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News & Publications


Is COVID-19 Affecting ESG Integration? A Canadian Investor Perspective 

May 2020 

The COVID-19 crisis has impacted every industry of our economy, but what will be the effects on ESG, Responsible Investment and Sustainable Finance? From April 20th to April 30th, 2020, Millani conducted in-depth interviews with more than 20 Canadian institutional investors, representing $2.3 trillion of assets under management, to gather their views on what the crisis may mean for ESG, and what their expectations are towards corporate issuers.


Visit the homepage to download the report and read the press release here. 


ESG and the Culture Imperative 

April 2020 

During the latter part of 2019 and into early 2020, Millani, in collaboration with our partners, the TMX Group and MNP Consulting, hosted a number of events across Canada on “ESG and the Culture Imperative”. Our speakers made it clear that corporate culture is a valuable intangible asset that will determine the success of an organization’s ability to weather economic storms. This is its connection to ESG.

Read a summary of these discussions in the attached paper: “ESG and the Culture Imperative”. 


COVID-19 and its Connection to ESG 

March 2020 

The financial markets are giving signs that the COVID-19 pandemic will have deep and lasting impacts on our economy. As a leader in the ESG (Environmental, Social and Governance) space globally, over the past two weeks I’ve repeatedly been asked: “How will investors react? What will they be expecting of corporates?”. 


Read our views on how sustainable finance will fit into the recovery plan. 

2019: A Milestone Year for ESG 

February 2020 

2019 was a milestone year for Sustainable Finance and Responsible Investment. Record-breaking assets flowed into sustainable investment funds and various stakeholders started to integrate ESG in a more sophisticated way. These trends are likely to continue into 2020, and all stakeholders will need to educate themselves on the potential implications.


Read our overview of the biggest ESG, Responsible Investment and Sustainable Finance trends from 2019, and what the impacts might be in 2020. 




The Role of CDP Disclosure to Improve Access to Capital

A study of the impact of disclosure through the CDP and the SEC on a firm’s access to capital

October 2019 

Do climate-related disclosures lead to better financial performance, or are they merely a symbolic measure to improve public reputation, without materially affecting the firm’s performance? Does disclosing climate-related information create value and does it justify the costs? If so, where should firms disclose climate-related information given the proliferation of rules, guidelines and standards on sustainability?


To help answer some of these complex questions, this research note examines one dimension in which climate-related disclosures could affect firm performance: access to capital.


Canadian Climate Governance Experts program

Are you a board director and wondering how you should be addressing climate governance?

September 2019 

We are pleased to announce that Milla Craig will be one of the experts on the Canadian Climate Governance Experts program. Amid growing concern about climate change and the risks it poses to business conduct, this program aims to enhance boards’ climate competences with a discussion on the most effective climate governance strategies and the organization’s financial risks and opportunities in a transitioning economy.

Headed by two Canadian law professors, Dr. Janis Sarra from the University of British Columbia and Professor Cynthia Williams from Osgoode Hall Law School at York University, the program offers information sessions to corporate directors, pension trustees and their fiduciaries to enhance their knowledge on climate governance.


ESG Disclosures: A Canadian Perspective

A study of the S&P/TSX Composite Index and their sustainability communications in 2018

September 2019

How are Canadian companies doing in disclosing ESG issues? Our white paper reveals that the proportion of companies on the S&P/TSX Composite Index with a dedicated report on sustainability, increased from 45% in 2017 towards an estimated 54% in 2018. Of the 115 companies that published a 2018 sustainability report to date, 15% looked to the SASB framework to inform on their material issues and while 25% indicated their support for the TCFD recommendations.


We invite you to read our paper for more insights on the state of ESG disclosure in Canada.


The Evolution of Long-term Emerging Qualitative Risks (LTEQR) Analysis

co-authored by Stéfanie Kibsey, Amr Addas, and Milla Craig (with advice from Stephen Kibsey)

Éléments de la finance responsable : une perspective multidimensionnelle, Thomson Reuters Canada, 2018

Investors increasingly realize long-term emerging qualitative risks (LTEQR) have financial consequences on investments, yet these risks are very difficult to assess due to their intangibility. LTEQR analysis is complementary to traditional fundamental analysis of enterprises. It continues to evolve over time and intersects with many of the concepts introduced by sustainability and ESG analysis. The challenge to the investor is having the appropriate risk analysis tools available to help make a judgement on the investment’s vulnerability and resilience to a LTEQR. 

How Canadian financial firms position themselves regarding climate change

Vecteur environnement, Carbon Consult Group - in French only

December 2017 

The international community is calling on the financial sector to position itself as a key player in financing the energy transition and ensuring its resilience to systemic climate-related risks. Understanding how the sector responds to this call in Canada is important not only for the investment community but also for civil society.




Millani supports the Declaration of Institutional Investors on Climate-Related Financial Risks

December 2017 

30 financial institutions and pension funds representing approximately CA$1.2 trillion in assets under management issued today a joint Declaration of Institutional Investors on Climate-Related Financial Risks, calling on publicly traded companies in Canada to commit to enhanced disclosure on their exposure to climate change risks, and the measures they are taking to manage them.


Millani is proud to be one of 13 organizations supporting in principle the Declaration. The Declaration remains open to new signatories. For the full text and the complete list of signatories, click here.


Finance Montréal press release


New wave of "Responsible" Finance,

May 2017 

As a preamble to Forum Novae, which will be held in Montreal next fall, Novae introduces a number of experts in the fields of food, energy, finance, and architecture to help decode key trends. For this first of the series, we dive into the sphere of responsible investing with Milla Craig, cofounder of the Finance and Sustainability Initiative (FSI)


Millani is growing!

May 2017 

Milla Craig, Founder and President of Millani, is pleased to announce that the Millani team is growing with the addition of two associates, Marie-Josée Privyk and Erica Coulombe, and the expansion of its service offering. With the increasing interest in environmental, social, and governance issues, Millani is the partner of choice to help investors and companies integrate ESG issues to reduce risks and create value, through capital market experience and independent advice.


The Missing Link

TEDxMontreal Women

January 2017 

Milla Craig, Founder of Millani Perspectives and expert in Responsible Investing and Sustainable Business, speaks at TEDxMontreal Women regarding the connection between investors, corporate actions and global economic, environmental and social issues.


Milla Craig of Millani Perspectives receives Canada's 2017 Clean50 and Clean16 awards for leadership in sustainability and clean capitalism

September 2016 

In recognition of her outstanding contribution as consultant in responsible investing, Milla Craig of Millani Perspectives has been selected by Delta Management as a recipient of Canada’s Clean50 Award for 2017, which recognizes leadership in sustainability and clean capitalism. In addition, Ms. Craig has been selected as the Clean16 Award recipient for the Consultant category for 2017. 


The 2017 Clean16 are truly the leaders of the leaders in sustainability in Canada.  The competition for the top spot this year in every instance left us with many great choices  - and to be selected from amongst such a strong group of peers is truly a testament to the contribution Milla Craig has made to helping make Canada more sustainable for all Canadians”, states Gavin Pitchford, CEO of Delta Management Group.


ICD Conference with Prof. Robert Eccles

Institute of Corporate Directors -in French only

April 2016

Prof. Robert Eccles of Harvard Business School was the guest speaker on April 13 to talk about integrated reporting, the fiduciary duty of boards, and the Statement of Significant Audiences and Materiality.


Feature on the IWF Climate Change Conference, by Martin Rego - in French only

February 2016

The Montreal Chapter of the International Women's Forum organizes its first climate change conference.

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