CIFSC Responsible Investment Identification Framework

TORONTO, CANADA (January 31, 2023) – The Canadian Investment Funds Standards Committee (CIFSC) formally publishes its Responsible Investment (RI) Identification Framework and initial list of identified investment funds. This initial list of funds reflects feedback and ongoing communications with fund manufacturers and is expected to change as the industry and definitions further develop.

The CIFSC RI Identification framework was developed in collaboration with Canadian industry stakeholders including research firms, data providers, asset managers, and industry bodies as a way for Canadian investors to find investment products that have disclosed they use a responsible investment approach. The approaches defined in the framework are complementary to the CSA’s recent guidance on ESG fund disclosures, as well as the CFA Institute’s Global ESG Disclosure Standards for Investment Products. A full outline of the framework is available here.

The committee thanks all product manufacturers for their thoughtful engagement through the initial identification process and looks forward to continued dialogue as the industry continues to evolve.
“We are extremely pleased to see the industry come together on an agreed upon framework to help investors find investments with objectives that reach beyond traditional financial considerations. We hope that advice givers and investors alike are able to use this framework to compare products and moreover empower insightful and valuable conversations,” said Danielle LeClair, Morningstar’s Director of Manager Research and Chair of the committee.

Fund companies with further feedback are encouraged to use the “request a review” process and include updated prospectus language details for review. On a monthly basis, the committee will continue to identify responsible investment approaches for newly launched products where appropriate.

About the CIFSC:
The Canadian Investment Funds Standards Committee (CIFSC) was formed in January 1998 by Canada’s major mutual fund database and research firms with a self-imposed mandate to standardize the classifications of Canadian-domiciled mutual funds. The primary purpose of the committee is to provide investors with a consistent set of mutual fund categories. While the committee recognizes that no fund category scheme is suited for all purposes, establishing a standard is nonetheless considered beneficial for the Canadian fund investor.