Opinion: On climate-related disclosure, Canadian companies have stalled

Canada’s large public companies are inching ahead when it comes to disclosing greenhouse gas emissions. That’s the problem.

In a new survey of corporate progress on climate-related metrics, the Institute for Sustainable Finance at Queen’s University’s Smith School of Business found that just 163 companies in the S&P/TSX Composite Index provide any disclosure on CO2 emissions. That equates to 70.6 per cent of the index, and is up just slightly from 67.6 per cent a year ago.

“Clearly, some are ready. I think a lot are thinking about it, but are not quite there yet. It’s going to have a very big impact when the legislation does change,” Prof. Cleary said. Other parts of the ISF survey show some progress. Of the 231 companies on the S&P/TSX Composite, 120, or 52 per cent, have emission reduction targets. That’s twice the number from last year’s survey.

Meanwhile, with environmental, social and governance criteria now a key part of doing business, it appears companies are slow to integrate the E items with the G – specifically, tying executive compensation to meeting climate targets. Just 17 TSX companies, or 14 per cent of those with targets, have tied CEO pay directly to meeting those goals.

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