In addition, Canadian provincial securities regulators have proposed regulating
other aspects of governance that are enforced through the stock exchange listing
standards in the USA. For example, the Ontario Securities Commission (OSC), together
with the majority of the other provincial and territorial securities commissions,
proposed 18 recommended best practices and accompanying disclosure rules. These
guidelines address such topics as the composition of a company’s board and job
descriptions for directors and officers. Although complying with these guidelines is
again voluntary, companies that issue securities in Ontario are required to disclose
whether or not they have adopted the guidelines, and if not, they need to explain why
in the annual reports to be filed with the OSC.