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CSA Seeking Comments on Proposed Changes to Governance and Disclosure Practices Around Diversity

CSA | Release | Apr 13, 2023

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The Canadian Securities Administrators (CSA) is seeking public comment on proposed amendments to corporate governance disclosure rules and policy relating to the director nomination process, board renewal and diversity.

  • They would require disclosure on aspects of diversity beyond the representation of women, while retaining the current disclosure requirements with respect to women. In addition, the CSA is proposing 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 main objectives of the proposals are to:
    • Increase transparency about diversity, including diversity beyond women, on boards and in executive officer positions;
    • Provide investors with decision-useful information that enables them to better understand how diversity ties into an issuer’s strategic decisions; and,
    • Provide guidance to issuers on corporate governance practices related to board nominations, board renewal and diversity.

McKinsey Report on Gender Diversity in Canada

CVCA Report: Diversity improving but inclusion gap threatens progress

Board Diversity and Inclusion: 50-30 Challenge

  • The proposals are contained in a Notice and Request for Comment on amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices and proposed changes to National Policy 58-201 Corporate Governance Guidelines pertaining to director nomination process, board renewal and diversity.
  • There is a 90-day comment period, and stakeholders are invited to provide comments in writing on or before July 12, 2023.

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NCFA Jan 2018 resize - CSA Seeking Comments on Proposed Changes to Governance and Disclosure Practices Around DiversityThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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