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.