The Ontario Securities Commission (OSC) published staff research examining how frequently Canadian listed issuers refer to artificial intelligence (AI) in financial disclosures and the sentiment used when doing so. The exploratory study reviewed Management Discussion and Analysis (MD&A) filings from S&P/TSX Composite Index issuers over a 10-year period and also tested large language models for sentiment analysis. OSC staff found a substantial increase in the number of issuers mentioning AI in MD&As, alongside a notable shift in tone in the 2024 filing year, when negative sentiment increased materially after earlier AI discussions were predominantly positive. Sentiment also varied by sector, with Finance and Information issuers remaining more positive on AI than issuers in other industries, which have become increasingly cautious.
Ontario Securities Commission 2025-05-06
Ontario Securities Commission releases research on rising AI references and shifting sentiment in S&P/TSX Composite issuers’ MD&A disclosures
The Ontario Securities Commission analyzed AI mentions in financial disclosures by Canadian listed issuers. The study, covering a decade of Management Discussion and Analysis filings from S&P/TSX Composite Index issuers, noted a significant rise in AI mentions and a shift to negative sentiment in 2024. Sentiment varied by sector, with Finance and Information sectors maintaining a more positive outlook compared to others.