IR Leader
October 20, 2015

Top Stories

Check the Cooperative System's Regulation of Prospectus Offerings and Continuous Disclosure: Like It So Far?

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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Key Takeaways From the First Half of 2015

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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PwC 2015 Board Survey Reveals Increasing Levels of Shareholder Communications and Proactive Steps to Deter Hedge Fund Activists

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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Bullets Over Bay Street

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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Corporate Governance And Executive Compensation Survey

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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Director Term Limits Not Common

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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Preparing for the Unsolicited Bid

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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Wall Street Research: Garbage In = Garbage Out

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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4 Types of Activist Investors and How to Spot Them

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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What All Boards (and Management Teams) Should Hear From Their IRO

A lesson from Pacific Rim on the two-way flow of information in IR.

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