The Ontario Securities Commission (OSC) recently announced a request for comments on OSC Staff Consultation Paper 58-401 Disclosure Requirements Regarding Women on Boards and in Senior Managementon a new proposal which would require TSX-listed companies to provide disclosure regarding women on boards and in senior management in Ontario.
According to statistics, women continue to be underrepresented on boards and in positions of senior management in Canada. The OSC is considering possible amendments to National Instrument 58-101Disclosure of Corporate Governance Practices, which currently makes no mention of gender in its requirements for disclosure on board composition.
Under the OSC’s potential disclosure model, TSX-listed companies (and other non-venture issuers) would provide disclosure as part of their annual summary of corporate governance practices in areas such as:
- their policies regarding female representation on their boards and in senior management,
- consideration of the representation of women in the director selection process,
- certain quantitative information regarding the representation of women in the organization, on the board and in senior management.
The purpose of the Paper is to get feedback from investors, issuers, other market participants and advisors.