The way comply or explain works under the securities commissions currently is that the management circular that's provided to shareholders on an annual basis asks for the gender makeup. In the Ontario Securities Commission's case, it actually asks about the percentage of women in senior management and on the board, and then it asks for a summary of the policy in place to encourage gender diversity on the board. If they don't have a policy to encourage gender diversity on the board and in senior management, they are asked to explain to their shareholders why no such policy exists. This would mimic that but include a diversity policy.
On March 9th, 2017. See this statement in context.