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The Toronto Sytock Exchange has sent a directive to listed firms that they inform shareholders regarding their y2k status and the effects of y2k repair costs on the company.
The Canadian securities industry is obviously way ahead of the rest of the world in this regard.
This is from NEWSBYTE NEWS NETWORK (Feb. 9).
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Companies whose stocks are listed on the Toronto Stock Exchange are now required to report to their shareholders on efforts to prepare their computer systems for the turn of the century. . . .
The Toronto Stock Exchange, Canada's largest exchange, sent a letter to listed companies recently, advising them that they must include material information about the implications of the Year 2000 problem for their information systems and their businesses in annual reports mailed to shareholders after April 1 of this year. It also urges that such information be included where possible in reports issued before April 1. . .
The TSE's letter followed a staff notice issued by the Canadian Securities Administrators on Jan. 30, telling companies to address the Year 2000 issue in the "Management's Discussion and Analysis" sections of their annual reports.
Shay said he did not know how many TSE-listed companies have already included Year 2000 discussions in their financial reports, but "my guess is very few."
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