Resources for Trustees

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Climate risk is a ‘mainstream business issue’ that companies better prepare for, say regulators

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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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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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May 26th, 2021

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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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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Sep 17th, 2020

‘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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Apr 1st, 2018

Fiduciary Obligations in Business and Investment: Implications of Climate Change

In Obligations in Business and Investment: Implications of Climate Change, legal analysis by Dr Janis Sarra, Presidential Distinguished Professor and Professor of Law University of British Columbia, shows that directors, officers and pension fund trustees must identify and address climate-related financial risk or they may be personally liable for breach of their fiduciary obligation or duty of […]

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