CALGARY, Sept. 14, 2016 /CNW/ - The Alberta Securities Commission (ASC) today published for comment proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure.
The proposed amendments are intended to increase transparency for investors and other stakeholders of non-venture issuers regarding the representation of women on boards of directors and in senior management, as well as with respect to term limits or other mechanisms of board member renewal. The objective of the enhanced disclosure is to provide investors with information they may find helpful in making investment and voting decisions.
If adopted, the amendments would require non-venture reporting issuers in Alberta to provide annual disclosure of the following items in their proxy circular or annual information form:
- policies regarding the representation of women on the board, if any;
- 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 would 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 30-day comment period will end on October 14, 2016.
A copy of the ASC Notice - Proposed Amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices can be found on the ASC website at www.albertasecurities.com.
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.
SOURCE Alberta Securities Commission
For further information: For Media Inquiries: Nicole Tuncay, Senior Advisor, Investor Education, 403.297.4008; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488