Today, Carswell, a Thomson Reuters business, and Issues Central Inc. announced the Compliance PARTNER™ Executive Compensation, Canada’s first software designed for compliance to Canada’s proposed legislation on Executive Compensation Disclosure, National Instrument (NI) 51-102F6, which applies to TSX and TSX Venture listed companies.
Compliance PARTNER™ Executive Compensation is a content-rich tool designed to streamline, simplify and accelerate the process of becoming compliant with Executive Compensation Disclosure. This complete approach arms users with first class content, a myriad of customizable ‘best practice’ templates, rapid documentation, tailored reporting and a dynamic Executive Project Tracker to provide instant project feedback. Deployed quickly with minimal IT investment, Compliance PARTNER™ Executive Compensation is backed by industry leading training, support and the Carswell name. Carswell partnered with Issues Central Inc., following the success of Compliance PARTNER™ Executive Compensation, to develop this breakthrough product. This is the first and only product of its kind in Canada.
“Realizing the workload that Canadian companies will face to properly disclose Executive Compensation, this product provides companies with a head start on Executive Compensation Disclosure requirements,” explains Don Van Meer, President of Carswell. He continues, “We acted to deliver this product to companies that may struggle under the load of increased disclosure requirements.”
The proposed executive compensation legislation which is planned to replace the 1994 disclosure requirements, aims to mandate companies to provide a true picture of executive earnings. To achieve this goal, the proposed legislation requires TSX and TSX-V to include information on total compensation, disclosure of retirement benefits and disclosure of potential payments to each NEO on termination, retirement and resignation. The most significant change is the introduction of the Compensation Discussion and Analysis (CD&A), which is similar to the Management Discussion and Analysis. The CD&A should disclose the rationale behind compensation decisions, providing detailed analysis on each compensation element and how they fit into the objectives of a company’s compensation program and higher level corporate strategy.
“We have found that the market is not aware of the work that will be involved in becoming compliant when this legislation comes into force.” said Catherine Connally, President of Issues Central Inc., the chief product developer. “We have seen documented evidence of companies spending more than 1500 hours becoming compliant with the SEC equivalent.” she continues.
The Compliance PARTNER™ Executive Compensation product expands Carswell’s product offering into a new area of C-SOX compliance. This adds to their dominant position as the leading vendor of Internal Controls Compliance software with Compliance PARTNER™ Internal Controls, which has assisted dozens of Canadian and dual-listed companies become compliant SOX legislation and the Canadian equivalent, NI 52-109.
To view Compliance PARTNERä Executive Compensation and the suite of Compliance PARTNERä tools, please visit www.compliancepartner.ca .
Carswell
Carswell (www.carswell.com) is Canada's leading provider of specialized information and electronic research solutions to the legal, tax, finance, accounting and human resources markets. Headquartered in Toronto, ON, Carswell provides integrated information in a range of formats, including books, loose-leaf services, journals, newsletters, CD-ROMs and online. Carswell is a Thomson Reuters business.
For more information, please contact:
Jayne Jackson
Media Relations
Carswell
416.298.5007
jayne.jackson@thomson.com