TORONTO, Jan. 10 /CNW/ - The Ontario Securities Commission (OSC) is
considering regulatory proposals for issuers in Ontario to address
certain shareholder democracy issues and is seeking public comment on
The OSC today published Staff Notice 54-701 Regulatory Developments Regarding Shareholder
Democracy Issues, which updates the status of staff's review in the following three
areas of shareholder democracy:
Slate voting and majority voting for uncontested director elections: OSC staff are assessing the appropriateness of regulatory requirements
that would facilitate individual director voting and majority voting
for director elections in Ontario;
Shareholder advisory votes on executive compensation: OSC staff are reviewing whether securities regulators should consider
introducing mandatory say-on-pay requirements for reporting issuers in
The effectiveness of the proxy voting system: OSC staff are looking at whether additional reforms are needed to the
proxy voting system and to what extent securities regulators should
address these matters.
"Shareholder democracy has attracted considerable public attention in
Canada and other countries, and OSC staff are reviewing our regime to
identify the need for reform in this area," said Leslie Byberg,
Director, Corporate Finance at the OSC. "I look forward to consulting
with our stakeholders and hearing their comments about potential
Interested parties may comment on Staff Notice 54-701 Regulatory
Developments Regarding Shareholder Democracy Issues by March 31, 2011.
The notice is available on the OSC website.
Related regulatory initiatives on corporate governance for issuers:
Corporate Governance Disclosure: Published in December 2010, CSA Staff Notice 58-306 2010 Corporate Governance Disclosure Compliance Review sets out the results of the review and provides further guidance to
issuers on complying with existing requirements.
Executive Compensation: On November 19, 2010, the Canadian Securities Administrators (CSA)
published for comment proposed amendments to Form 51-102F6 Statement of Executive Compensation.
Environmental Disclosure: The CSA published CSA Staff Notice 51-333 Environmental Reporting Guidance for reporting issuers on October 27, 2010.
Certification Requirements: CSA Staff Notice 52-327 Certification Compliance Update summarizes issuer compliance with the requirements of National
Instrument 52-109 Certification of Disclosure in Issuers' Annual and
Issuer Communications with Investors: Proposed amendments to National Instrument 54-101 Communication with Beneficial Owners of
Securities of a Reporting Issuer, the related companion policy and related instruments aim to improve
procedures for issuer communications with investors who hold securities
SOURCE Ontario Securities Commission
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