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IIROC Annual Report 2014-2015

The Investment Industry Regulatory Organization of Canada (IIROC) has released its 2014-2015 Annual Report which highlights the organization's efforts undertaken in the public interest to deliver securities regulation across the country.

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Another Milestone Achieved in Reform of Canada's Securities Regulatory Regime

Following the announcement of its first chair of the board of directors for the participating jurisdictions, there continues to be momentum toward the establishment the proposed Cooperative Capital Markets Regulator.

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The Role of Institutional Investors in Curbing Corporate Short-Termism

Institutional investors are the majority owners of most publicly traded companies but allow activist hedge funds with smaller positions to push through corporate changes. The author offers various reasons why institutional investors may be reluctant to actively participate in proxy fights but then suggests several practical forms of investor engagement that support long-term value creation. So, in future campaigns by hedge funds, institutional investors should actively participate to ensure that the outcome promotes long-term growth instead of temporary price spurts.

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Revised Uniform Capital Markets Act and Proposed Initial Regulations Published Today

Today, the participating provinces and territory in the Cooperative Capital Markets Regulatory System achieved an important milestone towards implementation of the system by publishing a revised consultation draft of the uniform provincial and territorial capital markets act (now known as the Capital Markets Act), along with the drafts of the initial regulations proposed for adoption by the participating provinces and territory under the draft uniform act. These materials have been published for a 120-day public comment period.

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Top 5 Things You Need to Know About the Proposed Initial Regulations

While the revisions to the consultation drafts of the uniform act (published today) and the complementary federal Capital Markets Stability Act (still to come) are of importance as they establish the regulatory framework for the system, market participants and others will be particularly interested in understanding the proposed initial regulations, as they will have the most impact on their day-to-day business and operations.

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Proxy Access In Canada: CCGG Proposals to Give Shareholders More Input Into the Director Nomination Process

The Canadian Coalition for Good Governance (CCGG) recently published a policy encouraging issuers to take measures to enhance 'proxy access', meaning the ability of shareholders to have meaningful input into the director nomination process. The CCGG published this policy in the midst of a surge of voluntary adoption of proxy access by significant issuers in the United States. As of the date of this publication, we are not aware of any Canadian issuer that has adopted proxy access.

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Proxy Access Proposals: Preliminary 2015 U.S. Postseason Review

Proxy access exploded on to the scene in 2015 as shareholder proponents lobbed almost 120 proposals into U.S. boardrooms. Almost 60 percent of the proposals voted on so far this year have drawn majority support. Average votes in favor of access have jumped by more than 20 percentage points - from 34 percent in 2014 to 54.4 percent so far in 2015. Spurred by this campaign, more than 40 companies have adopted or made commitments to adopt proxy access provisions.

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The One Place It's OK to Be Old Is in the Boardroom

The one place in business where executives don't have to worry about being judged too old is the boardroom - if they're lucky to get a seat.

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Efforts to Give Shareholders More Say on Corporate Boards May Be Gaining Traction

If the numbers are any indication, efforts to give shareholders more say on corporate boards is gaining traction. Last year, only 15 proposals were submitted to corporations aimed at granting so called "proxy access," which would allow shareholders to nominate board directors, rather than a corporate nomination committee. In 2015, that number has jumped to more than 100. So far, a majority of those have been approved.

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