OSC Considers Omission of Gender Diversity Disclosure Serious Infraction


The OSC has taken fairly severe action against TSX listed companies that have failed to provide gender diversity information as required by amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices that went into effect on December 31, 2014. A TSX listed company was made to pay a fine, include the required disclosure in its next quarterly filing, issue an immediate news release with the disclosure and the failure, and to remain on the list of deficient issuers for 3 years.
It is a good reminder that all non-venture issuers which are reporting in the participating jurisdictions must provide this disclosure annually. Click here to read an article Clark Wilson LLP previously published on the subject.