Canada: OSC to require companies to outline efforts to add more women to boards

Article here. Excerpt:

'The Ontario Securities Commission has proposed a new rule that would require companies to report annually on their policies to add more women to their boards and executive ranks.

The new rules unveiled Thursday will also require companies to report on their term limits for directors, which would bring Canada in line with many other countries that have also required companies to disclose whether they have term limits for their boards. Proponents argue term limits help ensure there is more board turnover so new directors -- including women -- can be added to the mix.

Companies are also being asked to report on whether they have voluntarily adopted targets for women on their boards or in executive roles.

The new rules follow a “comply or explain” model that the OSC indicated last year it favours for its gender diversity standards. Such a model does not require companies to add women to their boards or adopt a diversity policy, but requires them to explain why they have opted not to comply with the recommendation.'