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ESG Regulations in Canada (Voluntary Standards/Disclosure (Global…
ESG Regulations
in Canada
Corporate
Laws
Canada Business Corporations Act (CBCA)
Duty of loyalty ''Statutory fiduciary duty''
Supreme Court of Canada
''Best interests of the corporation''
Taking in account the
interests of diverse stakeholders to
maximize the value of
the corporation
ESG Risks
Duty of care
Long-term interests
of the corporation
ESG risks
Duty to conform to good
corporate citizenship
Civil Code
(Only in Quebec)
Voluntary
Standards/Disclosure
Global Reporting Initiative (GRI)
Sustainability Accounting
Standards Board (SASB)
Financial Stability Board Task Force
on Climate-Related Financial Disclosures (TCFD)
International Integrated Reporting Council (IIRC)
Pension benefits legislation
+
Trustee legislation
Fiduciary duty to act prudently
in making investment decisions
ESG risks
Duty of loyalty to act in the interests of ALL
of the beneficiaries and in no other interests
(Short vs Long term)
ESG risks
Pension Benefits Act
(in Ontario)
Pension funds disclosure if ESG are integrated or not
and if yes, how
Current disclosure requirements
NI 41-101 General Prospectus Standards
NI 51-102 Continuous Disclosure Obligations
by the Canadian Securities Administrators (CSA)
Issuers' disclosures must generally
provide ''full, true, and plain disclosure of all material facts''
Ontario Securities Commission (OSC)
Companies have an obligation to disclose
material environmental and governance information