Canadian Securities Regulators to maintain current corporate governance regime

CSA Securities

Montréal – The Canadian Securities Administrators today published CSA Staff Notice 58-305 Status Report on the Proposed Changes to the Corporate Governance Regime, which outlines its conclusion that now is not an appropriate time to introduce significant changes to Canada’s corporate governance regime.

On December 19, 2008, the CSA published for comment proposed changes to the corporate governance regime entitled “Proposed Repeal and Replacement of National Policy 58-201 Corporate Governance Guidelines, National Instrument 58-101 Disclosure of Corporate Governance Practices, and National Instrument 52-110 Audit Committees and Companion Policy 52-110CP Audit Committees”.

The CSA received numerous comments about the timing of the proposal. These comments noted issuers are currently focused on business sustainability issues, given the challenging economic climate, and on the transition to International Financial Reporting Standards.

“Based on the comments received, we do not intend to implement the proposal as originally published. We do not believe that now is the right time to make such changes” said Jean St-Gelais, CSA Chair and President & Chief Executive Officer of the Autorité des marchés financiers. “We are reconsidering whether to recommend any changes to the corporate governance regime.”

Any further proposed changes on the Corporate Governance Regime will be published for comment and the CSA will provide sufficient advance notice for issuers to adapt their corporate governance practices to fully comply with any revised regime. Any proposed changes would not be effective until the 2011 proxy season at the earliest.

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

— 30 —

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

Ontario Securities Commission

Carolyn Shaw-Rimmington

416 593-232361

PEI Securities Office, Department of the Attorney General

Janice Callbeck

902 368-6288

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Securities Office, Northwest Territories

Donn MacDougall

867 920-8984

Securities Office, Nunavut

Louis Arki

867 975-6587

Securities Office, Yukon

Fred Pretorius

867 667-5225