On August 31, 2007, the Canadian Securities Administrators (“CSA”) issued a notice to update reporting issuers on their previous notice and request for comments dated March 29, 2007, regarding their proposal to repeal and substitute Form 51-102F6 Statement of Executive Compensation.

The proposed executive compensation form was intended to replace the current Form 51-102F6 which details a part of the executive compensation disclosure required to be contained in the annual proxy circulars of reporting issuers.

In many respects, the proposals mirrored the disclosure requirements introduced in 2006 by the U.S. Securities and Exchange Commission.  The proposals would have significantly changed proxy disclosure requirements for executive compensation for financial years ending on or after December 31, 2007. 

Although the CSA have now stated that they have decided to revise the proposal and delay implementation to fiscal years ending no earlier than June 30, 2008, we recommend that issuers follow this situation closely as it will have a potentially significant impact on future disclosure requirements.

We will continue to update you on any new developments related to this matter.  

If you would like additional information about this topic or any aspect of Continuous Disclosure Requirements, please contact Natasha vandenHoven or Richard Fridman in the Toronto office at (416) 863-0900, or Neil Kravitz or Elliot Greenstone in the Montréal office at (514) 841-6400, or any other member of the Securities Group at Davies Ward Phillips & Vineberg LLP.

Davies Ward Phillips & Vineberg LLP, with over 235 lawyers, practises nationally and internationally from offices in Toronto, Montréal, New York and an affiliate in Paris and is consistently at the heart of the largest and most complex commercial and financial matters on behalf of its North American and overseas clients.

The information and comments herein are for the general information of the reader and are not intended as advice or opinions to be relied upon in relation to any particular circumstance. For particular applications of the law to specific situations, the reader should seek professional advice.