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Canadian Securities Regulators Decide Not to Overhaul Corporate Governance Regime
by Leslie McCallum
Torys LLP
Toronto Office
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November 18, 2009
Canada's securities regulators have decided not to proceed with the overhaul of our corporate governance regime proposed last December. The proposals would have introduced a more principles-based regime focusing on disclosure in relation to nine high-level corporate governance principles and eliminating the bright-line tests in the current definition of independence, leaving independence determinations to the reasonable judgment of the board of directors. In so doing, the proposals would have moved Canada's corporate governance regime further away from the U.S. regime, which focuses increasingly on mandatory requirements.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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