Proposed amendments include policies related to director nominations, board renewal, and diversity
The Canadian Securities Administrators (CSA) has announced an extension to the comment period for consultation on proposed amendments to corporate governance disclosure requirements and policies related to director nominations, board renewal, and diversity.
The initial comment period began on April 13 and was set to close on July 12. The CSA has announced that it is extending the deadline to September 29. The proposed amendments aim to enhance the transparency and effectiveness of corporate governance practices in Canada. They include changes to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and revisions to National Policy 58-201 Corporate Governance Guidelines.
The proposed amendments would require disclosure on aspects of diversity beyond the representation of women while retaining the current disclosure requirements concerning women. In addition, the amendments contemplate changes to the corporate governance policy that would enhance the existing corporate governance guidelines relating to the director nomination process and introduce guidelines regarding board renewal and diversity.
The CSA decided to extend the comment period in response to feedback from stakeholders who expressed the need for additional time to review the proposals and provide thoughtful input. This extension will allow interested parties, including market participants, issuers, investors, and other stakeholders, to analyze the proposed amendments and prepare their comments thoroughly.
Interested parties can find the instructions on submitting comments in Annex A of the Notice issued by the CSA. The CSA encourages stakeholders to take advantage of this extended period to contribute their perspectives and insights, which will help inform the finalization of the amendments.
As the council of securities regulators for Canada's provinces and territories, the CSA coordinates and harmonizes regulations within the Canadian capital markets. By extending the comment period, the CSA expects to facilitate a comprehensive and inclusive consultation process.
Interested parties are encouraged to visit the CSA's website for further information and updates on the consultation process.
