Financial institutions call on Canadian companies to enhance disclosure on climate change risks
Montreal, Canada, October 26, 2017 – Thirty Canadian and international financial institutions and pension funds representing approximately CAD $1.2 trillion of assets under management today issued a joint Declaration of Institutional Investors on Climate-Related Financial Risks, calling on publicly traded companies in Canada to commit to enhanced disclosure on their exposure to climate change risks, and the measures they are taking to manage them. The Declaration is supported in principle by 13 organizations.
The signatories of the declaration intend to work with publicly traded companies in Canada to help them mitigate their climate change risks. By signing the declaration, they are advocating for other economic and financial institutions to join forces in order to stimulate sustainable world economic growth, while reducing their environmental impact.
"This declaration, which was led by Finance Montréal's Responsible Investment work group, reflects the initiative shown by financial institutions. With more information at their disposal, investors will be able to better assess all the risks faced by their investment portfolios and design investment strategies that are adapted to the realities of climate change," said Louis Lévesque, Chief Executive Officer, Finance Montréal. “This is a positive development for the financial industry in Quebec and Canada, and keeps us aligned with global trends."
“I am proud to see the financial community rallying around this key issue. As institutional investors, we all have a role to play to promote increased transparency and better climate change disclosure practices from the companies we invest in,” said André Bourbonnais, President and CEO, PSP Investments, and Responsible Investment Lead, Finance Montréal.
The declaration remains open to new signatories who wish to endorse it. The full text of the declaration, as well as a complete list of signatories, is available here.
About Finance Montréal
Finance Montréal, Quebec’s financial cluster, was created in 2010 by institutions in the financial services industry at the invitation of the Quebec Government. Finance Montréal brings together 24 Governor Members, 6 Partner Members, 12 Associate Members and close to 300 volunteer professionals. Its mission is to develop and promote Quebec’s financial services industry. The organization works to enhance Montreal’s reputation as a world-class financial hub and engages in international business development activities to attract foreign firms to Montreal by promoting various fiscal incentives, including the IFC tax credit. Finance Montréal fosters cooperation among a vast range of institutions to stimulate the industry’s growth while raising awareness of the financial specializations found in Montreal. To learn more about Finance Montréal, visit www.finance-montreal.com.
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