Changes to Executive Compensation Disclosure in Canada

Introduction

The Canadian Securities Administrators (the "CSA") have published for comment proposed amendments to the executive compensation disclosure requirements. The proposed amendments are open for comment until February 17, 2011 and are expected to be implemented for the 2012 proxy season, applicable to companies with a year end on or after October 31, 2011. Companies should be aware of these proposals and be taking steps concerning 2011 executive compensation and compensation processes to best position themselves to be able to comply with these new rules once they take effect, including by:

• Conducting a review of past disclosure practices to determine where enhanced disclosure will be required;