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