Disclosure rules to take effect for 2009
Toronto — The Canadian Securities Administrators (CSA) has announced new rules for public companies around executive compensation, the first major revision of the requirements since 1994. The improved disclosure is intended to help investors better understand how decisions about executive compensation are made as companies will be required to provide a new single table showing total compensation and a discussion and analysis section on how the various elements were determined. The new rules will take effect for 2009. (For more information on this topic, see “Say on pay — still needed?” on page 13.)
Toronto transit workers face drug tests
Toronto — The Toronto Transit Commission (TTC) has adopted a fitness-for-duty policy that allows for drug tests of employees if there is a reasonable suspicion of impairment, after an incident or accident, if the person has a past violation for drug or alcohol use on the job or before returning to work after treatment for addiction. The nine city councillors who oversee the TTC, however, rejected the use of random drug tests. But the union says it will oppose the policy unless the bargaining unit is allowed to approve the specifics.
Foreign grads denied OHIP
Toronto — A glitch in a new Immigration Canada program that extends work permits for foreign graduates of Canadian post-secondary schools from one year to three years, has resulted in these sought-after graduates being denied health-care coverage in Ontario. Under the new program, graduates don’t have to supply the name of an employer to receive a work permit but without that employer’s name on the permit, they don’t qualify for OHIP — Ontario’s health insurance plan. A spokesman for the Ontario health ministry said the ministry is aware of the problem and applications for OHIP from people with these permits are being reviewed on a case-by-case basis.