Report concludes no new disclosure rules needed
The Hennick Centre for Business and Law and Jantzi-Sustainalytics released a report this week recommending that OSC Staff issue guidance clarifying the existing social disclosure and corporate social responsibility disclosure obligations in MD&A and AIF forms, particularly with respect to materiality. The report was prepared in response to a resolution passed by the Ontario Legislature calling on the OSC to conduct a consultation on corporate social responsibility and environmental, social and governance reporting standards.
Ultimately, the report recommended that, rather than adopting new rules, "the way forward should entail promotion of best practices within the existing regulatory framework". The OSC was also encouraged to "support a shift in the direction of more standardized metrics and reporting" and undertake periodic reviews to actively monitor disclosure trends and related internal controls.
For more on the report, see Janet McFarland's article from Tuesday's Globe and Mail.
