ISS and Glass Lewis 2019 Policy Guidelines for the Canadian Market

27 11 2018

The Laurel Hill Advisory Group has published their summaries of the Institutional Shareholder Services, Inc. (ISS) and Glass Lewis updates to their respective 2019 Policy Guidelines for the Canadian Market. It is critical for Canadian issuers to review and understand these updates as failure to comply with the new guidelines could result in ISS/Glass Lewis making AGAINST/WITHHOLD recommendations for resolutions and directors at the issuer’s next annual general meeting.

The ISS updates include:

  • Board Gender Diversity
  • Overboarding
  • Environmental and Social (E&S) Shareholder Proposal Policy

You can find an overview of the ISS updates and download the full report HERE.

The Glass Lewis updates include:

  • Board Gender Diversity
  • Environmental and Social Risk Oversight
  • Executive Compensation
  • Board Skills Matrix
  • Ratification of Auditor
  • Virtual-Only Meetings

You can find an overview of the Glass Lewis updates and download the full report HERE.





OSC Registrant Outreach Seminar and Webinar

29 10 2018

The Ontario Securities Commission (OSC) Registrant Outreach department has scheduled a seminar and webinar which will include a section on best practices when completing sections of the Form 45-106F1 Report of Exempt Distributions filings as they relate to registrants.

The webinar is scheduled for November 20th and the seminar is scheduled for November 22nd in Toronto. You can find more information and register for the webinar HERE.





CCGG Webinar – The Directors’ E&S Guidebook

25 10 2018

The Canadian Coalition for Good Governance (CCGG) is hosting a webinar on October 31, 2018 called The Directors’ E&S Guidebook – A practical resource to understand and navigate investors’ expectations on board oversight and disclosure on environmental and social matters.

This webinar will provide an opportunity for corporate directors, investors, corporate secretaries, investor relations professionals and securities lawyers to learn about investors’ emerging expectations regarding the governance of E&S factors from a diverse and experienced panel of speakers.

You can find out more and register HERE. There is no fee to attend this webinar.

 





CSA Continuous Disclosure Review Program for the Fiscal Years Ended March 31, 2018 and March 31, 2017

24 07 2018

The Canadian Securities Administrators (“CSA”) has issued CSA Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017. As announced in July 2017, the CSA has moved from publishing this notice annually to publishing it every other year.

This staff notice summarizes the results of the continuous disclosure review program of reporting issuers (other than investment funds) and is important for all reporting issuers to review as it highlights the most common disclosure deficiencies as well as illustrates best practices which can be used to improve future disclosure.

Some of the issues discussed in this continuous disclosure review are:

Financial Statement Deficiencies

  1. Compliance with recognition
  2. Measurement and disclosure requirements in International Financial Reporting Standards, which included, but is not limited to, statement of cash flows, fair value measurements, disclosure of accounting policies, accounting for business combinations, revenue recognition, related party transactions and significant judgements and estimates.

Management’s Discussion and Analysis Deficiencies

  1. Non-GAAP financial measures
  2. Discussion of operations including disaggregation of investment portfolios, additional information about concentrated investments, liquidity, related party transactions and forward looking information

Other Regulatory Disclosure Deficiencies

  1. Mining technical reports
  2. Gender diversity disclosure
  3. Executive compensation disclosure
  4. Climate change
  5. Unbalanced and misleading social media posts
  6. Filing of previously unfiled documents, such as material contracts
  7. Clarifying news releases or material change reports to address concerns around unbalanced or insufficient disclosure.

You can find the complete notice HERE.





ASC Corporate Finance Disclosure and Oil & Gas Review Report Information Sessions

8 01 2018

The Alberta Securities Commission (“ASC”) will host a webinar on Wednesday, January 24, 2018 which will highlight information from both the 2017 Corporate Finance Disclosure Report and the 2017 Oil and Gas Report among other relevant topics. The cost of the webinar is $25 per person and there will also be in person sessions held in Calgary and Edmonton. Registration information for the sessions can be found HERE.

You can view the 2017 Corporate Finance Disclosure Report HERE.

You can view the 2017 Oil & Gas Report HERE.





OSC SME Institute Hot Topics in Continuous Disclosure

28 12 2017

The OSC SME Institute has released the December 7, 2017 presentation material on Hot Topics in Continuous Disclosure.

The presentation covers errors commonly seen by the OSC as well as guidance on continuous disclosure filings such as:

  • Venture issuer regulation
  • Use of social media
  • Forward looking information
  • Non-GAAP financial measures
  • Balanced disclosures

The material which can be found here may be of assistance when preparing your documents for the upcoming year.





Summary of CSA Roundtable on Response to Cyber Security Incidents

28 04 2017

The Canadian Securities Administrators (“CSA”) issued CSA Staff Notice 11- 336 Summary of CSA Roundtable on Response to Cyber Security Incidents which summarizes the discussions of the roundtable held on February 27, 2017.

The discussions focused the following issues:

  • the response of an entity subject to a cyber security event, including matters related to governance, assessment of damage, personnel involved in decision making and information flow;
  • the response of entities both downstream and upstream from the affected entity, including possible steps that may be taken to minimize the impact to their organizations;
  • people who should be involved in discussions and decision making for a coordinated response to a market-wide incident, including which organizations need to be involved, who should be driving the resolution process and how communication and coordination amongst organizations may be achieved;
  • information that should be communicated internally and externally, including organizations’ communication protocols and information that organizations not directly attacked expect to be supplied with from an affected entity; and
  • factors that may contribute to coordination, communication and collaboration, including what information is needed to ensure smooth coordination and communication among different stakeholders and challenges organizations may face to reach that goal.

 

You can read the Summary of CSA Roundtable on Response to Cyber Security Incidents notice HERE.