CIRI Issues and Advisory Update

Consultation Paper 58-401 Disclosure Requirements Regarding Women on Boards and in Senior Management

On October 2, CIRI submitted comments to the OSC in response to Consultation Paper 58-401 Disclosure Requirements Regarding Women on Boards and in Senior Management. CIRI's recommendations propose:

• Refocusing the requirement for disclosure on diversity considerations at the candidate identification process rather than at the stage of nomination and selection of a director for the board;
• Issuers should be required to disclose the policy for advancing diversity in director roles or its key provisions;
• Issuers should be required to disclose the proportion of women on the board in percentage terms;
• Issuers should not be required to disclose the policy for advancing diversity in management nor should they be required to disclose the proportion of women in management percentage terms;
• Disclosure requirements regarding diversity should go beyond simple gender diversity and increased participation by women on boards and should include a broader consideration of diversity; and
• Quotas or specific targets to increase diversity on boards should not be mandated.

CIRI's perspective is that if regulatory initiatives as contemplated in the Consultation Paper are to achieve true, long-term, board diversity at the board level, then the best path to success is to focus such initiatives on policies directed toward the director candidate identification process.

For more detail, click here to read the entire submission.

IR Issues Backgrounder: Say on Pay

CIRI has recently updated the IR Issues Backgrounder: Say on Pay. While not mandatory in Canada, say on pay votes are mandatory in many peer jurisdictions, indicating that they could become mandatory in Canada eventually.

To find out more about Say on Pay, click here to view the IR Issues Backgrounder.
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