Updates On Continuous Disclosure And Corporate Governance In Securities Law

Three years following implementation of mandatory disclosure of women on boards and in executive officer positions, the new rules have marginally improved female representation. The percentage of women holding board seats increased slightly to 14 percent last year, up from 11 percent in 2015, while the percentage of issuers having at least one woman on the board increased to 61 percent in 2017 from 49 percent in 2015.

Disclosure of gender diversity requires that both the number and percentage of women on boards and in executive officer positions be included; if a written policy has been adopted, a description of the policy and explanation of how it applies must also be noted. Disclosure must address the process, if any, by which women are identified and selected to board and executive officer positions. Further, 22 percent of reporting issuers disclosed a general diversity policy, not a policy relating to the identification and nomination of female directors. If you