CCGG’s engagement program focuses on the board’s role in overseeing material environmental, social and governance (ESG) matters on behalf of shareholders. We approach individual engagements from this perspective. By focusing on engaging with independent board members on ESG-related topics we seek to communicate and amplify to directors the importance institutional investors place on the adoption of good governance practices as well as on disclosure that is clear and decision-useful.
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The International Sustainability Standards Board (ISSB) has set out a series of guidance and reliefs to support those applying the requirement within its Climate-related Disclosures Standard (S2) to disclose Scope 3 GHG emissions when material for a company. The guidance and reliefs are designed to help companies embed and improve their processes for measurement and disclosure of Scope 3 GHG emissions.
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Sustainability reporting standards that set the highest level of transparency for impacts on the economy, environment and people move to full adoption stage, from 1 January 2023. On that date, the Universal Standards 2021 become effective – meaning all GRI reporters will be required to use these key standards for information published on or after this date.
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The role of the office of the CFO, particularly as it relates to investor relations, continues to expand. A role that once squarely focused on financial performance management now includes ever-growing operational responsibilities. All eyes are on IR leaders to address complex, multidimensional issues, such as ESG and global risk transparency, on behalf of the enterprises they serve.
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On December 3, 2020, the Canadian Securities Administrators (CSA) published CSA Consultation Paper 25-403 Activist Short Selling (Consultation Paper) for a 90-day consultation period. The purpose of the Consultation Paper was to facilitate discussion relating to activist short selling and its potential impact on Canadian capital markets.
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The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are seeking input from investors, industry and the public on the current regulatory framework surrounding short selling in Canada.
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This year, new Canadian non-GAAP disclosure rules and TSX Venture Exchange (TSX-V) listing requirements have had an impact on Canadian issuers, especially those listed on the TSX-V. U.S. rulemaking over the course of the last 12 months is expected to result in material changes to design and disclosure of executive compensation arrangements for Canadian issuers listed on U.S. stock exchanges in 2023 and beyond. These new U.S. rules may eventually influence Canadian rules or practice in the future.
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Institutional Shareholder Services (ISS) and Glass Lewis (GL) have published updates to their proxy voting guidelines that are focused on board diversity and other board composition issues as well as climate-related disclosure. The updated policies also include a new section on cybersecurity and changes to recommendations for long-term incentive plans. Most of these updates will impact shareholder meetings in 2023, while some will not take effect until 2024 following a one-year grace period.
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