Canada: La CVMO rajoute à ses priorités de 2018-2019 l'examen de l'efficacité des exigences de déclaration concernant la mixité dans les conseils

La Commission des valeurs mobilières de l’Ontario (la « CVMO ») a publié ses priorités pour l’exercice qui se clôturera en mars 2019.

  • La CVMO a conservé cette année la plupart des priorités de 2017 2018, mais elle a rajouté à sa liste l’examen de l’efficacité des exigences de déclaration concernant les femmes membres de conseils d’administration et titulaires de postes de haute direction.
  • Les priorités de l’exercice à venir confortent les cinq objectifs réglementaires généraux de la CVMO, qui sont cohérents avec ceux des dernières années, soit :

    • Offrir une solide protection aux investisseurs;
    • Assurer une surveillance efficace de la conformité et adopter un régime d’application de la loi juste, rigoureux et opportun;
    • Mettre en place une réglementation adaptable;
    • Promouvoir la stabilité financière grâce à une surveillance efficace;
    • Être un organisme innovant, responsable et efficient.

Priorités de 2018-2019

Comme il a été mentionné précédemment, la CVMO a conservé pour l’exercice à venir bon nombre des priorités énoncées pour l’exercice précédent, y compris les réformes de la réglementation qui portent sur la norme d’agir au mieux des intérêts du client, les commissions intégrées, le soutien de l’innovation et de la formation du capital au moyen de la conformité à la réglementation des entreprises de technologie financière et la promotion de la résilience en matière de cybersécurité.

Notons que la CVMO a déclaré avoir l’intention d’analyser l’efficacité des exigences de déclaration concernant les femmes membres de conseils d’administration et titulaires de postes de haute direction afin d’évaluer la nécessité de prendre d’autres mesures. Comme nous l’avons exposé dans d’autres billets, la CVMO a institué des obligations d’information en 2014 qui exigent la transparence au sujet de la composition des conseils et de la direction. Même si les émetteurs n’étaient pas tenus d’adopter des politiques ou des cibles, les obligations d’information ont été considérées comme un moyen de s’attaquer à la sous-représentation des femmes aux conseils des sociétés en offrant aux investisseurs de l’information transparente, sans pour autant imposer de quotas aux émetteurs.

Comme nous l’avons mentionné l’année dernière, les Autorités canadiennes en valeurs mobilières ont publié un examen de la diversité au conseil en octobre  2017, dont la conclusion a été que les femmes n’occupaient que 14 % des sièges aux conseils des émetteurs de l’échantillon, soit une augmentation de seulement 2 % par rapport à 2016. À la lumière de l’analyse, la CVMO a déclaré que les autorités de réglementation canadiennes allaient désormais consulter les parties prenantes lorsqu’elles se demandent s’il est nécessaire de modifier les obligations d’information, y compris donner des lignes directrices aux émetteurs à propos des pratiques de gouvernance d’entreprise.

Selon la CVMO, « toute mesure prise dans ce domaine revient à promouvoir une gouvernance et une prise de décisions efficaces dans les sociétés puisque des conseils diversifiés sont mieux outillés pour comprendre et reconnaître les occasions » (traduction non officielle).

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