IR Leader
July 08, 2014

Top Stories

SEC Releases Guidance in Respect of Proxy Advisory Firms

On June 30, the U.S. Securities and Exchange Commission released a staff legal bulletin intended to provide guidance for investment advisers that retain proxy advisory firms to assist with proxy voting duties.

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Canadian Securities Regulators Seek Comments on Proposed Amendments Related to Gender Diversity

The securities regulatory authorities in Saskatchewan, Manitoba, Qu├ębec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Northwest Territories and Nunavut (the Participating Jurisdictions) today published for comment proposed amendments to Form 58-101F1 Corporate Governance Disclosure (Form 58-101F1) of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) (the Proposed Amendments). These amendments were previously published for comment by the Ontario Securities Commission (OSC) on January 16, 2014.

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Government Advisory Council Recommends 30% Target for Women on Boards

Last week, the Canadian government's advisory council studying ways to increase gender diversity on corporate boards issued a report recommending that women make up 30% of corporate boards nationally within five years. The report also recommends, among other things, that a "comply or explain" approach be implemented to incentivize public companies to meet that goal.

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US SEC Issues Guidance for Proxy Firms, Investment Advisors

Asset managers who use proxy advisory firms to help them make corporate voting decisions on behalf of investors should be routinely reviewing their policies to ensure they are acting in their clients' best interest, U.S. regulators warned on Monday.

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Social Media and Proxy Contests

As the use of social media continues to grow, social media is likely to play an increasingly more prominent role in proxy contests. In this context, the recent Compliance and Disclosure Interpretations issued by the SEC's Division of Corporation Finance provide helpful clarifications on how social media outlets can be used in proxy contests in compliance with SEC regulations.

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Canada to Mandate Disclosure of Payments to Foreign Governments

Canada has announced its intention to introduce new legislation mandating the disclosure of payments made by mining companies to domestic and foreign governments. Prime Minister Stephen Harper made this announcement on June 12, just days before the G-8 Lough Erne Summit, where transparency will be one of the main topics of discussion. The Canadian government is expected to conduct consultations with key stakeholders before implementing the new legislative regime.

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Shareholder Support for Executive Pay Plans Weakens

Weakened support for mid-, small- and micro-cap companies is symptomatic of escalating pressure boards face.

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Exchanges Get Test to Curb Dark Trading in SEC Program

U.S. stock exchanges will be permitted to test a restriction that could shift more trading to their venues as part of a pilot program announced by the Securities and Exchange Commission.

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A Cure for Bloated CEO Pay

Business owners usually don't like it when their employees steal from them. For this reason is it is hard to understand why shareholders aren't furious about the bloated paychecks their CEOs pocket every year.

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