On April 13, 2023, the Canadian Securities Administrators issued a notice and request for comment on its proposed amendments to Form 58-101F1 Corporate Governance Disclosure (Form 58-101F1) of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) pertaining to board nominations, board renewal and diversity (the Proposed Amendments).
Summary
The CSA presented two forms of amendments: Form A and B. The Proposed Amendments would require disclosure on aspects of diversity beyond the representation of women (a requirement added in 2014).
Form A “would introduce the concept of “identified group”, meaning a group of individuals with a shared personal characteristic, whose representation on the issuer’s board or in its executive officer positions has been identified by the issuer as being part of the issuer’s strategy respecting diversity, but does not include women.”
Form B “would introduce the concept of “designated groups”, meaning persons who self-identify as one or more of the following: Indigenous peoples, LGBTQ2SI+ persons, racialized persons, persons with disabilities or women. Each of these groups (except women) would also be defined.”
FACL Western recognizes the important of diversity on boards and in senior management positions within Canada, strongly supports Form B, and submitted comments to the proposed amendments on September 29, 2023. Disclosure of information would show investors that issuers have thought about their commitment to diversity at the highest levels of their organizations.
Read FACL Western’s full submissions here.
The CSA’s Request for Comments can be found here.