ASC to adopt disclosure requirements regarding the representation of women on boards and in senior management
Dec 15 2016
CALGARY – December 15, 2016 –The Alberta Securities Commission (ASC) announced today that it will adopt amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure.
The amendments require non-venture reporting issuers in Alberta to provide annual disclosure of the following items in their proxy circular or annual information form:
- any policies regarding the representation of women on the board;
- whether the board or its nominating committee considers the representation of women in the director identification and selection process;
- whether the issuer considers the representation of women in executive officer positions when making executive officer appointments;
- targets regarding the representation of women on the board and in executive officer positions, if any have been set by the issuer;
- the number of women on the board and in executive officer positions; and
- director term limits or other mechanisms of board renewal.
The amendments align the disclosure requirements under NI 58-101 in Alberta with most other jurisdictions in Canada regarding the representation of women on the boards of directors and in executive officer positions. The amendments are effective December 31, 2016.
On September 14, 2016 the ASC released ASC Notice - Proposed Amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices for a 30-day comment period that ended October 14, 2016. The 23 comment letters that were received are included in the Notice on the ASC’s website.
“Our goal in adopting these amendments is to increase transparency for investors and other stakeholders regarding the representation of women in executive and board positions,” said Stan Magidson, Chair and Chief Executive Officer of the ASC. “This decision incorporates investor feedback that gender diversity information is helpful when making investment and voting decisions.”
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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