OSC Proposes Disclosure Requirements For Gender Diversity And Director Term Limits

On January 16, 2014, the Ontario Securities Commission (OSC) released proposed amendments to the corporate governance disclosure requirements under Ontario securities legislation regarding the disclosure of the representation of women on boards and in senior management of public companies and the disclosure of director term limits. The Canadian Securities Administrators, the umbrella organization of Canada's provincial and territorial securities regulators, has not participated in this initiative and, if adopted, the proposed amendments would apply to reporting issuers in Ontario only.

OSC CONSULTATION PROCESS

The proposed amendments are the result of the OSC's public consultation process regarding disclosure requirements for gender diversity, which included the publication of Consultation Paper 58-401 Disclosure Requirements Regarding Women on Boards and in Senior Management in July 2013 (OSC Consultation Paper). For further information on the OSC Consultation