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This study examines the progress Canada's largest companies are making in their environmental, social, and governance (ESG) disclosures. Given the introduction of the Global Reporting Initiative (GRI) Standards and the United Nations Sustainable Development Goals (UN SDGs) as well as the issuance of the Task Force on Climate‐Related Financial Disclosures (TCFD) recommendations, our research reflects the uptake of these guidance documents by both mature and new reporters. Our analysis suggests that challenges persist—processes and progress often fail to reach investors as they are “lost in translation” when issued through third‐party ESG information providers, and reporters are also pressured to respond to a myriad of requests for information from rating and reporting agencies. Nevertheless, we note that Canada has new reporting sectors that must mature to survive the scrutiny of the markets and also hope that stock markets will respond to the recent announcement by the 181 CEOs of the U.S. Business Roundtable, who committed to lead their companies for the benefit of all stakeholders—customers, employees, suppliers, communities, and shareholders. Overall, we believe that our research will provide food for thought for companies interested in continuous improvement.

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