Proposed National Instrument 51-107 Disclosure of Climate-related Matters (Feb. 16, 2022)
On October 18, 2021, the Canadian Securities Administrators (CSA) released public consultation, asking for comments on its newly proposed National Instrument 51-107 (NI 51-107) Disclosure of Climate-related Matters.
The proposed Instrument is partly based on the recommendations of the taskforce for climate-related financial disclosures (TCFD) from 2017 and would require all listed issuers to disclose information based on four core elements: strategy, governance, risk management, metrics and targets. A key requirement from issuers is to disclose the GHG emissions or to explain why they have not done so.
The consultation sought input on areas such as the Instrument's suitability for issuers, cost of compliance and potential investor benefits. The proposed instrument does not distinguish between venture or non venture issuers in terms of reporting requirements, but venture issuers will have two additional years to prepare for implementation.