IR Leader
April 14, 2015

IR leader, CIRI's issues-based bi-monthly publication covers a broad range of financial, regulatory and accounting issues relevant to the practice of investor relations. Columns are written by senior IR practitioners, professionals recognized for their expertise and respected business executives.

Volume 25 Issue 2 will be published on Wednesday, April 15, boasting the following IR topics:

  • Lead: Talking Dollars and Cents: Explaining Executive Compensation to Shareholders
  • Investment Community Perspective: Incoming: Communication Initiated from the Outside
  • Financial Reporting and IR: Evolving Reporting Standards for Going Concern: How Will It Affect Your Financial Statement Disclosures?
  • Securities Regulation and IR: Whistleblower Program Proposed by the Ontario Securities Commission
  • Social Media and IR: Social Media Primer for IROs
  • Canadian IR Practitioner Perspective – Guest Column: This is What I Know For Sure
Did you miss Volume 25 Issue 1? Visit the News/Resources section of to access previous issues of IR leader, IR focus and wIRed.

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Top Stories

CSA Drill Down on Mining Issuers' Investor Presentations

The Canadian Securities Administrators yesterday released a staff review of investor presentations on mining issuers' websites, providing valuable insights on how the regulators interpret and apply NI 43-101 and other disclosure requirements and ultimately finding that "there is room for improvement" in order to comply with applicable regulatory standards.

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Is There an Appetite for Diversity Quotas in Canada?

Gender diversity on corporate boards continues to be a hot topic for activist shareholder groups in Canada. At the end of April 2015, the shareholders of BCE Inc. will vote on a proposal that would impose a strict quota on the proportion of women appointed to its 13-person board. The proposal is being advanced by a group of shareholders styled as Mouvement d’éducation et de défense des actionnaires (Médac). While the group has proposed gender-related resolutions before, this is the first time that it has sought to impose a strict quota on the company. The quota would require BCE to maintain a minimum of 40% female representation on its board by 2020. While BCE has itself pledged that women will occupy at least one-quarter of independent directorships by the end of 2016, Médac's view is that this does not go far enough.

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Canadian Securities Regulators Finalize Rule Amendments to Reduce Regulatory Burden on Venture Issuers

The Canadian Securities Administrators (CSA) announced today the final implementation of amendments that will streamline and tailor disclosure by venture issuers. The amendments address continuous disclosure and governance obligations, as well as disclosure for prospectus offerings.

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Board Diversity Update: Is Female Board Representation On the Rise?

Nearly seven months have passed since the formal amendments to National Instrument 58-101 - Disclosure of Corporate Governance Practices and Form 58-101F1- Corporate Governance Disclosure were announced by securities regulators, imposing enhanced disclosure requirements with respect to female representation on boards (the Gender Disclosure Requirements). Although the new requirements do not mandate quotas, they impose stringent disclosure obligations on TSX-listed issuers.

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The Dark Side of Activism

As activist shareholders continue to flex their muscles, making greater strides towards transparency is a necessity.

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Too Many Changes, More Consultation Required: Comments on Proposed Cooperative Capital Markets Legislation

Comments on the consultation drafts of the uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and new federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation Drafts) by capital markets stakeholders suggest that additional "robust" consultation is required for the PCMA and CMSA, particularly given the significant changes to securities and capital markets laws that such proposed legislation contemplates.

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CSA Preparing for T+2 Settlement of Securities Trades

The Canadian Securities Administrators today published a notice setting out staff's views with respect to the move to generally shorten the standard settlement cycle for securities trades from three days after the date of trade to two days (T+2).

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CSA Publishes Proposed Amendments to the Canadian Take-Over Bid Regime

On March 31, 2015, the Canadian Securities Administrators (the CSA) published proposed amendments to Canada's take-over bid regime (the Proposed Amendments) under Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids, other related instruments and the Ontario Securities Act. The Proposed Amendments will be open for comment until June 29, 2015.

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OSC Releases Draft Statement of Priorities for 2015-2016

The Ontario Securities Commission today released a draft Statement of Priorities for the financial year ending March 31, 2016.

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Canada Adopts Significant Changes to Foreign Investment Review Framework

On March 25, 2015, the Canadian government adopted regulations that significantly affect the foreign investment review framework. The new regulations, which take effect on April 24, 2015, implement the long anticipated changes to the existing thresholds that trigger a net benefit review under the Investment Canada Act (ICA).

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