On March 7, 2016, the Institute of Corporate Directors (ICD), a not-for-profit director association consisting of more than 10,000 members across Canada, published guidance to help boards of Canadian public companies develop a shareholder engagement approach to corporate governance.
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The Canadian Securities Administrators (CSA) have adopted amendments to Canada's take-over bid regime which will take effect on May 9, 2016. These fundamental changes will provide boards of directors of target companies with more time and more leverage to respond to unsolicited bids, establish a majority acceptance standard for bids and impose a mandatory extension period to relieve concerns that target shareholders may be coerced into tendering to a bid out of a concern of being left holding securities in a closely held company with significantly less liquidity.
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The Canadian Securities Administrators (CSA) have adopted amendments to the early warning requirements in National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and associated changes to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and National Policy 62-203 Take-Over Bids and Issuer Bids (collectively, the "Early Warning Amendments"). The Early Warning Amendments are expected to come into force at the same time as the changes to the take-over bid regime on May 9, 2016.
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The past year was a roller coaster of a year for Canadian capital markets, beginning much how it ended – with a devalued Canadian dollar, lower interest rates in Canada and a shift in regional growth from the west to central Canada. Against the background of these market realities, the focus of the Canadian securities regulators for 2015 was to modernize regulation in an effort to improve the efficiency and integrity of Canadian capital markets.
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The Institute of Corporate Directors (ICD), Canada’s national association for boards and directors, today released guidance on director-shareholder engagement. The ICD endorses engagement in a way that complements management-led investor relations as an important means of fostering understanding that can help boards better oversee strong, innovative and growing companies.
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On February 18, 2016, the Ontario Securities Commission (OSC) staff released a report detailing their findings of a significant level of material reporting deficiencies in insider reports. OSC Staff Notice 51-726 discusses the results of staff's review and includes recommended practices for issuers.
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An interview with John Ramsay, chief market policy officer, IEX Group
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A great divide exists in the voting power of shareholders in the United States.
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