Friday, 3 December 2010

Canada: securities regulators publish results of corporate governance disclosure review

The Canadian Securities Administrators have published the results of a review of 72 issuers' compliance with National Instrument 58-101: Disclosure of Corporate Governance Practices: see here (CSA Staff Notice 58-306, pdf). This publication also includes recommendations and, on page 3, this short summary of the review's findings:

Over half of the issuers reviewed were required to make prospective enhancements to their corporate governance disclosure. We view the level of non-compliance with the disclosure requirements of the Corporate Governance Instrument to be unacceptable. Although significant efforts have been made to comply with the corporate governance disclosure requirements, issuers need to further improve their disclosure. We will continue to review corporate governance disclosure ... Issuers should anticipate staff requests for additional disclosure, re-filings or other staff action, where appropriate, if an issuer has not fully met its corporate governance disclosure obligation".

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