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Letter Summary:
The TSX has proposed changes to the TSX Company Manual involving the introduction of website disclosure requirements, as well as amendments to the disclosure requirements for security based compensation arrangements. Listed issuers would be required to make available on their websites current versions of specific documents, including their constating documents and policies such as majority voting policies and board charters. The second set of amendments, instead of requiring an entirely new form as originally proposed, would instead require disclosure of an annual burn rate for each security based compensation arrangement.
Overview of the Council’s Comments:
The council is pleased that some of its earlier concerns expressed in its letter dated June 27th 2016 have been addressed and that proposals which would have required the simplified form for Disclosure of Security Based Compensation Arrangements have been eliminated. The council generally supports the proposed additional disclosure requirements relating to corporate governance, practices and compensation arrangements.