian Securities Administrators (CSA) today released its Achievement Highlights report that summarizes the progress made on the strategic initiatives published in the CSA 2019-2022 Business Plan.

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SPONSORED REPORT: Your Guide to Stakeholder Engagement

Get best practices for how to engage stakeholders across digital channels – including tips on ESG storytelling, the growing importance of retail investors, and more!

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  • The rise of stakeholder value and corporate purpose
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  • How to own your story on the IR website
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Accounting, Audit and Assurance Standards oversight Councils Announce Canadian Sustainability Standards Board

As the pace of progress in sustainability disclosures continues to accelerate, this week the Accounting Standards Oversight Council (AcSOC) and Auditing and Assurance Standards Oversight Council (AASOC) mutually approved the formation of the Canadian Sustainability Standards Board (CSSB).

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Canadian Securities Administrators Appoint New Chair and Vice-Chair

The Canadian Securities Administrators (CSA) today announced the appointment of Stan Magidson, Chair and CEO of the Alberta Securities Commission (ASC), as Chair of the CSA for a three-year term, effective July 1, 2022.

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A Comparative Analysis of U.S. (SEC) and Canadian (CSA) Climate Disclosure Proposals

Within North America, the U.S. Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA) have proposed regulations which, if passed into law, would require corporate issuers to publicly disclose a range of practices related to climate change. Both regulators have issued public consultations. While the CSA’s comment period closed in February 2022, the SEC has extended its deadline to June 17, 2022.

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Financial Community to Engage 40 Canadian Issuers for Alignment on Net-zero Transition

Climate Engagement Canada launches Focus List of corporate issuers to engage on climate risks and opportunities on the road to a net-zero future.

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SEC's Prescriptive Climate Disclosure Proposal Could Impose New ESG Obligations on Canadian Inter-listed Issuers

On March 21, 2022, the United States Securities and Exchange Commission (SEC) issued a proposed rule for the enhancement and standardization of climate-related disclosures for public companies (the Proposed Rule). The Proposed Rule would apply to domestic U.S. issuers and foreign private issuers that do not report through the multijurisdictional disclosure system (MJDS). Although the Proposed Rule currently does not apply to Canadian issuers accessing U.S. capital markets through MJDS, the SEC has requested specific comments on whether they should also be included.

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An Inconvenient Truth About Ciimate-related Shareholder Activism

Climate-related shareholder activism, although not a new phenomenon in Canada, is no longer the exclusive domain of environmentalists and is increasingly becoming a key plank in institutional shareholder and activist campaigns.

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