The days of voluntary climate disclosure are numbered, as evidenced by recent domestic and international proposals for mandatory climate disclosure, G7 leaders expressing support for mandatory disclosure and several key jurisdictions having already completed the transition to a mandatory disclosure model. Less clear is whether the Canadian Securities Administrators (CSA) will move forward with recently proposed climate disclosure rules or opt to ratchet up the stringency of its proposal to align more closely with those proposed by the U.S. Securities and Exchange Commission (SEC) or the International Sustainability Standards Board (ISSB). Our review of climate disclosure provided by the top 18 global mining companies in 2022 (2022 Review) makes clear that the mining sector is relatively well-positioned to satisfy the CSA’s proposed rules, but would likely have some work ahead of it to comply with the more robust draft SEC or ISSB rules. Doing so may prove challenging, given that the gap between the Canadian and international proposals is likely to close in the near future. That being said, and as discussed in detail in this chapter, the draft SEC rules may face significant hurdles and delays, meaning that the CSA may need to finalize the Canadian rules while the corresponding U.S. rules remain in limbo.
55
Governance Insights 2022
Powered by FlippingBook