This complete global solution for HR professionals combines custom research, strategic white papers, country primers, webinars, and the expert guidance you’ve come to expect from...
By Jeremy Hainsworth
Sept. 19—The Alberta Securities Commission (ASC) said Sept. 14 that proposed “disclose-or-explain” rules could help increase the number of women in the province in positions of corporate leadership. The proposal would require Alberta-based, non-venture issuers, including companies listed on the Toronto Stock Exchange, to disclose the number of women on their boards and in executive management and to describe any related policies or targets.
Women make up nearly half of the Canadian workforce, yet only one-quarter hold senior management positions and fewer than 16 percent serve as directors, provincial Minister of Status of Women Stephanie McLean said, citing research from the Conference Board of Canada. Close to half of publicly traded companies in Canada do not have any women on their boards.
ASC chair and CEO Stan Magidson told a Sept. 14 media conference call that the proposal is not intended to force equality but to ensure companies disclose representation of women in board or executive positions or explain why they are not there, so investors can use that knowledge in making decisions.
“It is about putting sunlight on your board so investors can make decisions,” Magidson said.
How boards and human resources departments would implement the changes if they are approved would be up to individual companies, Magidson said.
While Alberta currently has a female premier, chief justice and head of the public service, “women continue to be underrepresented at the corporate management level,” McLean said. “The top has been out of reach for too many women.”
If adopted, the proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosure would require Alberta non-venture reporting issuers to provide annual disclosure of the following in proxy circulars or annual information forms:
The proposed amendments would align Alberta disclosure requirements with most other Canadian jurisdictions regarding the representation of women on boards of directors and in executive officer positions, the ASC said in a Sept. 14 news release.
To contact the reporter on this story: Jeremy Hainsworth in Vancouver at firstname.lastname@example.org
To contact the editor responsible for this story: Rick Vollmar at email@example.com
For more information on Alberta HR law and regulation, see the Alberta primer.
The proposed amendments to National Instrument 58-101 Disclosure of Corporate Governance practices are availablehere.
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)