NEWS RELEASEWomen Leaders Send Stark Warning to Canadian Regulators: Delaying Climate Disclosure Puts Our Economy at Risk
70+ Canadian women CEOs, capital allocators, financial professionals, entrepreneurs, academics, and civil society leaders issue open letter urging securities regulators to resume efforts on climate disclosure.
June 3, 2025 - Toronto, Canada
Today, women at the helm of Canadian financial, business, and civil society organizations sent a powerful, collective message to Canada’s 13 securities regulators: climate disclosure is critical to making our markets more competitive, efficient, and resilient. They are calling on the Canadian Securities Association (CSA) to immediately resume its work to adopt a globally aligned standard that will mitigate Canada’s financial risk and attract necessary investment from capital markets.
In March 2024, the CSA reaffirmed its commitment to adopting disclosure requirements that “support the assessment of material climate-related risks, reduce market fragmentation, and contribute to efficient capital markets.” The Association abruptly reversed course on that commitment just one week before Canada’s federal election in April, citing “recent developments in the U.S. and globally.”
However, while the U.S. Securities and Exchange Commission (SEC) has folded climate disclosure efforts under the Trump administration, jurisdictions and capital allocators across the world (including in the US) are ramping up disclosure requirements. As the newly released letter to regulators reads:
In under two years,30 jurisdictions across the globe representing 57% of global GDP, have acted to adopt the International Sustainability Standards Board (ISSB) benchmark climate disclosure standard. Further delay means investors will continue to see Canadian companies as a black box while regulators across the UK, EU, Asia, and US states like California are turning the lights on by requiring transparency.
Canada was selected as a regional hub for the work of the ISSB, which is run by the International Financial Reporting Standards foundation (the global standard setter for transparency, accountability, and efficiency for capital markets). Last year, following significant consultation with the financial and business community, the Canadian Sustainability Standards Board (CSSB) released voluntary climate disclosure standards aligned with the ISSB benchmark and attuned to Canada’s unique context. The standards have already been adopted by Canada’s financial institutions regulator, meaning that federally regulated banks, pension funds, and insurance companies will all be required to make climate disclosures - with increased levels of specificity over the next four years.
The open letter is an initiative of Women Leading on Climate, Initial signatories include Barbara Zvan, President and CEO of University Pension Plan, Catherine McKenna, CEO of Climate and Nature Solutions, Barbara Stymiest, veteran financial services executive and director of George Weston Limited, Geneviève Morin, CEO of Fondaction, Lindsey Walton, PRI Director of Americas, Monika Freyman, Vice President of Sustainable Investment at Addenda Capital, Valérie Cecchini, co-founder and managing partner of Borealis Global Asset Management Inc, Alison Sunstrum, Managing Partner of NYA Ventures Inc., Janice Fukakusa, Chancellor Emeritus of Toronto Metropolitan University, and Catherine McCall, CEO of the Canadian Coalition for Good Governance.
The full copy of the letter and names of all initial signatories are available at: www.womenleadingonclimate.org/csa-letter
What women climate leaders are saying about the open letter to the CSA:
“The CSA says it wants to focus on initiatives to make Canadian markets more competitive, efficient, and resilient. There is no initiative more fundamental to that aim than advancing climate disclosure. Our regulators have a responsibility to protect Canadian investors and secure our markets. Acting on disclosure is essential to that mission.”
- Catherine McKenna, former Minister of Environment and Climate Change Canada, CEO of Women Leading on Climate
“Let’s be clear: the global shift to climate disclosure is happening with or without Canada. Further delay risks capital flight from Canadian firms and degraded global competitiveness for Canadian companies. Now is the time to secure and grow Canada’s standing in capital markets. Our regulators must act on disclosure to protect those interests.”
- Barbara Zvan, President and CEO, University Pension Plan
“Jurisdictions representing more than half of the world’s GDP have either adopted or are in the process of adopting globally aligned standards including the European Union, United Kingdom, Japan, Australia, California, and Brazil. Canada is a small fish, and we need global capital. We don’t have the luxury of dropping out while everyone else is stepping up. Failing to provide capital allocators with complete and comparable disclosures will push investment away from Canadian businesses and toward our competitors.”
- Barbara Stymiest, accountant and corporate director who served as an executive in financial services for more than 20 years at Royal Bank, TMX Group and BMO Capital Markets
“Climate change poses serious risks, and finance has a crucial role to play. Physical risks to infrastructure and supply chains as well as transitional risks as new technologies, market demands, and international regulations evolve, all call for a major transformation of our economy. The longer we wait, the more radical the change will have to be. Sustainability and climate disclosures are essential to protecting Canada’s markets, economy and society from these risks. We need to adopt them now.”
- Geneviève Morin, CEO, Fondaction
For more information or to arrange an interview with a founding signatory, please contact:
Serena Rourke
Climate Associate, Climate and Nature Solutions
613-979-3956