IR Leader
April 29, 2014

Top Stories

Canadian Securities Regulators Publish for Comment Guidance for Proxy Advisory Firms

The Canadian Securities Administrators (CSA) today published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms (Proposed Policy).

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2013 Active Ownership Activity Report

Through company engagement, proxy voting and investor education, SHARE addresses issues ranging from responsible supply chain management, to board diversity, to climate risk. Fast facts: in 2013, SHARE engaged with 81 Canadian companies and five national/provincial regulators, voted shares at 702 AGMs in 28 countries, and produced three major research reports.

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CSA Proposes Proxy Advisor Guidance

The Canadian Securities Administrator have published a proposed guidance for proxy advisory firms.

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Securities Watchdog CSA Issues Best-Practice Guidelines for Proxy Advisers

Canada's securities regulators have trodden a careful middle ground with a new policy to regulate the work of increasingly influential proxy advisory firms.

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Recommendations of the SEC’s Investment Advisory Committee Regarding Crowdfunding Rules

On April 10, 2014, the Investor Advisory Committee (the "IAC") of the Securities and Exchange Commission (the "SEC") held a meeting during which it recommended that the SEC adopt crowdfunding rules that are both consistent with the Dodd-Frank Act and commensurate with the risks inherent in allowing early stage start-up companies to sell securities based on limited information to unsophisticated, low net worth investors.

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Interview with Mary Shapiro

A discussion on High Frequency Trading, Michael Lewis' Flash Boys, Madoff's Ponzi Scheme, the SEC's No-Admit No-Deny Policy, a Canadian National Securities Regulator and more.

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Poison Pill's Relevance in the Age of Shareholder Activism

When we look back 20 years from now, the lawsuit by Daniel S. Loeb and his Third Point hedge fund against Sotheby's may well be the tipping point in how far companies can go to defend themselves against shareholder activists.

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Shareholder Engagement Should be a Two-Way Street

The outmoded U.S. proxy voting system imposes barriers that make it more difficult for companies to engage directly with their equity investors.

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Business Groups Petition SEC for Tougher Proxy Rules

A coalition of business groups is petitioning the Securities and Exchange Commission to increase the percentage of favorable votes that are required before a company is obligated to include proposals shareholders previously rejected in their proxy materials.

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The Globalization of Shareholder Activism

The shareholder activist arena has traditionally been within the U.S. capital markets, where a history of public and high-profile activist campaigns has resulted in the establishment of well-known activist players and has led to the rise of proxy advisors and solicitors. Canada has witnessed both U.S. and domestic players becoming increasingly involved in activist campaigns within Canadian capital markets. In this context, the "rise of shareholder activism" has been a relatively North American phenomenon.

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"Glossy" Annual Reports to Security Holders Submitted to the SEC in Paper Will No Longer be Viewable on the SEC's Website

Commission proxy rules require companies to provide their security holders an annual report (frequently referred to as a "glossy" annual report because it often is printed on high gloss paper) before or at the time they furnish a proxy statement to the security holders.

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