- OSC Publishes Rules Regarding Disclosure of the Number of Women on Boards and in Senior Management
- December 5, 2014
- Law Firm: Borden Ladner Gervais LLP - Toronto Office
The OSC, along with the securities regulatory authorities in Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Québec and Saskatchewan, all announced the final implementation of amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices and Form 58-101F1 Corporate Governance Disclosure, the highly anticipated rule amendments regarding the disclosure of the number and proportion of women on boards and in senior management. Pending Ministerial approval, these amendments come into effect on December 31, 2014, in time for the 2015 proxy season.
Once in effect, the final amendments will require non-venture issuers to provide annual disclosure regarding the following items in their proxy circular or annual information form:
- director term limits and other mechanisms of renewal of the board;
- policies regarding the representation of women on the board;
- the board’s or nominating committee’s consideration of the representation of women in the director identification and selection process;
- the issuer’s consideration of the representation of women in executive officer positions when making executive officer appointments; and
- targets regarding the representation of women on the board and in executive officer positions, and the number and proportion of women on the board and in executive officer positions.