The Canadian Securities Administrators expect implementation of its rule and policy regarding corporate governance to take place this summer.

The proposed national policy detailing corporate governance guidelines and the rule requiring disclosure of corporate governance practices were published for comment on October 29, 2004. The comment period expired on December 13, 2004 (December 28 in Manitoba). The CSA staff are currently considering the comments received and incorporating changes as appropriate.

While the policy and rule still require commission and ministerial approvals, staff anticipate that they will apply to information circulars or information forms, which are filed following financial years ending on or after June 30.

“For example, an issuer with a June 30 year end would include the disclosure required by the proposed instrument in its information circulars commencing with the first information circular it files after June 30, 2005,” says the CSA in a notice issued today. “Similarly, an issuer with a July 31st year end would include the required disclosure in its information circulars commencing with the first information circular it files after July 31, 2005.”