CSA - Climate change disclosure review project [Completed]
Effective date: |
The additional updated guidance contained in CSA Staff Notice 51-358, dated August 1, 2019, is effective immediately |
Last updated: |
August 2019 |
Overview
On March 21, 2017, the Canadian Securities Administrators (CSA) announced a project to review the disclosure of risks and financial impacts associated with climate change. The project will gather information on the current state of climate change disclosure in Canada and internationally, and will include consultation with investors and reporting issuers.
Reporting issuers in Canada are currently required to disclose material risks, which may include risks associated with climate change, among other environmental matters, in their periodic disclosure. The existing CSA guidance with respect to climate change disclosure is contained in CSA Staff Notice, 51-333, Environmental Reporting Guidance, dated October 27, 2010.
CSA Staff intend to review disclosure prepared by large TSX-listed reporting issuers on the material risks and financial impacts associated with climate change as well as related governance processes.
Following this review, on August 1, 2019, the CSA issued CSA Staff Notice 51-358 Reporting of Climate Change-related Risks, which is intended to assist companies in identifying and improving their disclosure of material risks posed by climate change. Notice 51-358 does not create any new legal requirements or modify existing ones. It reinforces and expands upon the guidance provided in CSA Staff Notice 51-333 and should be read in conjunction with CSA Staff Notice 51-333, which continues to provide guidance to issuers on existing continuous disclosure requirements relating to a broad range of environmental matters, including climate change.
Other developments
August 2019
On August 1, 2019, the CSA announced the publication of CSA Staff Notice 51-358 Reporting of Climate Change-related Risks, which is intended to assist companies in identifying and improving their disclosure of material risks posed by climate change.
April 2018
On April 5, 2018, the CSA published CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project". The report summarizes the findings of the CSA’s previously announced project to review the disclosure by reporting issuers of risks and financial impacts associated with climate change, and outlines its plans for future work.
March 2017
On March 21, 2017, the CSA announced a project to review the disclosure of risks and financial impacts associated with climate change.