A recent Globe and Mail article examined a proposal by the U.S. Securities and Exchange Commission (SEC) to significantly reduce executive compensation disclosure requirements for many public companies, prompting discussion about whether Canadian securities regulators should consider similar reforms. The article also mentioned the Canadian Securities Administrators' recent consultation paper on modernizing public company regulation and exploring ways to support a regulatory framework that facilitates access to capital, supports the competitiveness of Canadian capital markets and appropriately balances investor protection.

Kathleen Ritchie, a partner in Gowling WLG’s Capital Markets & Public M&A Group, shared her perspective on the differences between the Canadian and U.S. regulatory regimes, noting that the current SEC rules on executive compensation disclosure are more prescriptive and extensive than the rules currently facing Canadian companies.

“I expect that the SEC has the same motivations as Canadian securities regulators. They are asking what can be done to help with the regulatory burden while still protecting investors and ensuring the integrity of our capital markets. They are trying to strike the right balance.”

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