News Release

Montréal - The Canadian Securities Administrators today published CSA Staff Notice 58-305 Status Report on the Proposed Changes to the Corporate Governance Regime, which outlines its conclusion that now is not an appropriate time to introduce significant changes to Canada’s corporate governance regime.

On December 19, 2008, the CSA published for comment proposed changes to the corporate governance regime entitled “Proposed Repeal and Replacement of National Policy 58-201 Corporate Governance Guidelines, National Instrument 58-101 Disclosure of Corporate Governance Practices, and National Instrument 52-110 Audit Committees and Companion Policy 52-110CP Audit Committees”.

The CSA received numerous comments about the timing of the proposal. These comments noted issuers are currently focused on business sustainability issues, given the challenging economic climate, and on the transition to International Financial Reporting Standards.

“Based on the comments received, we do not intend to implement the proposal as originally published. We do not believe that now is the right time to make such changes” said Jean St-Gelais, CSA Chair and President & Chief Executive Officer of the Autorité des marchés financiers. “We are reconsidering whether to recommend any changes to the corporate governance regime.”

Any further proposed changes on the Corporate Governance Regime will be published for comment and the CSA will provide sufficient advance notice for issuers to adapt their corporate governance practices to fully comply with any revised regime. Any proposed changes would not be effective until the 2011 proxy season at the earliest.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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