On November 3, 2022, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-364 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2022, and March 31, 2021 as a biennial report on the CSA’s review of continuous disclosure provided by reporting issuers (Report). In the Report, the CSA identified overly promotional disclosure pertaining to environmental, social and governance (ESG) matters as a key area for improvement in issuers’ continuous disclosure, stemming from the CSA’s concerns about “greenwashing.”
Read the complete insight for considerations concerning ESG or sustainability disclosure (ESG-related disclosure) that may guide issuers in improving their continuous disclosure to align with CSA disclosure requirements in light of the examples of deficient disclosure identified by the CSA in the Report. Here.
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About Bill Gilliland
Bill Gilliland is a partner in the Dentons corporate, securities and M&A group in Calgary. His practice focuses on energy infrastructure in capital markets and M&A transactions, as well as board governance generally. Bill is a leader in ESG finance, representing Dentons Canada as a member of the International Capital Markets Association Green Bond Principles since 2014 and also being the only lawyer on the CSA Group’s technical committee developing the made in Canada Transition Finance Taxonomy following the 2019 recommendations of the Federal Government’s Expert Panel on Sustainable Finance.
About Ana Cherniak-Kennedy
Ana Cherniak-Kennedy is an associate in the Corporate, Securities, and Mergers and Acquisitions groups of the Dentons Calgary office. She has a general commercial law practice focusing on capital markets, mergers and acquisitions, corporate finance, and corporate governance matters.