TORONTO, Sept. 23, 2013 (GLOBE NEWSWIRE) -- The Institute of Corporate Directors (the "ICD") today announced that it has submitted a comment letter to the Ontario Securities Commission ("OSC") on its proposed disclosure requirements regarding women on boards.
"The ICD is an active proponent of advancing the participation of women in business and its members strongly believe greater board diversity can contribute to better corporate governance," said ICD President and CEO, Stan Magidson. "We believe the OSC's proposal is meaningful and worthy of pursuit, though our preference would be for the OSC to view diversity more broadly, by including considerations of business experience, functional expertise and geographic background, as well as individual qualities and attributes such as age and ethnicity."
The ICD provided its comment letter in response to the OSC's Staff Consultation Paper 58-401 "Disclosure Requirements Regarding Women on Boards and in Senior Management". The letter expresses support for the general approach the OSC is taking and outlines a number of proposed amendments to strengthen the proposal. Specifically:
The ICD does not support quotas in the boardroom or management.
In December 2011, the ICD published a report entitled Diversity in the Boardroom - Findings and Recommendations of the Institute of Corporate Directors. This report sets out why the ICD believes diversity is important to corporate governance and the ICD's recommendations for enhancing board diversity. To review the report, as well as the ICD comment letter on disclosure requirements for gender diversity, please visit the ICD website at www.icd.ca.
About The Institute of Corporate Directors (ICD)
The Institute of Corporate Directors (ICD) is a not-for-profit, member-based association representing Canadian directors and boards across the for-profit, not-for-profit, and Crown sectors. The ICD has more than 7,600 members and 11 local chapters across Canada. The ICD fosters the sharing of knowledge and wisdom through education, professional development programs and services, and thought leadership and advocacy to achieve the highest standard of directorship. For more information, please visit: www.icd.ca.
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Carolyn Thrasher Manager, Marketing Communications Tel: 416-593-7741, ext. 244