IR Leader
October 23, 2018

Advocacy Update

Non-GAAP and Other Financial Measures Disclosure

On September 6, the CSA published for comment Proposed National Instrument: 52-112 Non-GAAP and Other Financial Measures Disclosure and Proposed Companion Policy 52-122: Non-GAAP and Other Measures Disclosure. The Proposed Instrument addresses CSA concerns around inconsistencies in issuer disclosure practices of non-GAAP financial measures and provides the CSA with a stronger tool for regulatory action if needed.

While the proposed regulation is largely based on the current guidance outlined in CSA Staff Notice 52-306, it is broader and more prescriptive in nature.

CIRI will be making a submission. We encourage your organization to make a submission as well, as there is strength in numbers. The deadline for submissions is December 5, 2018.

Women on Boards Disclosure

On September 27, the CSA published Multilateral Staff Notice 58-310: Report on Fourth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions, highlighting key trends identified from their review.

The CSA is considering whether changes to the disclosure requirements are warranted and if the introduction of new or supplemental guidelines in National Policy 58-201 Corporate Governance Guidelines is warranted.
To assist in making this determination, the CSA has engaged stakeholders, including CIRI, in consultations and conducted research and disclosure reviews. No decisions have been made yet.

We encourage you to review the full Notice, continue gender diversity conversations within your organization and express your views to the Commissions.

Should you have any comments and/or questions pertaining to our advocacy initiatives, please contact Yvette Lokker directly.