An Analysis of Post-pandemic Corporate Sustainability Strategy and Communications in the Canadian Financial Sector

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Abstract

This study is an investigation of corporate sustainability strategy in the Canadian financial sector after the emergence of COVID-19. From lockdowns, self-isolations, physically distancing, mask-wearing to vaccine rollouts, many radical changes have altered the way we live since the discovery of the pandemic. Through analyzing the language, rhetoric and initiatives mentioned in

CEO letters of selected financial institutions, the study aims to understand and map out the changes that occur in corporate communications between 2019 and 2020. Specifically, the question is to ask how is corporate sustainability impacted by the ongoing health crisis? The results show that climate change and sustainability remain a top-of-mind concern of stakeholders and business priorities, and new diversity and inclusion initiatives are introduced in 2020. While most of the sample shows strong recognition of a sustainable economic recovery post-pandemic, the Discourse around the just transition to a low carbon economy for Canada still lacks concrete details. As the pandemic continues

to evolve in 2021, this study can provide exploratory discussions around the role of the financial sector in supporting Canada’s economy in both the immediate short term and long term. The five institutions examined in this study hold significant market influence in the banking and pension fund

industry, as such their responses to the pandemic and corporate reporting can reveal valuable insights and perspectives of the sector as a whole.