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Millani's 2022 MarketTrends
February 2022

2021 saw many targets and commitments made by investors, corporate issuers, governments, and regulators on ESG-related topics. We believe 2022 will be the year that promises, commitments, and targets evolve into action.

Each year, Millani provides insights on the most significant ESG integration trends for the year ahead, and shares these with investors and issuers at our annual MarketTrends event. Highlights and key trends are summarised in this report.

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Semi-Annual ESG Sentiment Study of Canadian Institutional Investors
February 2022

In December 2021, Millani conducted its Semi-Annual ESG Sentiment Study of Canadian Institutional Investors, with asset owners and managers responsible for managing over CA $4 trillion.  The goal is to highlight and understand key trends related to environmental, social and governance (ESG) integration and to capture a uniquely Canadian perspective. In this latest study, Millani found that 85% of investors plan to enhance responsible investing (RI) offerings in 2022.

This report provides a deep dive of the key changes and trends observed by some of Canada’s largest asset owners and managers.

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Is Water an Issue in Canada?
January 2022

Water is an ESG topic that is increasingly catching the attention of the capital markets. Companies are becoming more aware of their water risk, water-specific investment frameworks have been created, and financial products in the blue economy are developing.


Hear Millani’s perspectives on water and how it can significantly affect company and portfolio valuations. 


Millani has also written a chapter in “Water Risk and Its Impact on the Financial Markets and Society” (Palgrave MacMillan).

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Philanthropic Foundations Canada & Millani: Investment & Disbursement Survey
November 2021

In May 2021, Millani conducted a member survey on behalf of Philanthropic Foundations Canada (PFC) to assess members' views regarding the following areas: management of investment portfolios and performance, potential changes in the Disbursement Quota and charitable expenditures, and responsible, impact- and mission-related investments.


The outcomes of the surveys and discussions have been summarized in PFC's latest executive summary, which has been written in collaboration with Millani.

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The Value in Indigenous Relations
September 2021

In June 2021, Millani facilitated a roundtable with The Mining Association of Canada (MAC) which brought together representatives from Indigenous communities, institutional investors, and the mining industry.


The goal of the discussion was to provide issuers, investors and others in the financial ecosystem with insights on the best practices to promote sincere and successful Indigenous relationships.


The outcomes of the roundtable discussion have been synthesized in Millani & MAC's latest report.

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Millani's 5th Annual ESG Disclosure Study:        A Canadian Perspective
September 2021

Over the past five years, Millani has assessed the environmental, social and governance (ESG) and sustainability disclosures of the S&P/TSX Composite Index constituents, providing insight and context to the research and identified trends. 


Millani gathered data on Canadian issuers’ uses of reporting standards and frameworks such as the GRI, SASB and TCFD, along with data on how many companies are disclosing on topics such as climate change, diversity, and Indigenous relations.

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Semi-Annual Sentiment Study of Canadian Institutional Investors:
Climate Change and TCFD-Aligned Reporting

July 2021

This study summarizes key insights drawn from interviews with 23 Canadian institutional investors, representing $4.4 trillion of assets under management, on how issuers can align with TCFD recommendations and provide decision-useful information for investors.


The results reveal that the investor community is mindful of the challenges of TCFD-aligned reporting. Most respondents advised to start with what can be reported for now, and to think about the reporting journey as iterative and progressive.

This report can be read in conjunction with Millani’s June 2021 publication, “TCFD Disclosure Study: A Canadian Perspective”, in which Millani examined the extent to which the S&P/TSX Composite Index constituents align with the TCFD recommendations.

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Millani's TCFD Disclosure Study:
A Canadian Perspective

June 2021

In May 2021, Millani evaluated the quantity and the quality of current TCFD disclosure by issuers listed on the S&P/TSX Composite Index. Millani found that 23% of listed issuers are currently aligning to TCFD recommendations

The results demonstrate a current gap in climate reporting for Canadian issuers amidst increasing regulatory pressures and investor demand for climate-related disclosures. Further findings of the analysis are presented in this report.

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Digging Deeper: Understanding the disclosure disconnect in the mining sector 

May 2021

In December 2020, Millani facilitated a roundtable session with members of The Mining Association of Canada (MAC) and selected investors. The session was centered around the disconnect that issuers and investors have experienced, relating to the disclosure of relevant environmental and social information.

The key challenges that were highlighted in the session, along with some action items for market participants, have been drawn together Millani & MAC’s latest report. 

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Millani's 2021 MarketTrends 

February 2021

The impacts of the COVID-19 pandemic (and other major global movements) put the spotlight on a variety of economic, environmental, social and governance issues, which societies continue to navigate through. The world of sustainable finance also witnessed major developments, accelerating responsible investing into the mainstream.

Each year, Millani provides insights on the most significant ESG integration trends for the year ahead, and shares these with investors and issuers at our annual MarketTrends event.

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ESG Sentiment Study of Canadian Institutional Investors 

February 2021

In April 2020, Millani conducted a sentiment study with Canada’s largest institutional investors to understand how they thought ESG integration might change as a result of the COVID-19 pandemic. We shared the results of the study in May 2020.

As a follow-up, during the period of December 14th to December 22nd, 2020, we interviewed a sample of the same investors to gather their views on what surprises they had witnessed in 2020, and to understand the key ESG trends that they envision for 2021.

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Millani’s Annual ESG Disclosure Study:  A year in review|
January 2021

From our initial review in September 2020 to the year-end review in December 2020, we found an increase from 58% to 71% in the number of 2019 reports dedicated to ESG issues.

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Millani’s Annual ESG Disclosure Study: 
A Canadian Perspective 
A study of the S&P/TSX Composite Index and their ESG disclosures in 2019

September 2020

Over the past several years, Millani has been assessing the ESG (environmental, social and governance) and sustainability disclosures of the S&P/TSX Composite Index constituents, providing insight and context to the research and identified trends. With increasing demands from financial stakeholders for material information, we have gathered data on Canadian companies’ uses of reporting standards and frameworks such as the GRI, SASB and TCFD, along with data on how many companies are disclosing on topics such as diversity, water scarcity and climate change.

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.



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.




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 we’ve repeatedly been asked: “How will investors react? What will they be expecting of corporates?”.

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.




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?


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.


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)
September 2019


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. 


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