News Releases
Canadian Securities Regulators Proceed With Enhanced Executive Compensation Disclosure Requirements
Jul 22, 2011
The Canadian Securities Administrators (CSA) announced today it is implementing amendments to Form 51-102F6 Statement of Executive Compensation, which will provide investors with enhanced information on the key risks, governance matters and compensation practices of publicly listed companies.
A key amendment to the Form, which will come into effect October 31, 2011, is to require public companies to disclose to investors whether their board of directors adequately considered the implications of the risks associated with the company’s compensation policies and practices. Public companies will also be required to provide investors with greater details on the fees paid to outside compensation consultants.
“Greater transparency on the compensation policies of public companies will allow investors to make better informed voting and investment decisions, and will help them determine whether management’s incentives are aligned with their interests,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.
In developing the new requirements, the CSA considered the findings of its 2009 targeted compliance review of a sample of public companies’ executive compensation disclosure. The CSA also considered a number of recent international developments in executive compensation disclosure.
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:
| Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361 |
Sylvain Théberge Autorité des marchés financiers 514-940-2176 |
| Mark Dickey Alberta Securities Commission 403-297-4481 |
Richard Gilhooley British Columbia Securities Commission 604-899-6713 |
| Ainsley Cunningham Manitoba Securities Commission 204-945-4733 |
Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745 |
| Natalie MacLellan Nova Scotia Securities Commission 902-424-8586 |
Jennifer Anderson Saskatchewan Financial Services Commission 306- 798-4160 |
| Janice Callbeck PEI Securities Office Office of the Attorney General 902-368-6288 |
Doug Connolly Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594 |
| Ken Kilpatrick Yukon Securities Registry 867-667-5466 |
Louis Arki Nunavut Securities Office 867-975-6587 |
| Donn MacDougall Northwest Territories Securities Office 867-920-8984 |