IR Leader
August 27, 2013

Top Stories

Securities Regulators to Review Canadian Proxy Voting Infrastructure

The Canadian Securities Administrators (the CSA) published Consultation Paper 54-401 Review of the Proxy Voting Infrastructure on August 15, 2013. The CSA is soliciting comments regarding the adequacy of the Canada's current proxy voting infrastructure in the context of the continuing increase in shareholder engagement and activism.

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Notice and Access - Survey on Adoption in 2013 Proxy Season

As reported in our Recent Developments with Respect to Notice-and-Access Procedure, Notice and Access Related Amendments to NI 54-101 and NI 51-102, and Implementing Notice-and-Access: What You Need to Know bulletins, the Canadian Securities Administrators (CSA) implemented a Notice and Access methodology for the electronic delivery of proxy materials by reporting issuers beginning with shareholder meetings held on or after March 1, 2013.

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McMillan releases 2013 Canadian advance notice provisions study

Further to our July 2013 bulletin, we have completed a detailed study examining, in an empirical manner, the evolution of advance notice provisions ("ANPs") for director nominations in Canada. Our Study also reviews the history of how we developed our forms of ANPs and what we expect for ANPs in the ensuing years. We hope that our analysis will assist others as they seek to improve upon our efforts.

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What Does NASDAQ Meltdown Mean for Future IPOs?

FORTUNE - When Facebook (FB) first tried to trade as a public company in May 2012, it didn't work. Literally. The NASDAQ machinery was overwhelmed, causing so much chaos that the exchange eventually paid out $10 million in the largest SEC penalty of its kind.

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Every Vote Should Count - But Only Once: CSA Publishes Proxy Voting Consultation Paper

On August 15, 2013, the Canadian Securities Administrators (the "CSA") published CSA Consultation Paper 54-401 - Review of the Proxy Voting Infrastructure (the "Consultation Paper") to facilitate discussion among market participants regarding the integrity and reliability of Canada's proxy voting infrastructure.

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Ontario Securities Commission Launches Consultation on Gender Diversity

At the request of the Ontario Minister of Finance and the Minister Responsible for Women's Issues, the Ontario Securities Commission (the OSC) is undertaking a public consultation on corporate governance disclosure requirements for TSX-listed issuers regarding gender diversity. The consultation paper, which was published on July 30, 2013, focuses on advancing the representation of women on boards of directors and in senior management of public issuers.

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Activist Investors Eye Big Brand-Name Companies

NEW YORK - Activist investors on Wall Street have a new motto: the bigger the better. No company, no matter how big, how powerful, how iconic or how impressive its past performance, is safe from being targeted by deep-pocketed investors with an activist bent who wield their financial might and acumen to agitate for change in a drive to boost shareholder value.

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CSA Initiate Consultation Process on Proxy Voting Infrastructure

Citing the importance of proxy voting to the capital markets in Canada, the Canadian Securities Administrators today published for comment a consultation paper setting out a proposed approach for addressing concerns regarding the integrity and reliability of the proxy voting infrastructure.

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TSX Venture Exchange Provides Notice of Lapse of the Temporary Relief Measures and Policy Amendments Regarding Minimum Pricing and Capital Structure

On August 7, 2013, the TSX Venture Exchange (the "TSX Venture"): (i) provided notice that the Temporary Relief Measures for private placements first announced on August 17, 2012 (the "Relief Measures") will lapse on August 31, 2013.

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TSX Staff Notice - Director Elections

On July 10, 2013, the Toronto Stock Exchange (TSX) issued a Staff Notice on Director Elections (Notice). The Notice provides guidance on director election requirements (Requirements) found in sections 461.1 to 461.4 of the TSX Company Manual.

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