The IIRC strategy rightly emphasizes building a bridge from corporate reporting to investment decisions. In other words, ensuring that integrated reports have an impact with providers of financial capital and are used in investment appraisal and to inform how capital is allocated. This was always an ambitious strategy given the well-documented short-termism in capital market systems.
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In this article, we highlight some key issues that we believe will be the focus of attention for Canadian boards and shareholders as the 2016 proxy season unfolds. While many of the issues are familiar from past years, some return with renewed enthusiasm bolstered by regulatory developments and growing shareholder activism.
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Larry Fink, the chief executive at BlackRock, the world's biggest investor with $4.6 trillion, just sent a letter to chief executives at S&P 500 companies and large European corporations. The letter focuses on short-termism both in corporate America and Europe, but also in politics, and asks CEOs to better articulate their plans for the future.
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Issuers in Canada seeking financing on a prospectus exempt basis now have an additional means of raising capital. On January 25, 2016, Multilateral Instrument 45-108 Crowdfunding (MI 45-108), which we previously reported on, came into force in Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia (the Participating Jurisdictions). MI 45-108 intends to facilitate online capital-raising activities by start-ups and small and medium-sized enterprises through the creation of a new crowdfunding prospectus exemption (the Exemption) and an online funding portal registration framework.
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On the heels of recent amendments by the Canadian Securities Administrators (CSA), the Toronto Stock Exchange (TSX) has issued guidance to issuers on rights offerings.
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Canada’s public venture market has traditionally served as a catalyst of growth for many small-cap and early-stage companies. However, it has experienced a recent decline due to various factors, including a sustained collapse in commodity prices. In December 2015, the TSX Venture Exchange (TSXV) released a white paper outlining a revitalization plan to address weaknesses that have limited the success of the public venture market in Canada. The white paper was followed by a series of town hall meetings across the country.
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The New York Stock Exchange on Thursday recommended reforms to the U.S. equities market which it said could improve stability and prevent a repeat of the wild price swings seen on Aug. 24 during a near-unprecedented bout of volatility.
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Proxy Access: New Sense Of Nuisance - Significant Difference of Opinion from top Investors
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The Securities and Exchange Commission staff is weighing the pros and cons of continuing to require quarterly financial reports, Keith Higgins, director of the agency's Division of Corporation Finance said Jan. 21.
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