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ARTICLE · 10 JUNE 2016

Equity Compensation Plans And Company Websites: TSX Rules

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TSX is proposing new rules for listed companies on security-based compensation arrangements and website postings. Comments on the proposals are due by June 27, 2016.

CanadaFinance and Banking
Lynne Lacoursiere
Lynne Lacoursiere
Jennifer Lennon
Jennifer Lennon
Leslie McCallum
Leslie McCallum
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TSX is proposing new rules for listed companies on security-based compensation arrangements and website postings. Comments on the proposals are due by June 27, 2016.

What You Need To Know

  • Shareholder approval and TSX pre-clearance would still be required for security-based compensation arrangements—no rule changes are contemplated in these areas.  
  • New disclosure would be required in proxy circulars about the impact of multipliers on the number of securities issuable; burn rates; and default vesting provisions.
  • Security-based compensation arrangements would have to be posted on listed companies' websites. This includes inducement grants and other individual awards not granted under a plan. Companies may want to consider amending their arrangements to remove confidential or competitively sensitive information.

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