At the request of the Ontario Minister of Finance and the Minister Responsible for Women’s Issues, the Ontario Securities Commission (the OSC) is undertaking a public consultation on corporate governance disclosure requirements for TSX-listed issuers regarding gender diversity. The consultation paper, which was published on July 30, 2013, focuses on advancing the representation of women on boards of directors and in senior management of public issuers.
The OSC is seeking comment on a proposed disclosure model that would require TSX-listed issuers and other non-venture issuers to address the following issues in their annual summary of corporate governance practices:
- whether they have a policy regarding representation of women on the board and in senior management and if so, set out the details of such policy;
- how the board or nomination committee of the issuer considers the representation of women in the director selection process;
- if the issuer has a policy regarding the representation of women on the board or in senior management, how adherence to the policy or achievement of the policy’s objectives is assessed; and
- percentage disclosure of female employees, senior executives and board members of the issuer.
Comments on the consultation paper are due by September 27, 2013. A copy of the consultation paper can be accessed here.