TSX Requires Enhanced Disclosure For Director Elections

The TSX has adopted, and the Ontario Securities Commission has approved, amendments to the TSX Company Manual aimed at improving corporate governance standards and disclosure for all TSX listed issuers. The amendments had first been published for comment in September 2011.

Summary of Amendments

The amendments, which will come into force on December 31, 2012, impose five new requirements on all TSX listed issuers:

1. elect directors individually;

2. hold annual elections for all directors;

3. disclose annually in Management Information Circulars:

(a) whether they have adopted a majority voting policy for directors for uncontested meetings; and

(b) if not, to explain: