Women On Boards And In Senior Management: Final Disclosure Rules Released

On October 15, 2014, the securities regulatory authorities of Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Québec and Saskatchewan (the "participating jurisdictions") announced the final amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices and Form 58-101F1 Corporate Governance Disclosure (the "Final Rule"). Provided that all necessary ministerial approvals are obtained, the Final Rule will come into effect on December 31, 2014, in time for the 2015 proxy season. The securities commissions in Alberta and British Columbia have not participated in the Final Rule.

As expected, the Final Rule implements a "comply or explain" disclosure model regarding director term limits and the representation of women on boards and in executive officer positions and does not introduce any mandatory quotas or targets (adopted by some foreign jurisdictions). The Final Rule will require