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Feb 28th, 2022

Fossil Fuel Subsidies in Canada: Governance Implications in the Net-Zero Transition

Canada ranks highly among the developed countries that have provided government support to the fossil fuel sector, but this situation is changing. To address the climate emergency, Canada has legally committed to achieving net-zero carbon dioxide (CO2) and other greenhouse gas (GHG) emissions by 2050. How our federal, provincial, and territorial governments spend public dollars […]

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Jan 11th, 2022

Retail’s Route to Net-zero Emissions: The Canadian Retail Sector and Effective Climate Governance

Authored by Dr. Janis Sarra, Professor of Law at the University of British Columbia and Principal Co-Investigator of the CCLI, the guide provides an accessible summary of the legal duties of retail directors and officers in the transition to a net-zero economy. It offers examples of best practices in climate governance as well as a […]

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Aug 19th, 2021

Climate-related Legal Risks for Financial Institutions: Executive Brief

Introduction Financial sector risk leaders, risk managers, and board risk committees are increasingly aware of climate-related legal risks to financial institutions. In  Canada, the Office of the Superintendent of Financial Institutions (OSFI) has identified liability risk as a source of climate-related financial risk facing deposit-taking institutions, insurance companies, and pension funds. These risks include regulatory […]

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Jun 24th, 2021

Primer on Climate Change: Directors’ Duties and Disclosure Obligations

The evolution of our understanding of climate change from an ethical or environmental issue to one that presents foreseeable financial and systemic risks (and opportunities) over short, medium and long-term investment horizons has significantly changed its relevance to the governance of both corporations and investors. This evolution means there are serious implications for the duties […]

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Mar 8th, 2021

Life, Health, Property, Casualty: Canadian Insurance Company Directors and Effective Climate Governance

The insurance sector is important because it provides the financial safety net for many Canadians suffering losses associated with climate impacts. Insurance coverage is the guarantee that policyholder losses will be indemnified; yet climate-related weather events are growing in severity and frequency. Severe weather damage in Canada caused $2.4 billion in insured losses in 2020, […]

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Jan 28th, 2021

Duty to Protect: Corporate Directors and Climate-Related Financial Risk

Amid growing calls from regulators, financial standard organizations and institutional investors, Canadian corporations face pressure to adopt transparent climate-risk reporting. But first, they need greater clarity on the metrics and standards involved. Author Janis Sarra recommends that Canada clarify and adopt mandatory uniform reporting on climate metrics and finance, so that corporate officers and directors […]

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Dec 1st, 2020

Audit Committees and Effective Climate Governance, A Guide for Boards of Directors

Authored by Dr. Janis Sarra, Professor of Law at the University of British Columbia, with contributing authors Meghan Harris-Ngae, Ernst & Young, Roopa Davé, KPMG, and Ravipal Bains, McMillan LLP, this guide draws together current legal standards and best practice guidance for Canadian audit committees, to assist them in taking a leadership role in effective […]

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Jun 25th, 2020

Putting Climate Change Risk on the Board Room Table

In her opinion, titled “Putting Climate Change Risk on the Boardroom Table,” Ms. Hansell clarifies the role of the corporate board with respect to climate change and how it is unequivocal about the responsibility of corporate directors to include climate change risks and opportunities in their oversight and strategic direction of the companies they serve. […]

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