SEC Adopts Final Rules Requiring Enhanced Compensation And Corporate Governance Disclosure

On December 16, 2009, the U.S. Securities and Exchange Commission (SEC) adopted amendments to its rules designed to improve the disclosure shareholders of public companies receive regarding compensation and corporate governance (see SEC Release No. 33-9089).¹ (http://www.sec.gov/rules/final/2009/33-9089.pdf) The new disclosure requirements enhance the information provided in Form 10-K, proxy and information statements and registration statements under the Securities Act of 1933, to better enable shareholders to evaluate the leadership of public companies. 

These amendments implement changes to certain items of Regulation S-K, the proxy rules applicable to U.S. domestic issuers and Form 8-K reporting requirements. As a result, Canadian foreign private issuers that file annual reports on Form 20-F or Form 40-F and rely upon the Multijurisdictional Disclosure System to make registered offerings of securities in the United States are not directly affected by these