ASC to adopt disclosure for representation of women on boards

The Alberta Securities Commission (ASC) announced today that it will adopt amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure.

The amendments require non-venture reporting issuers in Alberta to provide annual disclosure in their proxy circular or annual information form for the following:

• any policies regarding the representation of women on the board;
• whether the board or its nominating committee considers the representation of women in the director identification and selection process;
• whether the issuer considers the representation of women in executive officer positions when making executive officer appointments;
• targets regarding the representation of women on the board and in executive officer positions, if any have been set by the issuer;
• the number of women on the board and in executive officer positions; and
• director term limits or other mechanisms of board renewal.

Read: Number of women on boards going up, but still low

The amendments, effective Dec. 31, 2016, align with most other jurisdictions in Canada regarding the representation of women on the boards and in executive officer positions.

Read: OSC chair touts corporate diversity, best interest standard

On September 14, 2016, the ASC released a notice of proposed amendments to the national instrument for a 30-day comment period that ended October 14, 2016. Twenty-three comment letters were received.

Read the amendments and comments are here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.