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CSA Releases Survey of Corporate Governance Disclosure Practices

December-6-2010

Lawyer John Connon
Area Corporate Finance and Securities

Summary

The Canadian Securities Administrators recently published a Staff Notice which outlines the results of a review of publicly-traded issuers’ compliance with corporate governance disclosure obligations.  Staff of the securities regulatory authorities in Ontario, British Columbia, Manitoba and Quebec reviewed the corporate governance disclosure practices of 72 reporting issuers (46 of which were TSX-listed issuers, with the balance being TSX Venture issuers) and concluded that the level of non-compliance with the applicable disclosure requirements was “unacceptable”.  Staff reported that 55% of the issuers reviewed were required to make enhancements to their future corporate governance disclosures.

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