PIAC calls on CSA to set clear timeline for resuming work on mandatory climate disclosure rule for pension fund investments
August 20, 2025
The Pension Investment Association of Canada (“PIAC”) has urged the Canadian Securities Administrators (“CSA”) to restart work on a climate-related disclosure rule for pension fund investments after the CSA announced a pause on the development of new requirements.
The CSA announced the pause in April this year, claiming that the move was designed to support Canadian markets and issuers “as they adapt to the recent developments in the U.S. and globally.”
In its open letter, PIAC labelled the CSA’s decision to halt work on a climate-related disclosure rule as “unfortunate” and asked the CSA to set a timeline for the resumption of work “on a vital, mandatory climate-related disclosure rule that would benefit Canadian pension funds and pension plan beneficiaries.”
PIAC, whose members manage over $3 trillion in assets between them, added that a globally aligned climate-related financial disclosure rule for Canadian companies would reduce risk and ambiguity for investors, while driving innovation and competitiveness.
“A clear, climate-related disclosure rule will also enhance the attractiveness of investing in Canada by increasing competitiveness among global markets. Standardizing climate-related disclosures will improve transparency and comparability among companies in Canadian markets, making investing in Canada less resource-intensive,” the letter continues.
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