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Jul 26, 2018
Montreal – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 52-330 Update on CSA Consultation Paper 52-404 Approach to Director and Audit Committee Member Independence. The notice summarizes feedback received during the CSA’s consultation on the approach to determining director and audit committee member independence, and outlines the CSA’s rationale for maintaining the current approach.
"Taking into account the comments we received, as well as the realities of the Canadian market, we have concluded that our approach to determining independence in Canada is appropriate for issuers and that it provides clarity, consistency and predictability for boards and stakeholders," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
The CSA received 27 comment letters from various market participants during the consultation period. Most commenters expressed general support for the CSA’s approach to determining director and audit committee member independence.
CSA Staff Notice 52-330 includes a summary of the comments received and can be found on CSA members’ websites.
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:
Caroline Trottier Autorité des marchés financiers 418-525-0337 #4115
Alison Trollope Alberta Securities Commission 403-297-2664
Jason Booth The Manitoba Securities Commission 204-945-1660
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4551
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Jeff Mason Nunavut Securities Office 867-975-6591
Kristen Rose Ontario Securities Commission 416-593-2336
Andrew Poon British Columbia Securities Commission 604-899-6880
David Harrison Nova Scotia Securities Commission 902-424-8586
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Craig Whalen Office of the Superintendent of Securities Newfoundland and Labrador 709-729-5661
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305