• Canadian Securities Regulators Decide Not to Overhaul Corporate Governance Regime
  • November 18, 2009 | Author: Leslie McCallum
  • Law Firm: Torys LLP - Toronto Office
  • 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.