TSX Strengthens Security Based Compensation Disclosure Requirements

The TSX's recently finalized Company Manual amendments include amendments to the security based compensation arrangement disclosure required to be included in a listed-issuer's meeting materials. These changes will be effective for financial years ending on or after October 31, 2017.

Key Changes

The changes, which concern section 613 of the Company Manual, apply both to annual meetings and to meetings held for the purpose of seeking approval of security based compensation arrangements. The details are as follows:

• Plan Maximum. The TSX has clarified the disclosure required with regard to plan maximums. Issuers will be required to disclose the maximum number of securities issuable under each arrangement as either a fixed number (accompanied by the equivalent percentage of the issuer's issued and outstanding securities) or as a fixed percentage.