16:48:56 EDT Thu 02 May 2024
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Globe says OSC tries to get grip on diversity reporting

2023-12-04 09:42 ET - In the News

The Globe and Mail reports in its Monday edition that some Canadian public companies are required to follow a federal law that requires them to disclose data on how many visible minorities, indigenous people and people with disabilities sit on their boards. The Globe's David Milstead writes that other companies produce diversity disclosures that follow that law, even if they are not required to. Some go beyond the law and say how many directors are part of the LGBTQ2SI+ community. Some companies craft a diversity narrative that offers some disclosure, but falls short; and some companies do nothing. In 2020, Ottawa required federally incorporated companies -- about one-third of those traded on public markets -- to disclose additional information on visible minorities, indigenous people and the disabled. Canada's provincial and territorial securities regulators are deeply divided on a possible national standard for diversity disclosure, perhaps hopelessly so. The country's stock exchanges have not put forward any requirements. n the absence of a Canada-wide standard, companies must navigate a hodgepodge of rules, standards and requirements. The Ontario Securities Commission is holding discussions on the matter.

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