(Reuters) -A Canadian banking regulator on Tuesday published guidelines to bolster transparency in the country’s financial institutions’ disclosures related to climate risks starting next year.
Last year, Canada had said banks and insurance companies would need to disclose more about their climate-related risks and exposure beginning 2024 and improve transparency while disclosing such risks.
The Office of the Superintendent of Financial Institutions (OSFI) issued the two-chapter framework, which will apply to domestic banks and internationally active insurance groups headquartered in Canada, effective the end of the 2024 fiscal year.
For other federally regulated financial institutions, the rules will become effective at the end of the fiscal year 2025.
Banks will need to be prepared to maintain operations during climate-related disasters, include the impact of climate change on its liquidity risk profile, tie executive compensation with dealing with such risks, among other requirements.
The regulator, however, did not lay out any specific increases in capital buffers and said the onus was for institutions to self assess within their internal capital.
The framework was first drafted in 2022 and calls for disclosure on governance, strategy and risk management, and metrics relating to financial institutions’ greenhouse-gas emissions.
OSFI said it received over 4,300 submissions from a wide range of respondents, including federally regulated financial institutions, for changes to be made in its draft.
It has earmarked some disclosure expectations to be updated after the International Sustainability Standard Board issues its final standards by the end of June.
Canada, the world’s fourth-largest oil producer, has committed to achieving net-zero emissions by 2050.
(Reporting by Nivedita Balu in Bengaluru; Editing by Pooja Desai and Maju Samuel)
Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.
TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.
The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.
Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.
Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.
TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.
The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.
Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.
A strategic review is often seen by investors as a prelude to a sale by a company.
Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.
Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.
The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.
The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
Canadian Western shareholders voted to approve the deal earlier this month.
National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.
It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.
This report by The Canadian Press was first published Sept. 26, 2024.
