The board of governors of the Toronto Stock Exchange (TSE) has adopted a recommendation to require listed Canadian incorporated companies to disclose their approach to corporate governance in their annual reports or information circulars.
The recommendation was made in the final report from the TSE Committee on Corporate Governance in Canada which has been studying this issue during the last two years.
The new TSE listing requirement will make it mandatory for companies to disclose their corporate governance system, making particular reference to the guidelines contained in the report titled Where Were the Directors? Where a company’s governance system differs from the report’s guidelines, it will be required to give an explanation of the differences.
This new listing requirement is subject to regulatory approval by the Ontario Securities Commission and will apply to all companies with a fiscal year ending on or after June 30, 1995.
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