The LGBTQ+ Corporate Directors Canada Association (LGBTQ Association) has submitted its comments and recommendations on the director nomination process, board renewal, and diversity, pursuant to the call issued by the Canadian Securities Administrators.
The Canadian Securities Administrators (CSA) are considering proposed changes to corporate governance policy that would enhance the existing corporate governance guidelines relating to the director nomination process and introduce guidelines regarding board renewal and diversity. Diversity measures are intended to go beyond gender to include Indigenous people, racialized persons, persons with disabilities, and 2SLGBTQ+ people.
The LGBTQ+ Corporate Directors Canada Association recommends the adoption of Proposal B, with the additional reporting extended to Executive Officer positions, requiring companies to report on the number of members of each of the four designated groups, as well as women, on their boards and in executive positions, along with written strategy, policies, and measurable objectives. Companies will be required to use a standardized table.
You can read the full submission by the Association HERE.