OSC announces plans to enhance compliance with corporate governance and environmental disclosure requirements for 2010

by CNW Group, December 18, 2009.

The Ontario Securities Commission (OSC) today issued Notice 51-717 Corporate Governance and Environmental Disclosure, which communicates the OSC’s plans to enhance compliance by reporting issuers (other than investment funds) with corporate governance and environmental disclosure requirements.

This Notice is part of the OSC’s corporate sustainability reporting initiative developed in response to a resolution of the Ontario Legislature, passed onApril 9, 2009, calling on the OSC to undertake a broad consultation to consider best practice corporate social responsibility and environmental, social and governance disclosure standards. In response, the OSC held consultations with various stakeholders, including a roundtable discussion on September 18, 2009 with respect to its governance and environmental disclosure requirements. The OSC then prepared a report and recommendations that were submitted today to the Ontario Minister of Finance.

“We received valuable feedback from stakeholders and this has formed the basis for the initiatives that we are taking in 2010,” said James Turner, Vice-Chair of the OSC. “During the consultations, we heard support for the existing regulatory requirements as well as recommendations for the OSC to provide more guidance to issuers in order to improve the information disclosed to investors and the marketplace. For example, stakeholders said additional guidance would be welcome in respect of disclosure of climate change risk.”…(continue reading)

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