The Canadian Securities Administrators (CSA), including the Ontario Securities Commission, has paused its work to develop a new mandatory climate-related disclosure rule and to amend existing diversity-related disclosure requirements, citing the need to support Canadian markets and issuers amid recent U.S. and global developments. Existing securities law requirements to disclose material climate-related risks remain in place. The CSA pointed issuers to the Canadian Sustainability Standards Board’s sustainability standards issued in December 2024, which it described as generally aligned with International Sustainability Standards Board standards, as a voluntary framework for sustainability and climate-related disclosures. For diversity disclosure, non-venture issuers will continue to provide disclosure on the representation of women on boards and in executive officer roles under the current National Instrument 58-101 Disclosure of Corporate Governance Practices requirements. The CSA will monitor domestic and international regulatory developments and expects to revisit both projects in future years, with notice to issuers ahead of any change in status. It also indicated it will continue monitoring issuer disclosure practices, including for misleading disclosure such as greenwashing, and will provide additional guidance as appropriate.
Ontario Securities Commission 2025-04-23
Ontario Securities Commission and Canadian Securities Administrators pause development of mandatory climate disclosure rule and diversity disclosure amendments
The Canadian Securities Administrators, including the Ontario Securities Commission, have paused efforts to develop a new mandatory climate-related disclosure rule and amend diversity-related disclosure requirements, citing recent U.S. and global developments. Existing climate-related risk disclosure requirements remain, with voluntary alignment to Canadian Sustainability Standards Board standards. The CSA will monitor issuer disclosures and may revisit these projects in the future.