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Study of Climate-Related Disclosures by Canadian Public Companies

April 1, 2020

The Chartered Professional Accountants of Canada (CPA Canada) commissioned Manifest (formerly Mantle314) to conduct a study of the climate-related disclosures provided by 40 TSX-listed companies in their regulatory and voluntary reporting, while assessing alignment with the TCFD recommendations. This reports build off of a similar report by Manifest for CPA Canada looking at disclosures in 2016.

This summary report outlines key findings from the study, which looks at the nature and extent of climate-related disclosures made by Canadian public companies in their securities filings. While this review indicates broad disclosure of climate-related information among Canadian companies, it also suggests there may be a gap between investor information needs and current corporate reporting practices.

Although the majority (79 per cent) of companies are making some climate-related disclosures in line with the TCFD recommendations, the nature and extent varies. Less than one third (29 per cent) made specific disclosures of board or senior management oversight of climate-related issues, showing lots of room for improvement with respect to governance-related disclosures, in particular.

This summary report highlights key findings from the study and opportunities for companies, securities regulators and investors to engage in meaningful dialogue to enhance climate-related disclosures in regulatory filings. The full report will be issued later in 2020.

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