BCSC Considers Gender Diversity Disclosure Requirements

The British Columbia Securities Commission (BCSC) has requested comments with respect to gender diversity disclosure requirements previously adopted in the other Canadian jurisdictions (other than Prince Edward Island) (the Participating Jurisdictions).

Requirements Adopted by Other Canadian Jurisdictions

The Participating Jurisdictions have adopted disclosure requirements regarding the representation of women on boards and in executive officer positions in National Instrument 58-101 Disclosure of Corporate Governance Practices (the Disclosure Requirements).

The Disclosure Requirements follow a "comply or explain" model whereby issuers listed on the Toronto Stock Exchange are required to provide annual disclosure about the representation of women in leadership roles, including any policies adopted by the issuer, term limits and mechanisms for board renewal and board level consideration of women in the director identification and selection process, among other things. 

The Participating Jurisdictions are considering amendments to the Disclosure Requirements, including whether additional governance guidelines should be adopted.

The BCSC has not yet adopted the Disclosure Requirements. 

BCSC Request for Comment

The BCSC is now consulting on the Disclosure Requirements to provide issuers and stakeholders in British Columbia with a voice in the current consultation process being undertaken locally by the Participating Jurisdictions.

The BCSC is seeking written comments on the Disclosure Requirements and the specific questions raised in the notice by April 1, 2018.

You can view the BCSC notice here.

DISCLAIMER: This post is intended to convey general information about legal issues and developments as of the date above. It does not constitute legal advice and must not be treated or relied on as such.