Canadian Securities Administrators Release New Guidelines for Environmental Reporting

Davis LLP Securities & Corporate Finance Bulletin

January 14, 2011

The Canadian Securities Administrators have released Staff Notice 51-333 Environmental Reporting Guidance.  As anticipated in the Davis LLP bulletin of May 2010, this new CSA Staff Notice provides clarification on the continuous disclosure responsibilities of reporting issuers with regard to environmental matters. While the CSA Staff Notice does not impose any new legal obligations on issuers, it does provide greater detail regarding what material environmental information issuers will be expected to disclose, including information specifically related to greenhouse gas emissions and climate change related matters. The guidance in the CSA Staff Notice will be particularly relevant to reporting issuers who are exposed to environmental risks and opportunities.