The Canadian Securities Administrators will review TSX-listed issuers’ disclosure of the material risks and financial impacts associated with climate change and related governance processes as part of a disclosure review project announced on March 21, 2017. The CSA will also consult with reporting issuers through focus groups and an anonymous online survey and will review the related international disclosure requirements and voluntary frameworks. The review project is intended to be conducted in spring and summer of 2017 with a progress report being published shortly thereafter.

The CSA’s disclosure review project follows the December 2016 publication of a set of disclosure recommendations by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures and investor requests for improved disclosure in respect of climate change risks and impacts. Currently, Canadian reporting issuers are required to disclose material risks in their continuous disclosure, which may include risks associated with climate change and other environment-related matters, as applicable. Guidance in respect of these disclosure obligations as they specifically relate to environmental reporting was previously published in CSA Staff Notice 51-333 Environmental Reporting Guidance (October 27, 2010).