CSA Issues Staff Notice Regarding Maintenance Of The Current Corporate Governance Regime

The Canadian Securities Administrators (the "CSA") has recently issued Staff Notice 58-305 – "Status Report on the Proposed Changes to the Corporate Governance Regime" (the "Notice"). The Notice outlined the CSA's reasons for deciding not to implement significant changes to the corporate governance regime in Canada.

Proposed Amendments

On December 19, 2008, the CSA sought comments on proposed amendments to its corporate governance and audit committee regimes. The proposed regimes would have introduced changes in three main areas:

1. National Policy 58-201 Corporate Governance Principles would have been a more principles-based policy that was broader in scope than the current policy;