Proposed Amendments to Form 58-101F1 of National Instrument 58-101 Disclosure of Corporate Governance Practices (September 28, 2023)
On April 13, 2023, CSA released a consultation regarding proposed amendments to Form 58-101F1 of NI 58-101 and proposed changes to the related national policy 58-201 (Corporate Governance Guidelines).
Currently, Form 58-101F1 mandates disclosure regarding representation of women on boards and in executive officer positions. In this consultation, CSA is asking for feedback regarding an expansion of the mandatory disclosure to go beyond women, and to include five underrepresented groups (“designated groups”). These are women, Indigenous peoples, racialized persons, LGBTQ2SI+ persons, and persons with disabilities.
In the consultation, CSA is seeking feedback regarding two potential forms (Representing two different approaches) to replace the current Form 58-101F1. In Form A, reporting is mandatory only regarding women, and a less prescriptive, narrative format is allowed. In contrast, Form B mandates disclosure on all five designated groups, and a more prescriptive, tabular format is required. In addition, the consultation addresses the possibility that similar disclosure requirements will be imposed on venture issuers in the future.