Corporate governance reform in Canada

Canada has been slower than the USA in developing corporate governance reform responses to recent financial collapses and management scandals. Canada's regulatory structure consists of provincial and territorial securities regulators, rather than a national body. The Ontario Securities Commission has been active in proposing corporate governance reform initiatives. The Ontario Securities Commission recently introduced new reform measures, focusing on the formation of effective and independent audit committees, the role of the CEO and CFO in ensuring the accuracy and quality of reported financial information and the part that external auditors play in the audit process. The Ontario Securities Commission has also recently proposed new measures that will confirm as best practice certain governance standards and guidelines and require issuers to disclose those governance practices they have adopted.