As originally promised at the time of implementing the current Canadian corporate governance rule and policy, and following their review of governance requirements and practices, the CSA have now released a Request for Comment with respect to National Policy 58-201 Corporate Governance Principles, NI 58-101 Disclosure of Corporate Governance Practices and NI 52-110 and Companion Policy 52-110CP Audit Committees.
The proposed materials introduce changes in three main areas of the current corporate governance regime. First, the proposed NP 58-201 is intended to be more principles-based and broader in scope than the existing policy. Second, disclosure requirements found in the current version of NI 58-101 are to be replaced with more general requirements. Finally, a more principles-based approach will replace the current prescriptive approach to independence in the existing NI 52-110.
The CSA state that the proposed materials are intended to "enhance the standard of governance and confidence in the Canadian capital markets" and has requested public comments until April 20, 2009.