Nova Scotia is making changes to its securities rules to encourage more women to be represented in corporate and other boards of directors, and in senior management.
“The changes by the Nova Scotia Securities Commission are intended to increase transparency for investors and other stakeholders,” said Diana Whalen, Minister responsible for the Nova Scotia Securities Commission, today, Oct. 15. “They will apply to companies that list on the major stock exchanges, such as the TSX.
“Canada is lagging in having boards reflect our population when it comes to women,” said Ms. Whalen. “The new rules do not require targets, quotas or particular policies. Instead, we are adopting a comply or explain approach that will require disclosure of key information.”
The information firms would have to disclose includes:
— the number of women on the board and in executive officer positions
— policies regarding the representation of women on the board
— targets related to the representation of women on the board and in executive officer positions
— any consideration of the representation of women in the director identification and selection process
— any consideration of the representation of women in executive officer positions when making executive officer appointments
Nova Scotia is joining eight other provinces and territories in adopting this initiative. It encourages greater representation of women on boards, which has been demonstrated to strengthen corporate performance.
The changes will come into effect Dec. 31.
For more information, visit http://nssc.novascotia.ca .