CIRI has made a submission to the Ontario Ministry of Government and
Consumer Services on the Ontario Business Corporations Act. This
submission focused on the recommendations made by a panel of experts
outlined in Business Law Agenda – Priority Findings and Recommendations Report as well as shareholder disclosure.
CIRI recommended that regulations be put into place or a mechanism be
developed whereby issuers can access a list of their shareholders in an
effort to improve issuer-shareholder engagement and, ultimately,
governance practices. Such legislation does exist in other jurisdictions
that are similar to Canada’s including the United Kingdom and
Australia.
CIRI’s submission also recommended that the Ministry:
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take into account technological advancements and are written in plain language;
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allow 'for', 'against' and 'abstain' as voting options on proxy forms;
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eliminate the residency requirement for Boards of Directors;
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eliminate the OBO/NOBO model; and
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consider all relevant regulations, corporate and securities, to ensure alignment.
To view the complete submission, click here.
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Thursday, October 22, 11:00 AM - 1:00 PM (PT) in Vancouver, BC
Join us for an interactive discussion on the importance of networking
throughout your career. Networking is about building long-term
relationships and a good reputation over time. This roundtable will
deliver practical tips on how you can network effectively, leverage your
existing connections and expand your network to raise your profile,
share ideas and information, get advice and access opportunities. This
event is eligible for 2 CEUs.
Speakers include:
Melanie Jenkins, Associate, Investor Relations, Nevsun Resources
Krista Muhr, Vice President, Investor Relations, Eldorado Gold
Trevor Turnbull, Co-Founder, NetworkingInVan.com and Founder of Linked Into Leads
Click here for more information and to register for the in person event or the webcast.
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The revised consultation draft of the uniform provincial and territorial Capital Markets Act (CMA) and draft initial regulations under the CMA (Initial Regulations and, together with the CMA, the Consultation Drafts) have been published by the regulatory authority (Authority) under the proposed Cooperative Capital Markets Regulatory System (Cooperative System) and are open for comment until December 23, 2015.
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ISS' preliminary postseason review for 2015 provides a report on U.S. activism trends in 2015. ISS identifies five key takeaways from the first half of 2015.
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The recent PwC survey of almost 800 directors of public companies contains some interesting data on directors' views of communications with hedge fund activist and institutional shareholders, as well as proactive approaches to mitigate the risk of an activist challenge.
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Canada's stock exchange market is undergoing a transformation. For incumbent TMX Group, the challenge is to reinvent itself under new leadership while fending off domestic challenger Aequitas Innovations and other incursions from abroad. To issuers, meanwhile, go the spoils.
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The 2015 proxy season was a year of continued evolution in the areas of corporate governance and compensation practices, according to the annual analysis of the largest U.S. public companies by leading global law firm Shearman & Sterling.
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On September 28, 2015, the Canadian Securities Administrators (CSA) released a staff notice summarizing the findings from its review of the corporate governance disclosure of non-venture issuers related to policies regarding director term limits and other mechanisms for board renewal.
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Market volatility, the recent decline in commodity prices, or in some circumstances a combination of these factors, has resulted in a significant decline in the trading prices of many Canadian public companies relative to historic levels. These market conditions give rise to the risk that companies may be subject to unsolicited offers that represent a premium to the current trading price, but represent only a fraction of historic trading prices. In these circumstances, it is likely the actions of directors in responding to an unsolicited offer will be subject to enhanced scrutiny from shareholders and potentially other stakeholders.
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Regulation and legislation have failed in the attempt to improve Wall Street company research, at least if accuracy is the measure of success.
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Over the last three years the U.S. market has witnessed a substantial rise of activist investors. According to Schulte, Roth & Zabel’s Activist Investing 2015 Annual Review, a total of 344 companies worldwide were subjected to activist demands in 2014, up 18% from the 291 recorded in 2013. And the movement is gaining acceptance as a mainstream investment strategy.
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A lesson from Pacific Rim on the two-way flow of information in IR.
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