The Canadian Securities Administrators (CSA) has received support for its approach to determining director and audit committee member independence, the CSA announced Thursday.
A staff notice summarizes feedback received during the CSA’s consultation on the approach to determining director and audit committee member independence, and outlines the CSA’s rationale for maintaining the current approach.
“Taking into account the comments we received, as well as the realities of the Canadian market, we have concluded that our approach to determining independence in Canada is appropriate for issuers and that it provides clarity, consistency and predictability for boards and stakeholders,” says Louis Morisset, CSA chairman and president and CEO of the Autorité des marchés financiers.
The CSA received 27 comment letters from various market participants during the consultation period.
“Most commenters expressed general support for the CSA’s approach to determining director and audit committee member independence,” the CSA says in a news release.