Securities regulators in Alberta are proposing to follow the lead of much of the rest of the Canadian Securities Administrators (CSA) in setting disclosure requirements for issuers regarding the representation of women on corporate boards and in senior management.
The Alberta Securities Commission (ASC) on Wednesday published or comment proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices and Form 58-101F1 Corporate Governance Disclosure.
The proposed amendments would require non-venture issuers to provide annual disclosure in their proxy circular or annual information form about: the representation of women on the board and in senior management; whether they have any targets for gender diversity; and their policies regarding the representation of women on the board and in senior management; among other things.
The amendments are out for a 30-day comment period until Oct. 14. If approved, they “would align the disclosure requirements… in Alberta with most other jurisdictions in Canada regarding the representation of women on the boards of directors and in executive officer positions,” the ASC says in a news release.
These disclosure requirements were first championed by the Ontario Securities Commission (OSC) in an effort to enhance gender diversity in top management and corporate boards by improving transparency to shareholders.
“The objective of the enhanced disclosure is to provide investors with information they may find helpful in making investment and voting decisions,” the ASC says.