TORONTO, Dec. 18 /CNW/ - The Ontario Securities Commission (OSC) today issued Notice 51-717 Corporate Governance and Environmental Disclosure, which communicates the OSC's plans to enhance compliance by reporting issuers (other than investment funds) with corporate governance and environmental disclosure requirements.
This Notice is part of the OSC's corporate sustainability reporting initiative developed in response to a resolution of the Ontario Legislature, passed on April 9, 2009, calling on the OSC to undertake a broad consultation to consider best practice corporate social responsibility and environmental, social and governance disclosure standards. In response, the OSC held consultations with various stakeholders, including a roundtable discussion on September 18, 2009 with respect to its governance and environmental disclosure requirements. The OSC then prepared a report and recommendations that were submitted today to the Ontario Minister of Finance.
"We received valuable feedback from stakeholders and this has formed the basis for the initiatives that we are taking in 2010," said James Turner, Vice-Chair of the OSC. "During the consultations, we heard support for the existing regulatory requirements as well as recommendations for the OSC to provide more guidance to issuers in order to improve the information disclosed to investors and the marketplace. For example, stakeholders said additional guidance would be welcome in respect of disclosure of climate change risk."
In 2010, the OSC will conduct a compliance review of corporate governance disclosure filed by issuers in spring 2010. The OSC will also develop guidance for issuers on compliance with existing environmental disclosure requirements, which are currently set out in National Instrument 51-102 Continuous Disclosure Obligations. The OSC intends to consult stakeholders in connection with the development of that guidance and to publish the guidance by December 2010, giving reporting issuers sufficient time to consider it when preparing their 2010 annual continuous disclosure documents.
The OSC will invite staff at other Canadian Securities Administrators to participate in the corporate governance compliance review and the development of the guidance for environmental disclosures.
Notice 51-717 Corporate Governance and Environmental Disclosure, along with the OSC report to the Minister of Finance and a consultation paper previously prepared by OSC staff, are available on the OSC website, www.osc.gov.on.ca.
SOURCE Ontario Securities Commission
For further information: For further information: For Media Inquiries: Wendy Dey, Director, Communications & Public Affairs, (416) 593-8120; Robert Merrick, Senior Communications Specialist, (416) 593-2315; Theresa Ebden, Senior Communications Specialist, (416) 593-8307; For Investor Inquiries: OSC Contact Centre, (416) 593-8314, 1-877-785-1555 (Toll Free)