Canadian securities regulators cracking down on greenwashing

Also: Recordings from RIA ESG Symposium

The Responsible Investor aims to keep finance and investments professionals abreast of developments in sustainable finance and the economics of climate change.


BLG Notice: Canadian securities regulators conduct a “green” sweep of ESG products and practices

(April 30, 2021) The Ontario Securities Commission and the British Columbia Securities Commission are currently performing desk reviews of registrants identified as participants in ESG investing. Fund managers, portfolio managers and exempt market dealers should be prepared to respond on their ESG-related portfolio and fund management, compliance and marketing and disclosure practices. Misleading practices may result in regulatory enforcement action and investor claims for misrepresentation.

Key Takeaways:

  • Canadian securities regulators are reviewing registrants’ ESG disclosure and marketing materials to ensure that they are consistent with registrants’ actual ESG policies and practices.

  • Disclosure that could potentially mislead investors into believing that a registrant’s ESG policies and procedures are more stringent or effective than they actually are could expose that registrant to regulatory enforcement and potential liability for investor claims of misrepresentation.

  • All registrants that participate in ESG investing need to ensure that they have clearly defined ESG policies and principles and that their disclosure documents and marketing materials align with these policies and principles.

(Full details available on BLG’s website)

Session recordings from the RIA's ESG Symposium

An Update on Canada’s Transition Finance Taxonomy

Topic: CSA Group’s development of a Transition Finance Taxonomy to help transition Canada’s economy toward net zero emissions. (Feb 25, 2021)

Speakers:

- Peter Johnson, Chair, CSA Group’s Technical Committee for Transition and Sustainable Finance

Transition Finance Panel From Vision to Action

Topic: leading market participants weighed in on why transition financing matters for Canada and how it will work in practice. (Feb 25, 2021)

Speakers:

- Isabelle Laurent, Deputy Treasurer & Head of Funding, European Bank for Reconstruction and Development (EBRD)
- Alison Schneider, Vice President, Responsible Investment, AIMCo
- Milla Craig, President, Millani
- Jason Taylor, Director, Sustainable Finance, Scotiabank

2021 Proxy Season: ESG Trends to Watch

Topic: A panel of experts discusses the key trends for responsible investors to watch ahead of what’s expected to be a very busy proxy season. (Feb 25, 2021)

Speakers:

- Sarah Couturier-Tanoh, Senior Shareholder Engagement & Policy Analyst, SHARE
- Priti Shokeen, Head of ESG Research and Engagement, TD Asset Management
- Michelle Tan, Partner, Hugessen Consulting
- Lindsey Walton, Head of Canada, Principles for Responsible Investment (PRI)

Emerging ESG Standards & Policies: What Canadian Investors Need to Know

Topic: In this session, subject matter experts share insights on the emerging ESG standards & policies most important to Canadian investment professionals. (Feb 25, 2021)

Speakers:

- Brian Minns, VP, Sustainable Investing, Addenda Capital; Member, CFA Institute ESG Technical Committee
- Rosalie Vendette Sustainable Finance Expert
- Berenice Lasfargues, ESG Specialist, BNP Paribas Asset Management
- Judy Cotte, CEO, ESG Global Advisors