A proposed reporting standard that seeks to unlock accountability for the impacts organizations have on the natural world, informing the global response to a deepening biodiversity crisis, has been made available.
A public comment period for the exposure draft of the revised GRI Biodiversity Standard is underway, with feedback sought so that the final standard delivers the global best practice for transparency on biodiversity impacts.
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This Update outlines the rules for shareholder proposals under the Canada Business Corporations Act (the CBCA), including the circumstances when a company may refuse a proposal.
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The U.S. Securities and Exchange Commission (SEC) recently adopted new rules that will require many U.S. reporting companies to disclose in a clear manner the relationship between executive compensation actually paid and the company's financial performance. However, the rules generally will not apply to Canadian companies that report under the Multijurisdictional Disclosure System (MJDS), foreign private issuers, registered investment companies and emerging growth companies. Smaller reporting companies are subject to scaled back disclosure requirements.
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The Canadian Investor Relations Institute (CIRI) congratulates the latest Certified Professional in Investor Relations (CPIR) designation holders. As the first investor relations certification in North America, the CPIR designation allows investor relations professionals to demonstrate their commitment to lifelong learning and excellence in investor relations. This not only enhances the credibility of the individual achieving the CPIR, but also the credibility of the investor relations profession and our capital markets.
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Investors, companies and other capital-markets participants will play a critical role in achieving the goals of the agreement reached at COP27, which calls for transforming the financial system (opens in a new tab) to deliver the estimated USD 4 to 6 trillion annually that will be needed this decade and beyond for sustainably produced energy and the transition to a low-carbon economy. The agreement establishes a fund through which wealthy countries would compensate vulnerable developing countries for loss and damage caused by global warming, a historic step that charges the fund with identifying innovative sources of funding.
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For all the debate surrounding the use of ESG for investing, virtually no attention has been paid to a core tension in the ESG policies of major investors and rating agencies — the discordance of the "G" from the "E" and "S". At shareholder meetings, major investors have promoted stockholder primacy by making companies more open to the market for corporate control, by forcing changes in policy at the instance of a momentary stockholder majority, and by aligning company management’s pay to only one constituency — stockholders — by tying it tightly to total stock return. These are not the fundamentals of long-term "sustainable” management. Investors must address this discordance by amending their activities at shareholder annual meetings.
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Executive compensation is one of the most visible aspects of a publicly listed company’s corporate governance program and needs to be competitive to attract and retain executives. From a shareholder perspective, best practice is to align with financial performance and how well an executive delivers on the company’s strategic objectives.
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