CALGARY – An investor advocacy group has warned more than a dozen Canadian oil and gas companies that environmental liabilities could become a voting issue at their annual shareholder meetings this spring.
Investors for Paris Compliance says its research has found “material gaps” in companies’ 2024 disclosures around the funds set aside for decommissioning operations, potentially affecting billions in shareholder capital.
Executive director Matt Price has written to the audit committee chairs at 14 major oilpatch companies outlining those concerns and what ought to be done to address them in their upcoming financial reports.
He says the audit committees should explain their assumptions around costs, commodity prices, asset lives and other matters.
Price also says the firms should disclose how their financial position may change under a scenario with a faster transition away from fossil fuels and that transition risks be reflected in financial reporting.
The group says if those issues are not adequately addressed in 2025 financial statements, it would withhold support for the re-election of audit committee chairs and for the reappointment of external auditors at the companies’ annual meetings.
“Your company operates in a sector with significant risks related to decommissioning liabilities and demand shifts due to the energy transition,” Price wrote.
“As your company prepares its 2025 financials, it is critical that appropriate practices in accounting for its decommissioning liabilities are applied, and that the auditor demonstrates robust independent assurance in this regard.”
This report by The Canadian Press was first published Jan. 21, 2026.
