Canadian securities regulators say they won't proceed with proposed changes to corporate governance rules after companies said now is not the time to tinker with corporate models.

The changes by Canadian Securities Administrators were proposed late last year to provide greater transparency for investors and greater confidence in Canadian business.

But the regulators say they received “numerous comments” questioning the timing of the proposal.

Companies said their first priority is to survive the economic downturn.

The regulatory body says any further proposed changes would be published to allow comment, and wouldn't be instituted until 2011 at the earliest.