Hot off the Press: The CSA Issues Guidance on Climate Change-Related Risks

  • September 23, 2019
  • Irwin Greenblatt, Eric Roblin and Jennifer Humphrey, Fogler, Rubinoff LLP

On August 1, 2019 the Canadian Securities Administrators ("CSA") published Staff Notice 51-358 Reporting of Climate Change-related Risks (the "Notice") to highlight the responsibilities, risks and materiality considerations that board members and key personnel should consider in light of climate change-related issues as they relate to the issuer's Management's Discussion and Analysis ("MD&A") and Annual Information Form ("AIF"). No new legal obligations were created or modified as a result of the issuance of this Notice. Instead, its purpose was to clarify expectations and elaborate on CSA Staff Notice 51-333 ­Environmental Reporting Guidance.

Unless otherwise stated, this article focuses only on an issuer's disclosure obligations as they relate to its MD&A and AIF. Different tests of materiality may arise depending on the particular context.