Corporations Canada has updated its diversity disclosure guidelines in an effort to continue to help federal distributing corporations disclose information more clearly and consistently, and increase awareness of the filing requirements.
The diversity guidelines have been enhanced to provide comprehensive and fulsome guidance, including examples, that address all of the disclosure requirements.
Distributing corporations are encouraged to disclose their diversity information yearly in a more consistent manner, which will:
- enhance shareholder/management dialogue about the benefits of diversity;
- improve the comparability of information disclosed by various corporations, and help investors, shareholders and other stakeholders efficiently identify and assess relevant information concerning the corporation;
- ensure that diversity information is collected and analyzed in a consistent way;
- enable a sound year-over-year analysis that will foster steady progress toward more diverse corporate leadership.
In 2021, Corporations Canada published guidelines to help corporations report on the representation of four designated groups: women, Indigenous peoples (First Nations, Inuit and Métis), persons with disabilities and members of visible minorities.
Federal distributing corporations, including venture issuers, created under the Canada Business Corporations Act (CBCA) must disclose yearly information to their shareholders and to Corporations Canada on the diversity of their boards of directors and senior management teams.
Note: Even if corporations file the proxy circular with SEDAR, they also have to file it with Corporations Canada.