Spotlight: Continuous Disclosure for Canadian Public Companies

Companies that are “reporting issuers” (generally, public companies in Canada) must regularly provide the public with certain prescribed disclosure about their activities and financial status, referred to as continuous disclosure. The Canadian Securities Administrators (CSA) regularly issue notices providing guidance and suggested best practices relevant to such continuous disclosure obligations. In addition, groups like the Canadian Coalition for Good Governance and Institutional Shareholder Services also typically release model policies and guidance on such topics as proxy circular disclosure and majority voting.

This Canadian Public Company Disclosure toolkit has been created to assist public companies to prepare annual disclosure, including financial statements, MD&A, AIFs and information circulars. This toolkit sets out the main sources of the disclosure requirements along with relevant guidance, best practices and policies, as applicable.

The toolkit has four sections: 

1. General – covering general guidance for all continuous disclosure

2. Type of Filing - covering specific types of filing

  • Financial Statements
  • MD&A
  • AIF
  • CEO and CFO Certifications
  • Information/Proxy Circular
  • Statement of Executive Compensation
  • Corporate Governance Disclosure

3. Industry Specific – disclosure for particular industries

  • Venture Issuers
  • Oil and Gas Resource Issuers
  • Mining Issuers
  • Medical Marijuana Issuers
  • Emerging Markets
  • REIT Issuers
  • Foreign Issuers

4. Continuous Disclosure Review Program – CSA guidance on continuous disclosure issues arising from its review program

Download the toolkit here.