New rules could push Canada to get tougher on corporate disclosure
Canada’s securities regulators had looked set to take a soft approach to company disclosures of climate-related data, but they may be forced to get tougher now that more stringent rules are being hashed out globally.
The chair of the ISSB, Emmanuel Faber, says he has no evidence that Canadian standards, when finalized, will lag those being hammered out elsewhere. But he has taken note of the current discrepancy, especially when it comes to plans for requiring disclosure of the three categories of emissions. “Obviously, scope 1 and potentially 2, and no scope 3, in Canada is not at the same level in terms of disclosure requirements,” Mr. Faber said in an interview on Tuesday from Ottawa, where he was meeting with Bank of Canada Governor Tiff Macklem and Peter Routledge, head of the Office of the Superintendent of Financial Institutions.
New international standards could serve to push the agenda in Canada, said Mr. Faber, the former CEO of Paris-based food company Danone SA, known for Activia yogurt and Evian water. During the COP26 climate summit in November, the International Financial Reporting Standards Foundation announced Frankfurt as the head office of the ISSB, and it selected Montreal as its North American base.
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