Regulators may amend gender diversity rules

The securities regulatory authorities in Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Northwest Territories and Nunavut (the Participating Jurisdictions) today published for comment proposed amendments to Form 58-101F1 Corporate Governance Disclosure (Form 58-101F1) of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101).

These amendments were previously published for comment by the OSC on January 16, 2014.

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The proposed amendments would require all TSX-listed issuers and other non-venture issuers reporting in the participating jurisdictions and in Ontario to make disclosure regarding the representation of women on their boards and in their executive officer positions using a “comply or explain” approach. This approach is consistent with existing corporate governance disclosure requirements for non-venture issuers in Form 58-101F1.

These amendments are intended to increase transparency for investors and other stakeholders regarding the representation of women on boards and in senior management of all TSX-listed issuers and other non-venture issuers. This transparency is intended to assist investors when making investment and voting decisions.

The CSA notice and the proposed amendments are available on websites of the Participating Jurisdictions and the OSC. The comment period is open until September 2, 2014.

Staff of the participating jurisdictions and the OSC are coordinating their efforts with respect to the proposed amendments.

Also read:

OSC proposal eyes gender diversity on corporate boards

Companies need more women on boards: ACCA