United Nations Climate Change
Our aim is to help our clients understand the potential opportunities and challenges that COP25 may have on their business.
The Toronto Stock Exchange has published for comment proposed amendments to the TSX Company Manual (the Proposed Amendments). The Proposed Amendments, if enacted, would:
Written comments on the Proposed Amendments will be accepted until June 27, 2016.
Requiring a TSX-listed issuer to maintain its own website will bring the TSX in line with certain other exchanges,
including NYSE and AIM. The TSX Venture Exchange does not have issuer website requirements. The TSX is
concerned that market participants may encounter difficulty locating documents on SEDAR (the Canadian Securities Administrators’ public depository for continuous disclosure documents) as issuers do not necessarily use the same filing practices. The Proposed Amendments will require TSX-listed issuers to post current copies of the following documents on their website:
Some but not all of these documents are required to be filed on SEDAR. The TSX is soliciting comments on the
appropriateness of the website requirements. Specifically, the TSX is soliciting feedback on whether additional
documentation should be required to be filed or excluded from filing, the material costs to comply with the new
requirements, possible concerns that shareholders may rely on less than current documentation on a website, and the appropriate time period to allow issuers to satisfy the new requirements if adopted.
It is likely many issuers will be able to easily comply with the website requirements and may in fact already have
protocols in place regarding website postings. Such procedures will need to be put in place or reviewed to ensure the correct documents are posted and kept current.
The Proposed Amendments both simplify and enhance disclosure regarding security-based compensation
arrangements of TSX-listed issuers. The Proposed Amendments are updated to reflect more recent compensation arrangements, including those taking the form of a plan that set out the terms and conditions pursuant to which options, performance stock units, deferred stock units or other awards (collectively awards) are granted. The highlights of the Proposed Amendments relating to security-based compensation arrangements are:
If the Proposed Amendments come into effect, TSX-listed issuers still need to comply with the rules relating to
executive compensation imposed by Canadian securities legislation.
A copy of the Proposed Amendments can be accessed here.
IMO 2020 is almost upon us. Readers are well aware of the impending switch to 0.5 percent fuel mandated by Annex VI of MARPOL which will cause an anticipated drop in HSFO demand, the potential hazards of new untested LSFO blends, the concerns around scrubber operations, the debate over open loop versus closed loop, and the myriad of other risks associated with the impending regulatory change.