Canadian Disclosure Rules Regarding Women on Boards, Effective in 2015

(Quote from Andrew MacDougall,Partner at Osler, Hoskin & Harcourt LLP) Securities administrators in all Canadian jurisdictions other than Alberta and British Columbia have approved the final rule. The new rule is largely unchanged from the proposals issued earlier this year. Under the new rule, companies will be required to disclose annually in the proxy circular for the annual meeting (or the annual information form if the issuer does not send a proxy circular to its investors):

• the number and percentage of women directors and women who are executive officers, together with any targets the company has adopted regarding the number or percentage of women in such positions and the progress made in achieving those targets

• whether the company has a policy for the identification and nomination of women candidates for director or explain why it does not have one

• a summary of any policy for the identification and nomination of women candidates for director which the company has adopted, the policy and its objectives, implementation measures, the annual and cumulative progress made on achieving the objectives and whether, and if so how, the board or nominating committee measures the policy’s effectiveness

• whether it considers the level of representation of women on the board in identifying and nominating candidates for director and the level of representation of women in executive officer positions when making executive officer appointments, or explain why it does not consider these levels of representation

• whether or not the company has adopted term limits for board service or other mechanisms for board renewal and, if not, why not.

Download the new rules:

The Board Director Training Institute (BDTI) is a "public interest" nonprofit in Japan dedicated to training about directorship, corporate governance, and related management techniques. It is certified by the Japanese government to conduct these activities as a regulated nonprofit. Read a summary about BDTI here, and see a menu of its services for both corporations and investors here.

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