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Perception vs Reality: Behind the Headlines of Canadian ESG Investor and Disclosure Trends

November 28, 2025
Millani
ESG, Disclosure

Amid headlines suggesting retreat, parallel regulatory shifts in the United States and Europe, and rising legal scrutiny under Canada's Bill C-59, which introduces penalties for unsupported environmental or sustainability claims, Millani's analysis tells a more nuanced story. Corporate sustainability disclosure in Canada has remained remarkably stable, with continued, if more cautious, progress in key areas.

Our 9th annual ESG Disclosure Study examines how S&P/TSX Composite Index constituents are adapting their sustainability disclosures in response to shifting market conditions. In 2024, we observed the highest number of sustainability reports since 2022, despite the introduction of Bill C-59. Observations suggest that regulatory caution may have limited disclosure rates that would otherwise have been higher.

Read the full study here.

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