Alberta
CEO of Alberta Securities Commission responds to editorial from the Parkland Institute
On Feb. 2, 2022, Todayville Red Deer republished an article entitled Alberta oilpatch may face lending crunch as financial regulators worry about the risks of climate change by Robert L.(Bob) Ascah of The Parkland Institute.
Within this article Mr. Ascah correctly referred to a set of proposed disclosure requirements recently published by the Canadian Securities Administrators (CSA) for public comment. Those proposals would, among other things, call on all reporting issuers to report their greenhouse gas emissions or to explain why not. However, he incorrectly suggested that the Alberta Securities Commission (ASC) would intentionally slow the project down.
I can confirm that the ASC has been at the forefront and is co-leading the CSA’s work on climate change-related disclosure, in collaboration with all other CSA jurisdictions. Our original research and consultation project gave rise to CSA Staff Notice 51-354 Report on Climate change-related Disclosure and subsequent guidance in CSA Staff Notice 51-358 Reporting of Climate Change-related Risks.
The proposed rule, currently out for comment and under consideration, is intended to provide investors with decision-useful information in respect of emissions, governance, strategy and risk management, and is based in large part on the recommendations of the Task Force on Climate-related Financial Disclosures. The ASC and other CSA regulators are united in our belief that a harmonized approach across the country, and across all industries, is critical to the successful implementation of any rule in this area. No industry will be exempt from its application.
Like other jurisdictions, the ASC has been actively seeking to both inform and engage market participants about this proposed rule. We have held conversations, hosted webinars, published the information and shared it with as many parties as possible. We believe the final rule will be stronger with full engagement and feedback from all parts of our diverse country.
It is worth noting that one of our important industries in Canada, the oil and gas industry, has shown leadership in providing disclosure that responds to increasing investor interest in environmental, social and governance (ESG) matters and has generally expressed support for standardized comparable disclosure.
We are proud to be one of only three jurisdictions in the world to be actively creating a rule that will provide clarity to issuers, regardless of industry, and provide decision-useful information for investors.
Regards,
Stan Magidson
Chair & CEO
Alberta Securities Commission
Alberta
Official statement from Premier Danielle Smith and Energy Minister Brian Jean on the start-up of the Trans Mountain Pipeline
Alberta
Protecting the right to vote for Canadian citizens: Minister McIver
Minister of Municipal Affairs Ric McIver issued the following statement in response to Calgary City Council’s vote to extend the right to vote to permanent residents:
“Yesterday, Calgary city council passed a motion advocating for permanent residents to be extended the right to vote in civic elections. Alberta’s government has been clear since the beginning: only Canadian citizens are able to vote in civic elections. That will not be changing.
“The Canadian Charter of Rights and Freedoms affirms the right of every Canadian citizen to vote and to run as a candidate. This right extends to voters in municipal, provincial and federal elections.
“Protecting our democracy is of the utmost importance. Our provincial election legislation, like the Local Authorities Elections Act, has also been clear since its inception that voting is a right of Canadian citizens.
“Alberta’s government is also ensuring that voting is accessible for more Albertans. The Municipal Affairs Statutes Amendment Act proposes to enable special ballot access for any voter who requests it, without having to provide any specific reason such as physical disability, absence from the municipality or working for the municipal election. The ministries of Seniors, Community and Social Services and Service Alberta and Red Tape Reduction are also making it easier for individuals to obtain the identification Albertans need for a variety of services, including the ability to cast a ballot.
“Our government will continue to protect the integrity of our elections and make sure voting is accessible for all Albertans who are Canadian citizens.”
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