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Oct. 4, 2013 /CNW/ - On
October 3, 2013, the
Canadian Society of Corporate Secretaries ("CSCS") submitted a comment letter to the Ontario Securities Commission (OSC) in response to their request for comments on their Staff Consultation Paper 58-401:
Disclosure Requirements Regarding Women on Boards and in Senior Management.
As the principal advocate for those who work in the front lines of corporate governance, CSCS strives to enhance the public's awareness of the importance of good governance. CSCS is the voice of governance professionals in
Canada and participates with other stakeholders, including capital markets participants, government bodies and regulators, in fostering a governance environment that sets
Canada apart in the world. CSCS also supports its membership with continuing education and networking opportunities.
In preparation for this response CSCS undertook a consultation with our members at open sessions held in
Toronto in mid-September.
The CSCS member consultations were well attended, and small, mid and large-cap issuers were all represented. The comments provided in our letter represent the general views of members who participated in the consultations for a course of action that is believed to be both effective and not overly prescriptive.
CSCS applauds the OSC for addressing the critical issue of gender diversity on boards and in senior management of Canadian publicly traded corporations (Corporations). Our members believe that achieving gender diversity is a positive step towards greater diversity and we encourage the OSC to consider further diversity initiatives that will encourage corporations to work towards including under-represented groups in senior management and on their board of directors.
Our members felt that best practice guidelines, together with mandated disclosure, are the ideal combination - allowing a Corporation to determine the appropriate path for it to reach gender diversity and ensure transparency to stakeholders. Members who participated in the consultations were divided in their views as to whether Corporations should be required to: (i) disclose their approach to gender diversity with reference to such best practice guidelines, explaining any differences ("comply or explain") or (ii) satisfy certain minimum best practice guidelines including a target percentage of 20% to 40% to be achieved over a five year or longer period.