Environmental, social and governance (ESG) factors have quickly risen to prominence in the financial services sector, reflecting mounting climate risks, rising stakeholder concerns and increased regulatory expectations. At the same time, there has been a rapid growth in ESG frameworks, standards and reporting requirements, making it difficult to unpack what’s relevant to companies.
In a recent article that appeared in MSA Research’s outlook report for the first quarter of 2024, PwC Canada’s Param Purewal and Scott Morrison discussed the ESG regulatory compliance landscape for Canadian insurance companies and what evolving requirements mean for their businesses.