The Mutual Fund Dealers Association of Canada’s Task Force on Governance Issues is soliciting comment on proposed changes to its governance practices.

In a new bulletin published Monday, the MFDA reports that its governance task force has now had three meetings to consider these issues, and it is now seeking preliminary comment from members to help develop its initial recommendations for consideration by the board.

Among the changes it is considering:

> expanding the board to 15 members, adding an industry director and a public director;

> requiring that at least two of the industry directors represent small dealers;

> changing the governance committee’s terms of reference to consider possible conflicts that may exist for public directors, to ensure diverse industry directors, and broadly representative directors generally; and

> changing the director nomination process to improve transparency.

Further consultations will take place once a firm proposal is reached, it notes. Comments are due by May 16.

IE