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Oct 26, 2017
Montreal – The Canadian Securities Administrators (CSA) today published for comment CSA Consultation Paper 52-404 Approach to Director and Audit Committee Member Independence, which is intended to facilitate a broad discussion on the appropriateness of the CSA’s approach to determining director and audit committee member independence.
“The exercise of independent judgement by boards and board committees is a fundamental element of corporate governance,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The purpose of this consultation is to solicit views on the appropriateness of our approach to determining independence for all issuers in the Canadian market.”
The Consultation Paper outlines key historical developments related to the CSA’s corporate governance regime, sets out our approach to determining director and audit committee member independence, and describes the approaches to determining independence in other jurisdictions. The Consultation Paper also examines the benefits and limitations of our approach.
The Consultation Paper can be found on CSA members’ websites. Comments should be submitted in writing by January 25, 2018.
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:
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Hilary McMeekin Alberta Securities Commission 403-592-8186
Jason Booth The Manitoba Securities Commission 204-945-1660
Kristen Rose Ontario Securities Commission 416-593-2336
Alison Walker British Columbia Securities Commission 604-899-6713
David Harrison Nova Scotia Securities Commission 902-424-8586