Poison pills can be an impediment when considering a hostile bid for a company, but things are particularly complicated in Canada right now as Quebec and the rest of the country consider two opposing ways to handle an unsolicited takeover.
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Much has been written about the scope of auditor liability. Even more ink has been spilled about the increasing prevalence of civil litigation against auditors and accountants, such as the recent court decisions against the auditors of Livent Inc. and Castor Holdings Ltd., the landmark settlement by the auditor of Sino-Forest Corporation, primary and secondary market class actions against auditors of reporting issuers, and lawsuits by third parties as in the ongoing saga of Philip Services Corp. In our view, the plethora of commentary on auditor liability fails to account for the increasing risks that auditors face from securities regulators.
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To address market participants' concerns about services provided by proxy advisory firms, the Canadian Securities Administrators (CSA) have published for comment proposed National Policy 25-201 Guidance for Proxy Advisory Firms (Proposed Policy). The purpose of the Proposed Policy is to set out recommended practices for proxy advisory firms in relation to the services they provide to their clients and their activities.
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The Canadian Securities Administrators (CSA) recently released for comment proposed National Policy 25-201, Guidance for Proxy Advisory Firms (Proposed Policy). Comments are requested by June 23, 2014.
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More U.S. companies are tying executive compensation to sustainability targets, but efforts to reduce carbon emissions and use renewable energy are lagging.
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"Sitting ducks" in a range of sectors.
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U.S. Securities and Exchange Commission Chair Mary Jo White flatly rejected claims that retail investors are being fleeced by high-frequency traders who can use their speed to jump ahead with buy and sell orders that fetch better prices.
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On April 21, 2014, the Securities and Exchange Commission's Division of Corporation Finance published new Compliance and Disclosure Interpretations (C&DIs) concerning the use of social media in certain
securities offerings, business combinations and proxy contests.
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