Canadian Securities Regulators seek comments on revised corporate governance and audit committee regimes

CSA Securities

Montréal – The Canadian Securities Administrators (CSA) announced today that they are seeking comment on proposed amendments to the CSA’s corporate governance and audit committee regimes.

The proposed governance and audit committee regimes introduce changes in three main areas:

  • National Policy 58-201 Corporate Governance Principles would be a more principles-based policy that is broader in scope than the current policy.
  • More general disclosure requirements would replace the existing “comply or explain” disclosure model set out in National Instrument 58-101 Disclosure of Corporate Governance Practices.
  • A principles-based approach to determining director and audit committee member independence would replace the current approach in National Instrument 52-110 Audit Committees.

“The proposed governance regime is intended to provide greater transparency for the marketplace regarding issuers’ corporate governance practices and to provide guidance to issuers,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers. “We think the revised audit committee regime would continue to provide a framework for establishing and maintaining strong, effective and independent audit committees.”

The CSA is requesting comments on the following documents by April 20, 2009:

  • Proposed NP 58-201 Corporate Governance Principles and NI 58-101 Disclosure of Corporate Governance Practices.
  • Proposed NI 52-110 Audit Committees and its related companion policy 52-110CP and,
  • Consequential amendments to other rules and policies.

The proposed national instruments and policies are available on various CSA members’ websites, along with the CSA Notice and Request for Comment that outlines specific requests for comment.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Ken Gracey

604 899-6577

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Wendy Connors-Beckett

506 643-7745

Nova Scotia Securities Commission

Natalie MacLellan

902 424-8586

Nunavut Securities Registry

Louis Arki

867 975-6587

Ontario Securities Commission

Laurie Gillett

416 595-8913

Prince Edward Island, Department of the Attorney General

Marc Gallant

902 368-4552

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Securities Registry, Northwest Territories

Donn MacDougall

867 920-8984

Yukon Securities Registry

Fred Pretorius

867 667-5225