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OSC Proposes Corporate Governance Rules


Area Corporate and Commercial, Corporate Finance and Securities, REITs and Income Securities


On January 16, 2004, the Ontario Securities Commission (OSC) released for comment a proposed rule and a proposed policy that are designed to replace the corporate governance guidelines of the Toronto Stock Exchange (TSX). The TSX intends to revoke its corporate governance guidelines and related disclosure requirements when the OSC proposals become effective.  With the exception of British Columbia and Quebec, the provincial and territorial securities regulators across Canada also are considering the OSC proposals. 

The policy outlines recommended “best practices” for effective corporate governance, while the proposed rule prescribes disclosure requirements in respect of governance-related matters and the filing of any written code of business conduct and ethics that an issuer has adopted.  These disclosure requirements may create market pressure on issuers to adopt the corporate governance practices suggested by the OSC. 

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