The Canadian Securities Administrators Proposes Mandatory Climate-Related Disclosure for Reporting Issuers
Summary of the Article
  • The Canadian Securities Administrators (the “CSA”) have published a notice and request for comment on proposed National Instrument 51-107 – Disclosure of Climate-related Matters (the “Proposed Instrument”) and its companion policy, which would establish mandatory climate-related disclosure requirements for reporting issuers in Canada largely premised on the framework developed by the Task Force on Climate-Related Financial Disclosures (the “TCFD”).
  • The Proposed Instrument would apply to all reporting issuers (other than investment funds and certain specified issuers) and, consistent with the TCFD framework, the required disclosure would fall into four broad categories: Governance; Risk Management; Strategy; and Metrics and Targets.
  • “Governance” and “Risk Management” disclosure would be compulsory. “Strategy” and “Metrics and Targets” disclosure would only be required where such information is material.
  • The Proposed Instrument is not anticipated to come into force prior to December 31, 2022 and a one-year transition period would apply in respect of non-venture issuers; three years for venture issuers. Assuming the Proposed Instrument comes into force December 31, 2022, then for issuers with a December 31 year-end, the proposed requirements would apply to annual filings due in March 2024, for non-venture issuers, and annual filings due in March 2026, for venture issuers.
  • The deadline for public comment on the Proposed Instrument is January 17, 2022.
To read the full article, click here.

About Us

Lawson Lundell's Business Law Blog covers a wide range of topics relevant to businesses of all sorts, including corporate governance, corporate commercial law, corporate finance and securities, mergers and acquisitions, procurement, private equity and venture capital, intellectual property, and business taxation. Please also see our litigation, project law, China law, and real estate law blogs. 

Legal Disclaimer: The information made available on this webpage is for information purposes only. It does not constitute legal advice, and should not be relied on as such. Please contact our firm if you need legal advice or have questions about the content of this webpage. 




Recent Posts



Jump to Page