27 March 2020 - Article
In late October 2017, the Toronto Stock Exchange (TSX) adopted amendments to its TSX Company Manual with respect to disclosure requirements applicable to TSX-listed issuers. One of the amendments (which will become effective on April 1, 2018) creates a new Section 473 of the TSX Company Manual and aims to provide investors with ready access to key securityholder documents. Section 473 will require issuers (other than “Non-Corporate Issuers”, “Eligible Interlisted Issuers” and “Eligible International Interlisted Issuers”) to make certain organizational and other corporate governance documents available on their websites. Examples of such documents include an issuer's articles of incorporation, bylaws, majority voting policy and board committee charters. Additionally, amendments to Section 613 of the TSX Company Manual will require disclosure of an annual “burn rate” for each security-based compensation arrangement maintained by an issuer and will introduce the formula for calculating such annual burn rate. For more information, see http://tmx.complinet.com/en/display/display_main.html?rbid=2072&element_id=1111.