The OSC has its eyes on gender diversity after survey results indicated a low representation of women on boards and in senior management positions with its dealers, the provincial regulator announced Thursday.
Launching a 90-day comment period, the OSC is looking for feedback on proposed amendments to its Disclosure of Corporate Governance Practices
, in the hopes to improve this underrepresentation. The changes would require TSX-listed issuers (and other non-venture issuers) to disclose details such as: the number of women on boards or in executive positions, policies regarding female representation on boards, how female representation is taken into consideration during board nominations and the executive hiring process, and term limits for directors.
“Our proposed amendments are intended to encourage more effective boards and better corporate decision-making, which will benefit investors and the capital markets,” said Howard I. Wetston, chair and CEO of the OSC, in a release. “This is about helping TSX-listed issuers tap into a pool of talented and capable resources currently under-represented on today's boards and senior management.” (continued on Page 2)