The Canadian Securities Administrators are planning a review of rules requiring issuers to disclose their corporate governance practices, and governance guidelines.

The planned review was announced in a notice published today, indicating that the CSA plans to undertake a broad review of the rules, and to publish its findings and any proposed amendments for comment in 2008.

The purpose of the rules, which came into force on June 30, 2005, is to provide greater transparency for the marketplace regarding issuers’ corporate governance practices, and to provide guidance on corporate governance practices.

The CSA says that when the rules were developed they took into consideration corporate governance practices generally considered as “best practices” at that time. It notes that these practices evolve, and back in 2005 the CSA said it intended to review its efforts to ensure that the guidelines and disclosure requirements continue to be appropriate for issuers in the Canadian marketplace.

The regulators note that they will consider concerns raised by some parties in relation to the application of their rules to controlled companies. “To that end, we have conducted extensive research and analysis, including a survey of institutional investors and rating agencies, an analysis of proxy circulars filed by Canadian controlled companies, an analysis of requirements or guidelines regarding independence and composition of boards and committees found in other jurisdictions, and a review of recent academic literature on governance matters,” it reports. “This research and analysis will be considered in the context of the broader review.”