The ASC has proposed regulatory amendments for increased transparency, but can it make a difference?
If regulatory authorities in Alberta get their way, investors will see increased transparency when it comes to corporate glass ceilings.
The ASC has published for comment proposed amendments to National Instrument 58-101: Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1: Corporate Governance Disclosure.
According to a statement from the regulator, the aim of the amendments is to increase transparency for investors and other stakeholders with regards to the representation of women on boards of directors and in senior management, as well as term limits or other mechanisms of board member renewal. With the enhanced disclosure, investors may find additional helpful information in making investment and voting decisions.
The amendments, should they be adopted, would require non-venture reporting issuers in Alberta to disclose the following in proxy circulars or annual information forms:
- Policies regarding the representation of women on the board, if any
- Whether the board or its nominating committee considers the representation of women in the director identification and selection process
- Whether the issuer considers the representation of women in executive officer positions when making executive officer appointments
- Targets regarding the representation of women on the board and in executive officer positions, if any have been set by the issuer;
- The number of women on the board and in executive officer positions
- Director term limits or other mechanisms of board renewal
The amendments would also align Alberta’s gender disclosure requirements under NI 58-101 with most other Canadian jurisdictions’ requirements with regards to board and executive representation.
The last day of the 30-day comment period is on October 14.
Related stories:
CSA seeks comment on proposed move to T+2 settlement cycle
Deadline for comments on CSA proposals extended
