CSA Publishes Staff Notice on Climate Change-related Disclosure Project

Today the Canadian Securities Administrators (CSA) issued Staff Notice 51-354, Report on Climate Change-related Disclosure Project.

The report found, among other things, that:

  • there was a broad consensus among issuers that disclosure of climate change-related risks and financial impacts needs to improve;

  • assessing materiality, risk quantification and appropriate reporting frameworks remains a challenge for issuers; and

  • the lack of disclosure led to adverse presumptions by investors.

The CSA intends to:

  1. develop further guidance and educational initiatives on climate change risks and financial impacts for issuers in the near term;

  2. develop new disclosure requirements for corporate governance relating to climate change risks, oversight, and management.

Please contact Lisa DeMarco at lisa@demarcoallan.com at DeMarco Allan LLP, Canada's only boutique climate and clean energy law firm, should you have further questions on climate change-related financial disclosure.

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