Canadian companies face a profound and expansive new set of risks, challenges and opportunities in the modern operating environment, including pandemics, climate change, the rapid emergence of advanced new technologies and artificial intelligence, as well as changing societal expectations of the role of the corporation. To help navigate these challenges now and into the future, TMX Group* and the Institute of Corporate Directors (ICD) have established The Committee on the Future of Corporate Governance in Canada to provide updated guidance on corporate governance.
It has been more than 25 years since the Toronto Stock Exchange Committee on Corporate Governance published guidelines (commonly known as The Dey Report) that continue to act as the foundation for Canadian public company board governance today.
The Committee comprises a diverse group of 12 experienced Canadian public company directors from across Canada. Their work will focus on those areas of oversight where director leadership can contribute to enhanced resiliency and long-term sustainable corporate performance, while being mindful of the existing regulatory burden faced by Canadian companies.
To help inform its thinking, the Committee will solicit input from a broad range of stakeholders, including investors, regulators and self-regulators, academics, business leaders, and other individuals and organizations, with an initial focus on five key areas:
- The role of the corporation in society/societal expectations of corporations
- Strategy, purpose and risk
- Culture, equity, diversity and inclusion
- Sustainable and resilient performance
- Board and director effectiveness
The Committee will also seek input from a broader group of stakeholders and the general public when it publishes its Interim Report in 2021.
The ICD and TMX are very pleased to have support for this initiative from Osler, Hoskin & Harcourt LLP, which provided legal support to the original Toronto Stock Exchange Committee.