Toronto Stock Exchange seeks improved disclosure

The Toronto Stock Exchange's Committee on Corporate Disclosure delivered its interim report on initiatives needed to improve the effectiveness of corporate disclosure in Canada. If implemented, company directors, officers and advisers could face liability of C$25,000, or potentially much more, if they issue misleading information about their company. The Toronto Stock Exchange's initiative to establish a Committee to address the issue of continuous disclosure grew out of complaints from investors, responses on the Exchange's surveys of institutions on their confidence in the market, and the experience of the Exchange's own staff in dealing with disclosure issues, all of which revealed a level of concern about the timeliness and thoroughness of ongoing disclosure by public companies.