The comment period on the consultation draft Provincial Capital Markets Act (PCMA) and Capital Markets Stability Act (CMSA) has been extended to Monday, December 8, 2014 as a result of requests from some stakeholders.
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Notice and access is making slow progress in Canada since it was approved in 2013. But wherever it's applied, shareholders show they are ready for new channels for proxy communication.
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The Canadian Securities Administrators, with unanimous provincial support, is proposing new rules on takeover bids. Target boards and shareholders will get more leverage, bidders will need to rethink strategy.
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Davies Governance Insights 2014 examines topics shaping the governance landscape. From board diversity to shareholder activism to rights plans and take-over reform, this year's report provides analysis of a wide range of issues important to Canadian boards and governance observers.
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n time for the 2015 proxy season, the Canadian Securities
Administrators (CSA) announced
last week the impending
implementation of new corporate governance disclosure rules aimed
at increasing gender diversity on boards and in senior management positions. The new rules require non-venture reporting issuers (essentially, TSX-listed companies) to disclose certain information
concerning the representation of women on boards and senior
management, and their director selection and renewal processes. The change is effective in Ontario, Quebec, Manitoba, Saskatchewan, the
Atlantic provinces, Nunavut, and the Northwest Territories.
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The Toronto Stock Exchange (TSX) has adopted - and the Ontario Securities Commission has approved - public interest rule amendments to the TSX Company Manual (Manual), which (i) provide an expanded exemption to security holder approval requirements for certain security-based compensation arrangements adopted in the context of an acquisition and (ii) broaden the scope of transactions that may be considered "backdoor listings."
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On October 9, 2015, the Canadian federal government's latest initiative to develop a cooperative capital markets regulatory regime continued to progress with the addition of Prince Edward Island as the fifth province to join in on this proposal.
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As part of its annual policy consultation process in advance of proxy season, Institutional Shareholder Services (ISS) recently released for comment its draft governance policies for 2015. As per its usually practice, ISS has published proposed amendments to its prior policy provisions, this year seeking feedback on two specific aspects of its policy for TSX-listed Canadian issuers.
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For all the controversy over the problems associated with high frequency trading, regulators don't seem like they're in much of a rush to fix things.
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Regulators fear trading disruptions, hurting market confidence.
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Companies need to provide a narrative to explain why the difference between their CEO's annual compensation and the median annual compensation of all other employees is appropriate when complying with the pay ratio disclosure rule that is expected to be finalized this year, according to panelists who spoke Oct. 13 at the National Association of Corporate Directors 2014 Board Leadership Conference.
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