The proposed amendments will already be familiar to companies
that are reporting issuers in jurisdictions other than Alberta,
British Columbia, and Prince Edward Island, as all other provinces,
including Ontario, implemented the proposed amendments in 2014 (see
our previous update, Final Disclosure Rules Regarding Women on Boards and in Senior
Management). As a result, Alberta public companies that
are reporting issuers in Ontario or any of the other participating
jurisdictions are already subject to the proposed amendments that
Alberta now intends to implement.
The Proposed Amendments
The proposed amendments would make disclosure requirements in
Alberta consistent with those in the participating jurisdictions
and require Alberta Non-Venture Issuers to disclose the following
information in their proxy circular or annual information form:
director term limits or other mechanisms of board renewal
currently in place;
written policies regarding the identification and nomination of
women directors, specifying the key objectives and provisions;
whether the board considered the level of female representation
in the director identification and selection process;
whether the issuer considered the level of female
representation in executive officer positions in the executive
officer appointment process;
the issuer's targets regarding women on the issuer's
board and in executive officer positions, if any; and
the current number and proportion of women on the board and in
executive officer positions.
Where a Non-Venture Issuer has not adopted such policies,
practices or targets, it must provide an explanation for not doing
While most Alberta-based public companies will already be
familiar with the ASC's proposed changes and are already
complying with them (meaning the proposed amendments will not
impose any new requirements on them), comments on the proposed
amendments may be submitted to the ASC on or before October 14,
2016. Bennett Jones is pleased to assist clients with submitting
comments, addressing any questions or concerns, and advising on the
preparation of disclosure in anticipation of the proposed
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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