IR Leader
August 02, 2022
On July 28, CIRI submitted our recommendations to the International Sustainability Standards Board (ISSB) on the IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (Exposure Draft). CIRI commends the IFRS and ISSB for working towards a single framework that would provide consistent, complete and comparable sustainability-related disclosure.

In CIRI's submission, we highlight two areas of concern in the Exposure Draft. The first relates to the term 'significant' to describe sustainability-related risks and opportunities. CIRI suggests that 'significant' be replaced with 'material' – a clearly defined and understood concept as it relates to issuer disclosure. The second issue relates to timing. Given the amount of time required to collect, analyze, address inconsistencies and report sustainability-related information, CIRI recommends issuers be given up to six months to prepare and publish sustainability-related financial disclosure.

To read the full submission, click here.
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Do you have a list of books and articles that you've been saving to read over the summer? Well don't forget to add IR leader and IR focus to the list! The article titles from the 2022 issues are listed below so you can pick and choose what is most relevant to you. (Please note that these are member-only publications. You will need to be logged in to access them.)

IR focus Volume 15 Issue 1, 2022:  Transformational Investor Relations in Spin-Offs, Split-Outs and Rationalizations
IR focus Volume 15 Issue 2, 2022:  Board Engagement: What It Means for IROs and How to Lean In

IR leader Volume 32 Issue 1, 2022 Articles:

  •      Will Human Capital Management Be the Next Hot Topic in Canada?
  •      ESG in the Financial Statements - What Companies Need to Think About
  •      Key Developments in Corporate Governance and Disclosure Requirements for the 2022 Proxy Season
  •      Resources, Reports and Events
  •      Advice from an Investor for IROs Grappling with ESG Reporting

IR leader Volume 32 Issue 2, 2022 Articles:

  •      Canadian IROs Discuss the Rise of the Retail Investor
  •      SEC and ISSB Propose Climate Reporting and Assurance Rules
  •      The ISSB Releases Drafts of Global Baseline Sustainability Disclosure Standards
  •      Focusing Disclosure on What Matters and Non-GAAP Considerations
  •      Energy Security versus Net Zero: A Worthwhile Debate

The next issues of IR focus and IR leader will be published in late August and early September respectively.

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Top Stories

IFRS Foundation Completes Consolidation with Value Reporting Foundation

The IFRS Foundation has today announced the completion of the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation. It follows the commitment made at COP26 to consolidate staff and resources of leading global sustainability disclosure initiatives to support the IFRS Foundation’s new International Sustainability Standards Board’s (ISSB) work to develop a comprehensive global baseline of sustainability disclosures for the capital markets.

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Temperatures Are Rising In Boardrooms, Too

By voting against management-backed board directors, big investors are increasingly demanding boards pay attention to climate change.

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Investor Relations: The New Masters of the (CFO) Universe

Investor relations has earned a chair in the C-suite, becoming a stepping stone for top jobs.

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ESG Update for Canadian Boards of Directors: Forced Labour in Supply Chains

Boards of Directors of Canadian businesses must be fully informed and up to date on the rapidly changing legal and regulatory landscape relating to Environmental, Social and Governance (ESG) issues. Whether it be climate change, social justice or activist shareholders, or a multitude of other ESG risks and opportunities, the entire ESG landscape is dynamic. This increases pressure on directors to be agile in fulfilling their fiduciary duties.

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The ABC of ESG Ratings – An Invitation for Common Ground

In the drive for transparency in the investment sector, the role of rating agencies should not be misunderstood. These rankings may be useful to many but remain a mystery to most. It is time to look into the 'A-B-C' of ESG ratings.

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We Can’t Fight Climate Change Without Fighting for Gender Equity

Gender equity and environmental sustainability may seem like unrelated issues, but research shows that they are in fact closely intertwined. Women and other underserved groups are disproportionately impacted by the global climate crisis, but they are also uniquely positioned to lead the fight for sustainability. In this piece, the authors offer six strategies to help business and political leaders empower women and address environmental challenges through an intersectional approach to sustainability.

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What Canadian Companies Need To Know When Raising U.S. Capital

Canadian companies across all sectors are increasingly seeking to raise capital in U.S. markets, often by a cross-listing on a U.S. stock exchange (e.g., NYSE or Nasdaq) and registering with the U.S. Securities and Exchange Commission (SEC) under the U.S./Canada multijurisdictional disclosure system (MJDS).

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SEC Cuts Key Provisions of Proxy Advisor Regulations

At an open meeting last week, the SEC voted, three to two, to adopt new amendments to the rules regarding proxy advisory firms, such as ISS and Glass Lewis - which the SEC refers to as proxy voting advice businesses, or 'PVABs' - terms that the commissioners seemed to think…hmmm… needed some work.

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Sustainable Investing at Critical Juncture

Marina Severinovsky, head of sustainability, North America at Schroders, said environmental, social and governance strategies had attracted flows during rising markets but the managers need to step up and explain the value of long-term ESG as performance has faltered.

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