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ARTICLE · 05 MARCH 2020

CBCA Diversity Disclosure Must Be Filed With Corporations Canada

The diversity disclosure required by the CBCA must be sent to shareholders as part of the annual meeting information package, and is typically included in the proxy circular.

CanadaCorporate/Commercial Law

Publicly listed corporations governed by the Canada Business Corporations Act (CBCA) must provide certain diversity disclosure to shareholders in advance of their annual meetings. Canada's federal corporate regulator, Corporations Canada, has clarified that this information must also be filed with Corporations Canada.

Diversity disclosure requirements

Since January 1, 2020, all CBCA corporations that are reporting issuers (including issuers listed on the Toronto Stock Exchange (TSX), TSX Venture Exchange or Canadian Securities Exchange) are required to provide annual disclosure regarding board and senior management diversity. Under the "comply or explain" system, CBCA issuers are required to disclose certain details on their diversity policies or, if they do not have policies, explain why not. In addition, whether or not they have diversity policies, CBCA issuers are required to disclose certain diversity statistics annually. The requirement under securities

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