​Recommendations

1. TSX to update its ESG reporting guidance 
2. ​CSA to issue review the effectiveness of 51-333 and expand to other issue areas 
3. OFSI and provincial regulators to adopt ESG disclosure requirements
4. Asset owners to disclose their voting practices 
5. Asset owners to integrate ESG into contracts with service providers
6. OFSI and provincial regulators to clarify that ESG is part of fiduciary duty

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Implementation

Next Steps and Partners

Immediate steps the project team will take forward to support the recommendation.

Timeline

Timeline for the deliverable.

Existing Work

Ongoing activities at the PRI and UNEP FI that support the intervention beyond the Fiduciary Duty programme.
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OFSI and provincial regulators to adopt ESG disclosure requirements

The project team and SHARE to develop a briefing paper for Canadian regulators on ESG disclosure practices around the world. Following the publication of the briefing paper, we will seek strategic “learning visits” by international regulators, such as UK’s TPR to Canada.
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Complete by December 2017.​

• The Global Guide to Responsible Investment Regulation
• PRI's IORP Directive Policy Consultation Response
• How Asset Owners Can Drive Responsible Investment

CSA to issue review the effectiveness of 51-333 and expand to other issue areas 

The project team to arrange a series of engagements with the Canadian Securities Administrators to discuss and enhance ESG disclosure requirements for public companies.  
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Starting June 2017.

• The UN Sustainable Stock Exchanges Initiative
• PRI's Investment Practices: Listed Equiaty

There are no immediate plans to support the other recommendations at this time.