The Ontario Securities Commission and the Autorité des marchés financiers publish multilateral continuous disclosure review and guidance for Independent Review Committees

Summary:

The Ontario Securities Commission (OSC) and the Autoritu00e9 des marchu00e9s financiers (AMF) have published a multilateral Staff Notice on the results of a targeted review of investment funds managed by 24 Investment Fund Managers (IFMs). The review found that several Independent Review Committee (IRC) members had terms longer than six years, and the authorities have encouraged IFMs to limit IRC terms to a maximum of six years to promote fresh perspectives and conflict of interest management. The notice also recommends that IFMs take a broad view of conflicts of interest and refer actual or perceived conflicts to the IRC. Additionally, the authorities encourage diversity in IRC membership to improve decision-making and governance. The notice provides guidance for IFMs and IRCs to enhance their roles under National Instrument 81-107.