Public companies get more time to file executive pay disclosures with regulators

TORONTO – Canada’s securities commissions are giving public companies more time than usual to file information about their executive compensation, citing the decision to delay some annual shareholder meetings because of the COVID-19 pandemic.

The national body that represents the provincial and territorial securities commissions will conditionally allow public companies more time to file this year’s executive compensation disclosures.

The base salary, bonuses and other forms of compensation for top employees and directors are usually included with a package of documents prior to voting by a public company’s securities holders at their annual meeting.

The Canadian Securities Administrators says that companies are still responsible for providing their security holders with the same disclosure — although the deadline could be as late as Dec. 31.

Executive compensation disclosures for publicly listed companies must normally be filed within 140 days or 180 days of their year-end, depending on the exchange that lists them.

The CSA says companies that want to extend their filing deadlines this year must first announce that with a news release and should consult the relevant securities commissions to ensure they’ve met conditions for the relief.

This report by The Canadian Press was first published May 1, 2020.