Open letter calls on regulators to restart climate disclosure work
TORONTO – A group of 80 women leaders in business and civil society have called on Canadian securities regulators to resume work on climate disclosures.
In an open letter organized by Women Leading on Climate, the signatories say the 'abrupt' April decision by regulators to halt the work puts the economy at risk.
The proposed rules require companies to report their emissions, outline the risks and opportunities they face from climate change and their strategy for managing them so investors have the information they need.
The Canadian Securities Administrators said it indefinitely suspended work on disclosures to focus on making markets more competitive, efficient and resilient.
Signatories to the letter including University Pension Plan CEO Barbara Zvan, George Weston Ltd. director Barbara Stymiest and Climate and Nature Solutions chief executive Catherine McKenna say disclosures are about making Canada competitive.
Stymiest, who was also previously CEO of TMX Group Inc., says in a statement that jurisdictions representing more than half of the world's GDP are moving toward globally-aligned standards, and Canada risks losing out on investments without them.
'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,' she said.
The decision by Canadian regulators to halt the push for disclosures was a surprise because the work is about making markets function properly, said McKenna.
Monday Mornings
The latest local business news and a lookahead to the coming week.
'It's related to ensuring that you have efficient markets, that you are promoting competitiveness and you're building resilience,' she said in an interview.
'So it's kind of weird that while the world is moving on, and all these jurisdictions are moving forward, we have Canada's securities regulators saying, actually, we're going to take a pause at a time when climate change is getting worse.'
The reversal by the CSA did come after U.S. regulators also halted climate disclosure efforts, but the open letter says it crucial for Canada to distinguish itself at this time.
'There has never been a more important moment for Canada to show the world that it is open and ready for business. Adopting a globally-aligned climate disclosure standard will send that signal.'
This report by The Canadian Press was first published June 3, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Global News
3 hours ago
- Global News
Alberta premier says she sees a ‘breakthrough' in talks with Americans on energy
Alberta Premier Danielle Smith said on Wednesday there's been a 'breakthrough' in conversations with Americans on Canada's role in the United States' quest for energy dominance as President Donald Trump's tariffs continue to cause uncertainty for the bilateral relationship. 'We've managed to make a breakthrough on the discussion about energy dominance and how Canada can lend itself to that, whether its our oil, our gas, critical minerals, uranium from Saskatchewan, electricity from many of our provinces,' Smith said in an interview with The Canadian Press at the embassy in Washington, D.C. 'I feel like there's a real understanding of that.' Tweet This Click to share quote on Twitter: "I feel like there's a real understanding of that." Trump returned to the White House set on boosting America's energy production. Smith said that while the energy argument has seen success, conversations around other industries are ongoing. The Alberta premier was in the United States capital for meetings and a forum on energy this week as Trump doubled his tariffs on steel and aluminum imports. Story continues below advertisement Canada is a major supplier to the U.S. and Canadian industry says 50 per cent levies will be devastating. Smith said she had conversations with American counterparts and explained that, particularly for aluminum tariffs, they are 'the very definition of a tariff being its own punishment.' The United States imports about 60 per cent of its aluminum from Canada. The Canadian industry largely uses hydroelectricity to make the high energy costs connected to smelting more affordable. Smith said the U.S. doesn't have the ability to develop a homegrown industry to fill the gaps. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'We just have to make sure we are able to make that same (energy) argument on everything else, on the integrated food market, the integrated manufacturing market,' Smith said, also pointing to timber. '(We) haven't had a full breakthrough on all of that but I think the conversations I have are always very positive.' Story continues below advertisement Despite conversations at home about Western alienation and Alberta separatism, Smith said that issue has not come up in Washington. The premier, however, said it's important to take the issue seriously. Trump set his sights on Canada early in his return to the White House and his tariffs on steel, aluminum and automobiles have upended Canadian industries. The president has repeatedly said he doesn't need anything from Canada but his actions have shown signs that he still values trade with America's northern neighbour. Trump slapped Canada with economywide duties in March, only to walk back the tariffs on imports complaint with the Canada-U.S.-Mexico Agreement on trade, called CUSMA, a few days later. Commerce Secretary Howard Lutnick was asked during a U.S. Senate hearing Wednesday about tariffs on Canada. Lutnick pointed to the trilateral agreement and said imports that are compliant with CUSMA remain tariff-free. CUSMA was negotiated during the first Trump administration and was up for a mandatory review next year. Smith said it remains unclear when CUSMA negotiations might start but there is 'encouragement or expectation that we might get some kind of detente or interim agreement by the time we have the G7.' It's unclear whether that will be commitments on CUSMA or a separate agreement on the current tariffs. Carney has said Canada will negotiate a new economic and security agreement with the United States. Story continues below advertisement 1:51 U.S. may be looking to remove non-tariff barriers, report shows Canada-U.S. Trade Minister Dominic LeBlanc, who met with Lutnick in Washington Tuesday, said he's 'hopeful that we can get to the best outcome for Canadians.' Carney and Trump will join leaders from France, Germany, Japan, the United Kingdom, Italy and the European Union from June 15 to 17 for the G7 leaders summit in Kananaskis. Mexican President Claudia Sheinbaum has also been invited to attend. Smith said it 'just makes so much sense for Canada and the U.S. to get to an agreement fast.' She said Americans have 'bigger fish to fry' on other major policy priorities. Smith was optimistic about Carney's relationship with Trump. While the president recently brought back comments on making Canada a U.S. state, Trump has also spoken about a good relationship with Carney and calls him prime minister and not the 'governor' title he used to taunt former prime minister Justin Trudeau. Story continues below advertisement It also marks a change in tone for the Alberta premier, who had an icy relationship with Ottawa under Trudeau. Smith has long been critical of the governing Liberal's policies around energy which she says micromanaged Alberta's priorities and hindered industry. She said federal policies stopped Alberta from developing foreign markets that would be critical for many Canadian industries as Trump tries to realign global trade through tariffs. 2:17 Danielle Smith's pipeline push at premier's meeting gets support from Carney Following the First Ministers' meeting in Saskatoon earlier this week, Smith said she is 'hoping that we are having a breakthrough with the Liberals way of seeing things.' Smith had proposed a bitumen pipeline to B.C.'s northern coast coupled with support for a project on decarbonization. She said 'if we can work together on developing new markets then I think it will be good for everyone.' Story continues below advertisement B.C. deputy premier Niki Sharma has pushed back on Smith's proposal, saying the province is focusing on 'shovel-ready projects, not theoretical projects with no proponents.'
Cision Canada
4 hours ago
- Cision Canada
Finlay Minerals Announces Increase in Size of Non-Brokered Private Placement of Flow-Through Shares and Non-Flow-Through Units
VANCOUVER, BC, June 4, 2025 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce that due to strong investor interest it has increased the size of its non-brokered private placement (the " Private Placement"), previously announced on May 26, 2025, to raise up to $1,700,000. The Private Placement will consist of the issuance of any combination of: (i) common shares of the Company to be issued on a flow-through basis under the Income Tax Act (Canada) (each, a " FT Share") at a price of $0.11 per FT Share, and (ii) non-flow-through units of the Company (each, a " NFT Unit") at a price of $0.10 per NFT Unit, for aggregate gross proceeds to the Company of up to $1,700,000. The Private Placement is subject to a minimum offering amount of $500,000, to be raised through any combination of FT Shares and NFT Units. The Company also announces that it will use the gross proceeds from the issuance of FT Shares to incur "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures", as such terms are defined in the Income Tax Act (Canada). Each NFT Unit will be comprised of one non-flow-through common share of the Company (each, a " NFT Share") and one non-flow-through common share purchase warrant (a " Warrant"). Each Warrant will be exercisable by the holder thereof to acquire one NFT Share at an exercise price of $0.20 per NFT Share for a period of two years from the date of issuance of the Warrant (the " Warrant Expiry Date"), subject to acceleration. The Warrant Expiry Date may, at the Company's sole discretion, be accelerated if at any time following the Closing Date (as defined herein), the common shares of the Company trade at a daily volume-weighted average trading price above $0.30 per common share for a period of 30 consecutive trading days on the TSX Venture Exchange (the " TSXV") or on such other stock exchange where the majority of the trading occurs (the " Trading Target") and the Company provides notice to the Warrant holders by way of press release announcing that such Trading Target has been achieved, provided that the accelerated expiry date of the Warrants falls on the earlier of (unless exercised by the holder prior to such date) (the " Accelerated Expiry Date"): (i) the 30th day after the Company provides notice to the Warrant holders of its intention to accelerate the Warrant Expiry Date; and (ii) the Warrant Expiry Date. The failure of the Company to give notice in respect of a Trading Target will not preclude the Company from giving notice of any subsequent Trading Target. All Warrants that remain unexercised following the Accelerated Expiry Date shall immediately expire and all rights of holders of such Warrants shall be terminated without any compensation to such holders. The Company intends to use the gross proceeds of the Private Placement for exploration of the Company's SAY, JJB and Silver Hope properties, and for general working capital purposes, as more particularly described in the amended and restated offering document. Subject to compliance with applicable regulatory requirements, the Private Placement is being conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions and in reliance on the Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The securities issued to purchasers in the Private Placement will not be subject to a hold period under applicable Canadian securities laws. There is an amended and restated offering document related to the Private Placement that can be accessed under the Company's profile at and on the Company's website at Prospective investors should read this amended and restated offering document before making an investment decision. The closing of the Private Placement is expected to occur on or about June 9, 2025 (the " Closing Date"). The closing of the Private Placement is subject to certain closing conditions, including the approval of the TSXV. The Company may pay finder's fees in cash and securities to certain arm's length finders engaged in connection with the Private Placement, subject to the approval of the TSXV. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder. About Finlay Minerals Ltd. Finlay is a TSXV company focused on exploration for base and precious metal deposits through the advancement of its ATTY, PIL, JJB, SAY and Silver Hope Properties; these properties host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries. Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at On behalf of the Board of Directors, Robert F. Brown, Executive Chairman of the Board & Director Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the terms and completion of the Private Placement, raising the minimum and maximum amounts of the Private Placement, the payment of finder's fees and issuance of finder's securities, the anticipated closing date and the planned use of proceeds for the Private Placement. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain regulatory approval for the Private Placement, the state of equity markets in Canada and other jurisdictions, market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law. SOURCE Finlay Minerals Ltd.
Canada Standard
4 hours ago
- Canada Standard
Canada's union calls for countermeasures against U.S. escalating tariffs
Xinhua 05 Jun 2025, 00:45 GMT+10 OTTAWA, June 4 (Xinhua) -- Canada's largest private sector union, Unifor, on Wednesday urged the federal government to act without delay to counter the escalating steel and aluminum tariffs initiated by the United States. The decision by U.S. President Donald Trump to double tariffs on Canadian steel and aluminum imports to 50 percent is a direct threat to Canadian jobs and economic stability, said the union in a news release. "These tariffs are killing investment in our steel, aluminum, and auto sectors, and we are already seeing the consequences in lost jobs and economic instability," said Unifor National President Lana Payne. "We need immediate and forceful action to defend good jobs and safeguard our national economic security." The 50 percent tariff, which came into effect on Wednesday, doubles the previous 25 percent duty imposed on Canadian steel and aluminum imports since March 2025. Canada remains the largest supplier of both steel and aluminum to the United States. The United States imports approximately a quarter of its steel from Canadian suppliers, while half of all U.S. aluminum consumption originates from Canada. Unifor is Canada's largest union in the private sector, representing 320,000 workers in every major area of the economy.
