CEO of Alberta Securities Commission responds to editorial from the Parkland Institute

On Feb. 2, 2022, Todayville Red Deer republished an article entitled Alberta oilpatch may face lending crunch as financial regulators worry about the risks of climate change by Robert L.(Bob) Ascah of The Parkland Institute.

Within this article Mr. Ascah correctly referred to a set of proposed disclosure requirements recently published by the Canadian Securities Administrators (CSA) for public comment. Those proposals would, among other things, call on all reporting issuers to report their greenhouse gas emissions or to explain why not. However, he incorrectly suggested that the Alberta Securities Commission (ASC) would intentionally slow the project down.

I can confirm that the ASC has been at the forefront and is co-leading the CSA’s work on climate change-related disclosure, in collaboration with all other CSA jurisdictions. Our original research and consultation project gave rise to CSA Staff Notice 51-354 Report on Climate change-related Disclosure and subsequent guidance in CSA Staff Notice 51-358 Reporting of Climate Change-related Risks.

The proposed rule, currently out for comment and under consideration, is intended to provide investors with decision-useful information in respect of emissions, governance, strategy and risk management, and is based in large part on the recommendations of the Task Force on Climate-related Financial Disclosures. The ASC and other CSA regulators are united in our belief that a harmonized approach across the country, and across all industries, is critical to the successful implementation of any rule in this area. No industry will be exempt from its application.

Like other jurisdictions, the ASC has been actively seeking to both inform and engage market participants about this proposed rule. We have held conversations, hosted webinars, published the information and shared it with as many parties as possible. We believe the final rule will be stronger with full engagement and feedback from all parts of our diverse country.

It is worth noting that one of our important industries in Canada, the oil and gas industry, has shown leadership in providing disclosure that responds to increasing investor interest in environmental, social and governance (ESG) matters and has generally expressed support for standardized comparable disclosure.

We are proud to be one of only three jurisdictions in the world to be actively creating a rule that will provide clarity to issuers, regardless of industry, and provide decision-useful information for investors.

Regards,
Stan Magidson
Chair & CEO
Alberta Securities Commission

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Is There Any Canadian Province More Proud of their Premier Today…

Published on January 21, 2025

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Prior to Trumps inauguration event and announcement was made that Trump would not be imposing the 25% tariffs…

Which means, Canada seriously dodged a bullet here.

And while the Liberals will most likely frame this as, their success in showing, Bad Orange Man, that they’re tough and ready to burn down what is left of our economy, throwing Alberta under the bus, first…through a nuclear option…

Premier Smith rode this challenge out like the true champion we knew that she would be.

It’s hard to say if this was a legality matter in the grander scheme…or if the 25% tariffs would have truly been as big of an impact on the US…

One thing is clear, however…

Smith was ready to go to the tables with the Trump administration and opt for diplomacy over threats…which should be what we expect from our leaders.

And should these 25% tariffs have gone through…I’m more than sure a Plan B would have been brought out in civil conversations, over screeching rhetoric.

“She’s treasonous”, they screeched.

“She’s supporting her friends in Oil and Gas”, they relent.

“She should put Canada first”, they echo…

And let’s just address these…

Is Walmart beholden to Campbells soup? Fruit of the Loom? Kraft?

Or does Walmart sell products that helps keep their doors open?

Walmart is not beholden to any product…just like Premier Smith isn’t. We have 26% of our GDP – the largest portion – owed to Alberta O&G, something that we have a limited trade partner with, due to the Liberal – Anti-Alberta/Anti-O&G/Anti-Pipeline attitude that wants to spend us further in debt with unreliable and expensive “Renewables”.

What does Alberta get from renewables?

A higher cost for energy, in an affordability crisis, created by the same people who continue to push them…sounds like a terrible deal, for Albertans, and something a true leader would Not Favor.

When Walmart sits down to hash out a deal with Heinz, are they committing treason because they haven’t shown their allegiance to their own, ‘Great Value’ brand Ketchup?

No…other provinces have their own industries and resources, which they are free to continue developing independent of the federal government, as is suitable and supportive of their own economies…Alberta isn’t competing with them, nor Canada as a whole.

Alberta through industry and resource, actually supports Canada through a grand imbalance on “Equalization Payments”…

As do we through paying 50% more into the Canada Pension Plan, than we actually get out of the Canada Pension Plan…to the tune of a $334 Billion Dollars.

And as for this “Team Canada”, horseshit…

The title Premier of Alberta, should hold some clues as to who Premier Smith should be advocating for…as she is the Premier of Alberta and Not the Prime Minister, nor leader in the Liberal Party that has created this fiasco, to begin with.

Rail, as they may…other provinces can’t cast a vote in her support, either way…

None of the other provinces, through Members of Parliament, nor through Premiers, came to support Alberta and our economy through a number of Federal Bills that railed on our provincial resources…

Worse yet…these hypocrites cash cheques from our province, while telling us how to diversify our economy…to which I’d state one thing unequivocally…

If we wanted to be a Have Not Province…like you are…we’ll come and ask you for your advice.

Until then…

I’ll hold my Alberta Flag Higher than my Canadian…

And be proud today, of having the only Premier in the country of Canada, worthy of any praise today!