OSC Calls For Improved Disclosure Of Forward-Looking Information

The Ontario Securities Commission recently released the results of a review of the forward-looking information disclosure of 60 reporting issuers. In its review, the OSC notes that forward-looking information (FLI) is a key area of interest for investors and should provide valuable insight about the issuer's business and how it intends to attain its corporate objectives and targets. This can be enhanced by incorporating key performance indicators into FLI, thereby providing ongoing disclosure of how the issuer is progressing towards such targets and objectives.

While the requirements relating to the original disclosure and updating of FLI have been in place for many years, there were most recently consolidated and added to National Instrument 51-102 Continuous Disclosure Obligations in 2007. NI 51-102 sets out specific requirements relating to disclosure of FLI, including future-oriented financial information and financial outlooks. The instrument also includes