On November 13, 2009, the Canadian Securities Administrators (“CSA”) published a status report on changes previously proposed to the corporate governance regime in Canada. The proposed regime was published by the CSA for comment in December 2008 and was intended to be more principles-based and broader than the current corporate governance guidelines and reporting requirements.

 

After receiving numerous comments noting that issuers are currently focused on business sustainability issues in a challenging economic climate and on the transition to International Financial Reporting Standards, the CSA indicated that it will not implement the proposals as originally published and will reconsider whether to recommend any changes at all. Any revised corporate governance regime will not be effective before the 2011 proxy season.