While the Task Force found some of the results of its disclosure review encouraging, it also recognized further work is needed for disclosures to contain more decision-useful climate-related information. The majority of companies reviewed disclosed information that is aligned with at least one of the recommended disclosures in their financial filings, annual reports, or sustainability reports.

The review results also indicate that climate-related financial disclosures are still in early stages. This is consistent with the Task Force’s view that implementation of its recommendations is a journey and companies are in different places in terms of their exposure to climate-related risks and opportunities and their reporting capabilities.

In the coming year, the TCFD plans to vigorously support further implementation efforts.

Review the report and a summary on the TCFD's website.

Key trends outlined in this year’s review include:

• The total percentage of board seats held by women increased to 15 per cent in 2018 from 11 per cent in 2015.
• When board seats became available and were filled, nearly three in 10 were filled by women.
• The number of issuers with at least one woman on their board increased to 66 per cent in 2018, from 49 per cent in 2015.
• 42 per cent of issuers had adopted a policy on identifying and nominating women directors in 2018, representing an almost three-fold increase since 2015.
• Issuers that adopted targets for the representation of women on their boards increased to 16 per cent in 2018 from 7 per cent in 2015.
• The number of issuers with at least one woman in executive officer positions increased to 66 per cent in 2018, from 60 per cent in 2015.

Review the press release on the CSA's website and the Staff Notice on the participating jurisdictions' website.

The TCFD surveyed disclosures of over 1,700 firms from diverse sectors with broad geographical representation.

Even though the TCFD found that the majority of the firms surveyed disclose information aligned with at least one of the TCFD recommended disclosures, many companies just describe climate-related risks and opportunities but don't disclose the financial impact of climate change on the company.

The report also notes that disclosures vary widely across industries and that more non-financial companies than financial companies reported their climate-related metrics and targets. In addition, disclosures are often made in sustainability reports or spread across financial filings, annual and sustainability reports.

Review the press release and the status report on the FSB's website.

Discussion points included:

• Revised and Restructured Code Rollout
• IFAC Initiatives Update
• Fees
• Strategy and Work Plan
• Technology
• Professional Skepticism
• IAASB-IESBA Coordination
• Non-assurance Services
• eCode
• Alignment of Part 4B with ISAE 3000
• Joint IAASB and IESBA Board Meeting

Review the highlights and the podcast on the IESBA's website.

Below is an analysis of all changes made to the work plan since our last analysis on July 20, 2018.

Standard-setting projects

• Primary financial statements — After deliberations at its September meeting, the IASB decided to move the project from the research agenda to the standard-setting agenda.

Main­te­nance projects

• Classification of liabilities as current or non-current (Amendments to IAS 1) — After deliberations at its September meeting, the IASB decided the next milestone would be an IFRS amendment. No expected date has been set.
• Definition of a business (Amendments to IFRS 3) — An IFRS amendment has been pushed to October 2018 (previously set to September 2018).
• Disclosure Initiative — Accounting policies — Newly added to the work plan. The Board discussed this topic at its September meeting. An exposure draft is noted in the work plan without an expected date.
• Updating a reference to the Conceptual Framework (Amendments to IFRS 3) — Newly added to the work plan; the Board will decide the project direction at its November 2018 meeting.

Research projects

• Extractive activities — Newly added to the work plan. The Board discussed this topic at its September meeting and plans to review research. No expected date is listed.
• IBOR reform and the effects of financial reporting — Newly added to work plan; the Board plans to decide the project direction in Q4 2018.
• Pension benefits that depend on asset returns — Newly added to the work plan; the Board plans to review research in H2 2019.
• Share-based payment — The project summary slipped from September 2018 and is now expected in October 2018.

Other projects

• IFRS Taxonomy update — 2018 general improvements — Newly added to the work plan; a proposed update is expected in Q4 2018.
• IFRS Taxonomy update — Common practice (IFRS 13) — The IASB published this update on 20 September 2018. The work plan now states that the Board will analyse feedback in Q1 2019.

The revised IASB work plan is available on the Board's website.

This Taxonomy update includes elements to reflect the new common reporting practice for the disclosure requirements in IFRS 13, Fair Value Measurement, including (1) sensitivity of fair value measurement to changes in unobservable inputs and (2) quantitative information about significant unobservable inputs used in fair value measurement.

Review the press release and Taxonomy update on the Board’s website.

As in 2017, the summary presents the main deficiencies identified in companies’ continuous disclosure and financing documents and provides examples of corrected information and reminders to help them prepare compliant documents. New content for this year includes a section on the booming cryptocurrency and marijuana industries, as well as a section on socially responsible investing based on environmental, social and governance criteria. The AMF is taking a closer look at the information provided to investors in these areas and, among other things, has published a notice on the disclosure of climate change-related risks and financial impacts.

The summary also contains an initial report on the application of the Act respecting transparency measures in the mining, oil and gas industries and outlines several regulatory initiatives.

Review the press release and the summary on the AMF's website.

The guidelines are intended to assist organizations in meeting their breach reporting and record-keeping obligations under PIPEDA’s mandatory breach reporting regime, which comes into force on November 1, 2018. Organizations have until October 2, 2018 to provide feedback on these draft guidelines.

Review the press release and draft guidelines on the OPC's website and a summary on Blakes Businness Class' website.

The report findings provide insight into the following areas:

• breakdown and percentages of women on boards for full-year 2017
• breakdown and percentages of women executive officers for full-year 2017
• industry breakdown of women directors for full-year 2017
• diversity policies and targets for full-year 2017
• 2018 mid-year results regarding the number and percentage of women directors and women in executive officer positions by industry
• board policies on diversity and policies related to the nomination and identification of women on boards
• targets for women on boards and in executive officer positions

The report also includes statistics on the proportion of companies with a female CEO and companies with a female board chair.

Review the press release and the report on Osler's website.

In a summary published by Davis Polk LLP, the Climate Risk Disclosure Act would require the SEC to issue rules for every public company to disclose:

• Its direct and indirect greenhouse gas emissions
• The total amount of fossil-fuel related assets that it owns or manages
• How its valuation would be affected if climate change continues at its current pace or if policymakers successfully restrict greenhouse gas emissions to meet the Paris accord goal; and
• Its risk management strategies related to the physical risks and transition risks posed by climate change

The SEC can tailor the rules to different industries, and impose additional requirements on companies in the fossil fuel industry.

Review the Act on the U.S. Senate's website.