The Toronto Stock Exchange’s Committee on Corporate Governance in Canada has delivered its final report, following a process that began almost two years ago.
The committee’s recommendations, which would not impose a code of governance on member companies and which some critics have called timid, are being forwarded to the TSE board of governors for consideration. The final report is based upon an earlier draft by the committee published in May. The committee then received 70 written responses to the draft and has included some of the recommendations in this latest release, including (1) that corporations implement a planning process which includes a strategy for corporate governance and (2) that the definition of “unrelated directors” be changed.
The second recommendation would mean that those directors currently classified as “related,” because of their relationships to significant shareholders, would now be classified as “unrelated.”
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