Office of the Superintendent of Financial Institutions

The Oﬃce of the Superintendent of Financial Institutions (“OSFI”) is an independent agency of the Government of Canada. As a fraternal benefit society with an order authorizing it to insure risks in Canada, the Knights of Columbus is considered a federally regulated financial institution (“FRFI”) and, therefore, is regulated and supervised by OSFI.

OSFI’s Guideline B-15

OSFI first published Guideline B-15, “Climate Risk Management”, in March 2023 and most recently released updates in March 2025. Guideline B-15 establishes OSFI’s expectations related to an FRFI’s management of climate-related risks and aims to support FRFIs in developing greater resilience to, and management of, these risks.

OSFI reinforces its climate risk management expectations by requiring FRFIs to develop and implement a plan to manage climate-related risks, which includes measures to build resilience against such risks, enhance transparency through climate-related financial disclosures, and continuously monitor and incorporate developments into the FRFI’s climate-related risk management (e.g., improving data quality, and evolving risk measurement methodologies). To meet these expectations, the Society has developed these climate-related financial disclosures (“Disclosure”). The Disclosure will be updated no less frequently than on an annual basis and otherwise as required by Guideline B-15. It should be noted that the Society has implemented Guideline B-15 from a risk-based perspective and considers its approach to managing climate-related risks commensurate with the size, nature, scope, and complexity of its operations and climate-related risk profile.

OSFI’s Guideline B-15

Climate-related financial disclosures