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Inside Internal Controls

News and discussion on implementing risk management

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Canadian Securities Administrators

Cybersecurity: CSA issues new guidance

Cybersecurity is top of mind for corporate boards and securities regulators alike. On September 27, 2016, the Canadian Securities Administrators (CSA) issued CSA Staff Notice 11-332 – Cyber Security (2016 Notice). The 2016 Notice updates the CSA’s previous notice on the same topic, CSA Staff Notice 11-326 Cyber Security for reporting issuers, registrants and regulated entities.

 

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Canadian Securities Administrators progress report on women on boards and in executive officer positions

The extent and impact of gender disparities on boards and in executive officer positions are well-documented. The Canadian Securities Administrators recently released a progress report on the disclosure requirements which were implemented to increase transparency around the issue. The results engender both hope and concern.

 

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Risk management in a digital world – Addressing cyber-security threats at the board level

The role of the Board of Directors has necessarily adapted to include an increased focus on risk management. In our digital world, cyber-attacks are now a pervasive risk and the perceived lack of board oversight has garnered scrutiny by consumers, regulators, legislators, litigants and the media.

 

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The dream of a national securities regulator lives on

No doubt you’ve heard about the debate over a national securities regulator. Maybe you’ve even paid attention a bit. (I believe there was a scuffle recently over a logo or something—and the location of the head office of the proposed regulator?) Anyway, the Federal Government has prepared a Securities Act and handed it over to the Supreme Court to decide whether the feds even have the legal authority to establish a harmonized national regime to govern capital markets.

 

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Another look at governance disclosure

Despite the rosy picture the CSA paints, I’m not surprised that many organizations are falling short of their governance disclosure obligations. With respect to National Instrument 58-101 – Disclosure of Corporate Governance Practices, the CSA found “unacceptable” shortcomings in 55 percent of reviewed organizations’ disclosures, compared to 36 percent in 2007. In this instance, reporting is getting much worse, not better.

 

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McCarthy Tétrault disclosure and governance seminar

When I entered McCarthy Tétrault’s 8th annual disclosure and governance seminar, I expected to be guided on an exhilarating ride through the thrill-a-minute world of lawyering—I mean, governance disclosure sure sounds intriguing, and the TD towers are pretty sexy—but I’ve got to say: it’s time to reassess my confidence in the way movies depict reality…

 

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