Hills Sustainability
12 May 2020 Position Paper

ESG Integration in Canada

  1. Matt Orsagh, CFA, CIPM
  2. James Allen, CFA
  3. Justin Sloggett, CFA
  4. Anna Georgieva
  5. Sofia Bartholdy
  6. Kris Douma

A CFA Institute report with partner PRI on the state of ESG Integration in Canada featuring local cases studies.

Portfolio managers and analysts are increasingly incorporating environmental, social, and governance (ESG) factors in their investment analyses and processes. However, ESG integration remains in its relative infancy, with investors and analysts calling for more guidance on exactly “how” they can “do ESG” and integrate ESG data into their analysis.

CFA Institute and Principles for Responsible Investment (PRI) set out to create a best practice report (Guidance and Case Studies for ESG Integration: Equities and Fixed Income) and subsequently produced a series of regional reports. This focuses on Canada.

ESG Integration in Canada View the full article (PDF)


  • Environmental issues affect share prices and corporate bond yields/spreads more frequently than social issues; for sovereign debt yields, the opposite is true.
  • ESG integration practices in Canada are more prevalent among equity practitioners than among fixed-income practitioners. Like equity practitioners, fixed income practitioners are predominantly performing ESG-integrated qualitative analysis of issuers.
  • When analyzing ESG company disclosure scores, the social scores of companies are higher than their environmental scores across all sectors.

We’re using cookies, but you can turn them off in Privacy Settings.  Otherwise, you are agreeing to our use of cookies.  Accepting cookies does not mean that we are collecting personal data. Learn more in our Privacy Policy.