All TSX-listed companies must disclose annual targets for the number of women they want in executive and board positions, under a proposal released January 16 by the Ontario Securities Commission (OSC).
The OSC yesterday launched a 90-day period for proposed amendments the Form 58-101F1 of National Instrument 58-101 Disclosure of Corporate Governance Practices.
The proposed amendments would require TSX-listed issuers (and other non-venture issuers) that report in Ontario to disclose on a yearly basis:
- director term limits;
- policies regarding the representation of women on the board;
- the board's or nominating committee's consideration of the representation of women in the director identification and selection process;
- the issuer's consideration of 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; and
- the number of women on the board and in executive officer positions.
"Our proposed amendments are intended to encourage more effective boards and better corporate decision making, which will benefit investors and the capital markets," said Howard I. Wetston, Chair and CEO of the OSC.
"This is about helping TSX-listed issuers tap into a pool of talented and capable resources currently under-represented on today's boards and senior management."
