Calendar
- The vienna convention on the international sale of goods: should it be set aside with a contractual clause? May 31st, 2012
- Intellectual property abroad: international strategy to protect patents and trade-marks June 5th, 2012
- Ethics and lawyers ethics committees in hospital settings September 14th, 2012
New disclosure requirements for executive compensation
November 1st, 2011Certain amendments to Form 51-102F6 Statement of Executive Compensation take effect on October 31, 2011. The amendments will apply to financial years ending on or after that date.
Among other things, the amended form requires the following: - if an issuer relies on the "serious prejudice" exemption from the requirement to disclose specific performance goals used to determine compensation, explicit acknowledgement of that reliance and an explanation as to how such disclosure would so prejudice the issuer; - disclosure as to whether the board of directors considered the implications of the risks associated with compensation policies and practices; - the use of financial instruments by directors to hedge against decreases in the issuer's share price; and - additional disclosure about the use of compensation advisors.
The amended form also includes numerous lesser changes intended to clarify and simplify disclosure on executive compensation. Issuers should therefore take special care in drafting their next annual information circulars to take all of these modifications into account.
Please do not hesitate to contact the Securities team for more details.