SHARE offers comments and recommendations regarding the OSC’s Draft Statement of Priorities on promoting confidence in Ontario’s capital markets, reducing regulatory burden and strengthening our organizational foundation.
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SHARE and Addenda Capital wrote to the CSA to provide input into their consultation on climate change disclosures. Comments included ways in which investors are using climate-related disclosures as well as what is needed to better assess and mitigate climate-related risks in investment portfolios.
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SHARE, the Interfaith Center on Corporate Responsibility (ICCR) and Ceres Investor Network on Climate Risks and Sustainability (INCR) wrote a joint statement to The Honorable Catherine McKenna MP to express support for strengthening regulations that would reduce the release of methane and certain volatile organic compounds (VOCs) from the upstream oil and gas sector.s.
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SHARE wrote to Ontario Securities Commission (OSC) to comment on its annual priorities, asking that it initiate a market-wide consultation on the practicality of requiring issuers to adopt advisory “say on pay” votes.
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SHARE wrote to the US House Financial Services Committee about the draft legislation for the Financial Choice Act asking the committee to reject the seriously flawed anti-investor provisions. The bill aims to revoke various financial sector reforms introduced under the Dodd Frank act after the 2008 financial crisis.
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SHARE provided input on the Interim Report, Supporting a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future. SHARE’s comments focused on opportunities for the Canadian government to use this review to more closely align Canada’s financial sector with sustainability.
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SHARE provided comments on the Changing Workplaces Review: Special Advisors’ Interim Report and highlighted the importance of greater transparency from companies on their approaches to workplace policies and practices.
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SHARE asked the Canadian Association of Pension Supervisory Authorities (CAPSA) to revise its Pension Plan Governance guidelines and related documents to better guide pension administrators on the integration of environmental, social and governance matters in investment decision-making.
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SHARE commented on the Ontario Securities Commission’s (OSC) 2016-17 Draft Statement of Priorities, urging the Commission to consult with stakeholders regarding adoption of regulations requiring issuers to hold an annual “say on pay” vote, to enhance its systemic risk oversight with regard to climate change, to update guidance to issuers on disclosure of environmental considerations, and to consider whether additional diversity measures such as Aboriginal heritage should form part of future board and senior executive diversity disclosure requirements.
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The Supreme Court released its ruling in the case of CIBC v Green. SHARE intervened in the case to argue that investors should not be prevented from advancing their claims because of procedural difficulties related to the three-year time limit within which they were required to obtain leave to pursue legal action. The decision of the Supreme Court is a clear indication that legislatures must act to ensure clear rules for shareholder remedy and protect the transparency of capital markets.
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A group of 120 institutional investors representing over C$4.6 trillion in assets under management from Canada, US and Europe that invest in Alberta delivered a joint letter today to Alberta Premier Rachel Notley supporting the government of Alberta’s commitment to update and strengthen its climate policy. The letter is also available in French.
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SHARE urged the Commission to: consult with stakeholders regarding adoption of regulations requiring issuers to hold an annual “say on pay” vote; provide guidance to issuers on disclosure of social considerations; study the potential for mandatory ESG reporting by issuers; extend its investor education activities; study the market-level risks created by climate change; and consider adopting greenhouse gas emissions reporting requirements including requiring energy producers to quantify the carbon price forecasts they use in capital expenditure decisions.
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