OSC Weighs Next Steps to Improve Board Diversity
October 24, 2017
Ontario’s securities watchdog is mulling whether to force public companies to set targets for the number of women in director positions and executive roles.
The move is just one of several being considered by the Ontario Securities Commission after participants at a roundtable event on Tuesday said current requirements don’t go far enough to compel meaningful change. Other ideas being floated include revising or expanding the current guidelines, providing companies with more examples of best practices and setting limits on how long directors are permitted to serve, which would increase board turnover and could accelerate the pace of change.
“I think there is an absolute imperative for the OSC to keep going,” said Carol Hansell, founding partner of Hansell LLP, a law firm specializing in corporate-governance issues.
“This issue has been around for as long as most of us has been around,” Ms. Hansell added. “I worry that if the OSC does not continue on its very innovative and vocal strategy, this too will die.”