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CSCS comments to CSA proposed Govenance Regime

20 Apr 2011 11:34 AM | Anonymous member (Administrator)

On December 19th, the Canadian Securities Administrators (CSA) submitted a Proposed Repeal and Replacement of National Policy 58-201 Corporate Governance Guidelines, National Instrument 58-101 Disclosure of Corporate Governance Practices, and National Instrument 52-110 Audit Committees and Companion Policy 52-110CP Audit Committees. These proposed changes were posted for a comment period of 120 days, that expired on April 20th.

The proposed new regime’s key features include:

  • A principles-based policy that moves away from the current ‘comply and explain model’
  • A new set of disclosure requirements which would apply to both venture and non-venture issuers
  • A broader scope of principles to encourage issuers to develop their own corporate governance and disclosure practices
  • A principles-based approach to the concept and definition of independence

The Canadian Society of Corporate Secretaries (CSCS) ensured that our members were consulted and their views taken into consideration in this comment process.

To that end we held a series of cross-country meetings during the months of March and April in Montreal, Toronto, Edmonton, Calgary and Vancouver, to obtain our members’ views on the impact of the proposed changes.  We invited representatives from the AMF, the OSC, the ASC, and the BCSC to provide detailed presentations on the proposed regime.  In all close to 200 participants attended these sessions, and their views were included in our comment letter which was submitted to the CSA in response to their request for comments.

Click here to view the CSCS comment letter to the CSA.

Click here to view Proposed New Governance Rules

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