News Releases

Canada's Securities Regulators Propose New Corporate Governance Standards

Jun 27, 2003

The Alberta Securities Commission, together with most of its CSA counterparts, today published for public comment three new corporate governance rules.

The proposed new rules call for:

  • Chief executive officers and chief financial officers of reporting issuers to certify certain annual and quarterly filings, specifically annual information forms, annual and interim financial statements, and management’s discussion and analysis
  • Reporting issuers to have independent and financially literate audit committees with prescribed duties
  • Auditors of reporting issuers to be members of the CPAB (Canadian Public Accountability Board)

The three new rules, entitled Multilateral Instrument 52-108 Auditor Oversight, 52-109 Certification of Disclosure in Companies’ Annual and Interim Filings and 52-110 Audit Committees, are being proposed by all CSA jurisdictions other than British Columbia.

"Initially, it was suggested that Canadian regulators should essentially adopt the U.S. Sarbanes-Oxley Act. However, we realized our regulatory response should strike the right balance for our capital markets - one that recognizes both large, cross-border issuers and regional venture issuers," said Stephen Sibold, Chair of the ASC and the CSA.

"After considerable debate, it’s now time for the CSA to move forward with concrete proposals," said Sibold. "We’ve identified some issues and we’re looking for meaningful input from our market participants."

The proposed corporate governance standards will be available for comment until Sept. 25, 2003, and can be found on the Alberta Securities Commission Web site at

The Alberta Securities Commission is the industry funded regulatory agency responsible for administering the Alberta Securities Act. Its mission is to foster a fair and efficient capital market in Alberta and, together with the other members of the Canadian Securities Administrators, develop and operate the Canadian Securities Regulatory System.