Canadian Securities Regulators Publish Additional Guidance on Environmental Disclosure


Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 51- 333 Environmental Reporting Guidance for reporting issuers about meeting existing environmental disclosure requirements.

The Notice should assist issuers in assessing which information must be disclosed on material environmental matters, such as risks related to weather patterns or environmental legislation. These disclosure requirements are set out primarily in National Instrument 51-102 Continuous Disclosure Obligations.

Environmental matters comprise a broad range of issues, including air, land, water and waste. These matters can affect issuers in several ways, including interrupting operations, resulting in material unplanned costs, providing new business opportunities, and potentially affecting reputation, capital expenditures, and a licence to operate.

“Greater transparency is needed regarding the nature and extent of environmental risks and other environmental matters,” said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). “This guidance should greatly assist issuers in complying with their disclosure obligations, which would ultimately provide investors with much more complete information on environmental matters.”

Following consultations with investors, issuers and experts, the Notice provides guidance on compliance with disclosure rules in the following areas:

  • Environmental risks and related matters;
  • Environmental risk oversight and management;
  • Forward-looking information requirements as they relate to environmental goals and targets; and
  • Impact of adoption of International Financial Reporting Standards (IFRS) on disclosure of environmental liabilities.

Copies of the Notice and related rule materials are available on the websites of CSA members.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission

Mark Dickey


British Columbia Securities Commission

Ken Gracey


Financial Services Regulation Div. Newfoundland and Labrador

Doug Connolly


Manitoba Securities Commission

Ainsley Cunningham


New Brunswick Securities Commission

Wendy Connors-Beckett


Northwest Territories, Securities Office

Donn MacDougall


Nova Scotia Securities Commission

Natalie MacLellan


Nunavut Securities Office

Louis Arki


Ontario Securities Commission

Theresa Ebden


PEI Securities Office, Office of the Attorney General

Janice Callbeck


Saskatchewan Financial Services Commission

Barbara Shourounis


Yukon Securities Office

Graham Lang