New Diversity Disclosure Requirements Could Be Coming Soon

The Canadian Securities Administrators (CSA), an umbrella organization of Canada's securities regulators, has proposed amending corporate governance disclosure rules and policies pertaining to director nomination and board renewal processes ("Proposed Amendments").

Recognizing "the importance of providing investors with transparency on issuers' practices with respect to board and executive-level diversity", the objective of the Proposed Amendments is to increase transparency about diversity beyond the representation of women.

The CSA is seeking comments on the Proposed Amendments, which pertain to Form 58-101F1 and National Policy 58-201. Stakeholders are invited to provide written comments up until July 12, 2023. The proposals involve two approaches to address the issues, with CSA seeking feedback as to which of the two is more favourable.