Not legally binding, but here‘s an interesting motion from Queen’s Park picked up by Dianne Saxe. It seems the Ontario Securities Commission is likely to beef up reporting requirements for social and environmental information.
According to a recent OSC Staff Notice, disclosure of environmental liabilities by reporting securities issuers fails to fully satisfy applicable disclosure requirements. The two main concerns:
- issuers rely heavily on boilerplate disclosure, deemed insufficient, and
- disclosure often lacks detailed discussion and quantification of environmental liabilities.