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Sustainable business.
Sustainable investing.

News & Publications


COVID-19 and its Connection to ESG 

March 2020 

Milla Craig 

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. 


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? Are capital allocation decisions affected by climate-related disclosures? 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 

Thirty 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. Climate change is certainly an important systemic issue, and companies need to articulate how they are managing this, as well as other issues that are material to their business, such as supply chain management, employee engagement and retention, or cyber security. In this way, they provide investors with decision-useful information to help address the ESG information disconnect we are currently witnessing between companies and investors.


We applaud the work of Finance Montréal’s Responsible Investment work group in leading this initiative, which reflects the proactive and dynamic nature of the Montreal finance community in promoting increased transparency and disclosure practices of companies.


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

Montreal.tv, by Martin Rego - in French only

February 2016

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


Novae Interview

Novae.ca, by André-Anne Cadieux - in French only

April 2014

Profile interview with Milla Craig in her role as Leader, Sustainability for the Quebec region at Deloitte.


Le rapport annuel nouvelle mode

La Presse, by Paul Durivage - in French only

April 2014 

A new type of integrated report is required to provide investors with information they need about key environmental, social, and governance issues affecting companies.