Here’s an overview of a recent enforcement action filed by the Ontario Securities Commission: Purpose Investments Inc. (Purpose) is a registered investment fund manager based in Toronto, Ontario. During the period September 2019 to March 2023 (the Material Time), Purpose made sales communications which falsely stated or suggested that: (a) Purpose considered ESG factors when…

IFRIC recently discussed the classification of a foreign exchange difference from an intragroup monetary liability (or asset).  The fact pattern involves an entity that enters into a loan with its subsidiary; the entity and its subsidiary have different functional currencies. This intragroup loan is denominated in the functional currency of either the entity or its…

One of the many challenging aspects of standard-setting is the fine-tuning of a standard’s scope and application: that is, to what degree and under what circumstances affected entities should be given a break from some of the requirements. This is from the basis for conclusions to IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information :…

As I’ve noted before, one of my bigger regrets is the time I spent on the cause of executive compensation disclosure, pretty much all of which was wasted: As I put it here nine years ago: Enhanced disclosure was intended to provide a control on such arrangements (“sunlight is the best disinfectant”); now it’s generally…

I recently observed that “the term ‘trust’ is almost a mandated component of any CPA ‘thought leadership’ publication,” and that started me thinking about just how much so-called ‘thought leadership’ is out there. And then the Ontario Securities Commission published Insights on the OSC Staff’s Approach to Sustainable Finance   a publication that “builds on the work…

For the first time ever on this blog, here’s a link to Fox Business: President Donald Trump suggested on Monday that U.S. public companies should shift from filing quarterly earnings reports to reporting on a semiannual basis, arguing the change would cut costs and encourage long-term business planning. He noted that any change would be subject to…

Here’s a recent news release from the shareholder advocacy organization Investors for Paris Compliance (I4PC): Today I4PC filed a complaint with the Alberta Securities Regulator (ASC) alleging misleading disclosure regarding net zero by Cenovus and Enbridge. The choice of the ASC may come as a surprise to observers who have been expecting complaints to the…

As we discussed here, the IASB has issued a revised Practice Statement on management commentary.  One of the six specified “areas of content” to be included in such a commentary relates to an entity’s “business model,” defined as follows: the integrated set of processes by which the entity seeks to create value and generate cash…

Anyone who doubts the depth of Trump-era antipathy toward climate-related disclosure might check out the keynote address delivered by SEC Chair Paul Atkins at the Inaugural OECD Roundtable on Global Financial Markets. Here’s an extract: As we look with fresh eyes at the types of foreign issuers that receive special accommodations, we should also not…

A recent article looked at How Directors’ Past Experiences Shape Corporate Climate Policies. It’s written by Sehoon Kim, Bernadette A. Minton and Rohan Williamson, based on their academic research into the premise “that salient and adverse past experiences, such as witnessing the destruction and suffering caused by major natural disasters, can mold individuals’ prosocial preferences.…