Blakes Weekly Digest | January 17, 2025
In this issue...
Canadian Sustainability Standards Board Publishes Inaugural Sustainability Disclosure Standards
The Canadian Sustainability Standards Board has released its sustainability and climate-related disclosure standards for Canadian businesses. These voluntary disclosure standards aim to provide a framework that will bring consistency, comparability and transparency to sustainability and climate-related reporting in Canada. These standards will likely influence the development of the mandatory climate-related disclosure regime for Canadian public companies that is currently under consideration by the Canadian Securities Administrators.
Alberta Securities Commission Publishes 2024 Corporate Finance Disclosure Report
The Alberta Securities Commission (ASC) recently released its 2024 Corporate Finance Disclosure Report. The report highlights key issues identified in continuous disclosure reviews, provides guidance on disclosure requirements for annual information forms and updates reporting issuers on regulatory initiatives from the Canadian Securities Administrators. The ASC will host its 2025 Corporate Finance Disclosure Information Session on January 16, 2025, to further discuss the report.
Blakes Competitive Edge?: January 2025 Update
January 13, 2024
The January edition of Blakes Competitive Edge is now available.
Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau, recent initiatives and key trends.
Key Highlights
A recap of merger review activity shows a lag behind historical averages throughout the first half of 2024, with activity increasing over the second half of the year for a total of 221 merger reviews completed in 2024. This is a 12.5% increase compared to the number of reviews completed in 2023 (195), a 9.5% increase from the number of reviews completed through the same period in 2022 (201) and the fourth-highest total of reviews conducted on record (i.e., since 2012).
The Bureau files an application with the Competition Tribunal alleging that Rogers advertised misleading wireless phone plans.
The Bureau launches public consultation on draft environmental claims guidelines.
A Performance Measurement and Statistics Report shows an increase in merger review activity for the first half of the Bureau’s 2024-2025 fiscal year, compared to the first half of the 2023 – 2024 fiscal year.
2025 Proxy Advisory Firm Voting Guidelines: Canadian Highlights
As we head into the 2025 Canadian proxy season, issuers should get acquainted with the new guidelines published by Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. (Glass Lewis). In their policy updates, ISS and Glass Lewis clarify proxy voting standards relating to virtual shareholder meetings, board gender diversity, board racial and ethnic diversity, artificial intelligence and more.
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2025 Outlook on Canadian Web Accessibility Regulations
Web accessibility regulations that apply to private-sector businesses operating in Canada continue to develop. The federal government recently announced a consultation on proposed amendments impacting medium and large-sized federally regulated businesses. Additionally, in 2025, businesses with employees in Manitoba will face new obligations to ensure their websites meet certain accessibility requirements.
Adapting to Canada’s Changing Environmental Landscape
The Canadian federal government continues to introduce stricter environmental regulations impacting business practices. These regulatory updates demonstrate Canada’s focus on further developing and enforcing its environmental laws to protect the country’s environmental landscape.
This Five Under 5 provides key insights to help businesses navigate these changes to ensure compliance and minimize risks.
Canada Expands Sanctions Against China: A Harbinger of Escalating Restrictions
Brady Gordon, Roy Millen, Zvi Halpern-Shavim and Soheila Ebrahimi-Louyeh (Articling Student)
In December 2024, the Government of Canada announced sanctions against eight Chinese individuals implicated in human rights violations. By linking these new sanctions to its recent measures to combat forced labour, the government signals a broader strategy to address human rights violations in China through a range of trade restrictions. Canadian businesses should be prepared for further restrictions on trade with China.
Political Law: Staying Compliant Amid Complexity
Businesses that deal with Canada’s public sector face growing compliance obligations as rules related to supplier integrity, foreign influence and election finance evolve. These changes reflect policymakers’ efforts to enhance transparency and accountability from the private sector in an often politicized environment.
This Five Under 5 highlights recent trends and developments shaping the complex intersection of business and government in Canada.