The carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

Environmental assessment of Lake Gibson sediments, water quality, and soils of the Niagara Region

In light of the fact that literature on toxicity of heavy metals in non-acidified freshwater systems is sparse, this project was initiated to conduct an environmental assessment of Lake Gibson. Chemistry of soils from adjacent areas and vineyards in the region provide a comparative background database. Water quality determinations were used to identify and highlight areas of environmental concern within the Lake Gibson watershed. A Shelby Corer was used to obtain 66 sediment cores from Lake Gibson. These were sectioned according to lithology and color to yield 298 samples. A suite of 122 soil samples was collected in the region and vicinity of Lake Gibson. All were tested for metals and some for Total Petroleum Hydrocarbons (TPH). Evaluation of the results leads to the following conclusions: 1. Metal concentrations ofAI, Cd, Cu, Cr, Pb, Ni, Fe and Zn in soils from the Niagara Region are well below background limits set by the Ministry of the Environment and Energy (MOEE) for provincial soils. 2. There is a spatial and depth difference for some of the metals within the various soils. The Cr, Ni and Pb contents of soils vary throughout the region (penvironmental concern in the sediments of Lake Gibson. Ofthe 240 samples tested for TPH, 200 samples exceed the MOEE Open Water Disposal Guideline of 1,500 mg/kg. 7. Four areas within Lake Gibson are especially degraded with respect to TPH. One area is just downstream from the Old WeIland Canal divergence point and waterfall. Other areas of concern are located just south of Beaverdams Road and just west ofthe Ontario Hydro control pipes; south ofthe Village ofBeaverdams. The fourth area of environmental concern and TPH impact is located between Highway 406 and Merrittville Highway.