29 Jan 2014
OSC Proposes New Guidelines to Strengthen Board Diversity
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As a founding member of the Canadian Board Diversity Council (CBDC), Odgers Berndtson is pleased to announce that the Ontario Securities Commission (OSC) has taken the next step in promoting women on boards and in executive roles. The OSC recently published, for a 90-day comment period, proposed amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101).
We are pleased to share that OPC’s proposal closely reflects the recommendations CBDC submitted in October.
The proposed Amendments posted on OSC’s website would require TSX-listed and other non-venture issuers to provide disclosure regarding the following matters on an annual basis:
- director term limits,
- policies regarding the representation of women on the board,
- the board’s or nominating committee’s consideration of the representation of women in the director identification and selection process,
- the issuer’s consideration of the representation of women in executive officer positions when making executive officer appointments,
- targets regarding the representation of women on the board and in executive officer positions, and
- the number of women on the board and in executive officer positions.
You can read the OSC official amendment and transcript from the October 16 Roundtable, here.
We are pleased the OSC has recognized that it will take enlightened leadership to change the composition of Canada's boards in our lifetime so shareholders can benefit from directors who are the most qualified in a greatly-expanded talent pool.
Odgers Berndtson supports the work of the Canadian Board Diversity Council and works closely with clients to help them make diversity a reality in their organizations. We are sponsors of the council’s Board Diversity Best Practices Roundtables in Toronto and our partners deliver the recruitment portion of the CBDC’s Get On Board Governance Education Program. We also actively support the CBDC’s Diversity 50 initiative – promoting qualified, diverse candidates for corporate board of director appointments.