News Release

Canadian securities regulators provide update on approach to determining director and audit committee member independence

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

Jason Booth
The Manitoba Securities Commission

Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan

Steven Dowling
Government of Prince Edward Island
Superintendent of Securities

Rhonda Horte
Office of the Yukon Superintendent of Securities

Jeff Mason
Nunavut Securities Office

Kristen Rose
Ontario Securities Commission

Andrew Poon
British Columbia Securities Commission

David Harrison
Nova Scotia Securities Commission

Sara Wilson
Financial and Consumer Services Commission, New Brunswick

Craig Whalen
Office of the Superintendent of Securities
Newfoundland and Labrador

Tom Hall
Office of the Superintendent of Securities,
Northwest Territories