Resources for Trustees
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Climate risk is a ‘mainstream business issue’ that companies better prepare for, say regulators
Read moreClimate-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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Climate Change: Legal Implications for Canadian Pension Plan Fiduciaries and Policy-Makers
According to a new legal opinion by Randy Bauslaugh, pension funds have a duty to understand and manage the financial risks and opportunities that climate change poses to funds and beneficiaries. Mr. Bauslaugh identifies the legal obligations of pension fiduciaries to consider and manage climate risks, as with any foreseeable financial risk, and discusses the […]
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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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‘Troubling Incrementalism’: Is the Canadian Pension Plan Fund Doing Enough to Advance the Transition to a Low-carbon Economy?”
A new legal analysis released by the Canada Climate Law Initiative “’Troubling Incrementalism’: Is the Canadian Pension Plan Fund Doing Enough to Advance the Transition to a Low-carbon Economy?” finds that the CPP’s approach to managing the financial risks of climate change may not be consistent with the best interests of Canadian beneficiaries and contributors. […]
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Fiduciary Obligations in Business and Investment: Implications of Climate Change
Dr. Sarra’s report examines how fiduciary obligation, under Canadian corporate law, securities law and the common law, requires directors and officers to identify and address climate-related financial and other risks. In fulfilling their obligations to act in the best interests of the company, directors and officers must directly engage with developments in knowledge regarding physical […]
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