IR Leader
August 01, 2017
CIRI members identify four top reasons they value their membership. One of the top reasons is staying abreast of regulatory changes through CIRI's advocacy initiatives.

On Friday, July 28, CIRI made a submission to the Canadian Securities Administrators (CSA) on Consultation Paper 51-404: Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers. This Paper addressed several areas of disclosure, including:

2.1 “Extending the application of streamlined rules to smaller reporting issuers”;

2.2. “Reducing the regulatory burdens associated with the prospectus rules and offering process”;

2.3 “Reducing disclosure requirements in annual and interim filings” and “Permitting semi-annual reporting”;

2.4. “Eliminating overlap in regulatory requirements”; and

2.5. “Enhancing electronic delivery of documents”.

Share Ownership Disclosure
We also took the opportunity to reiterate our views on enhancing share ownership disclosure. We believe that good governance practices can be developed through open dialogue between reporting issuers and their shareholders. Such dialogue is essential in order for issuers to hear and understand investor issues and concerns and to address such concerns. However, this two-way communication can only be fully effective if a mechanism exists for issuers to identify their shareholders.

To read the full submission and CIRI's position on each item, click here.

Click here to find out about the benefits of CIRI membership. Join today and save!

| Complete Article |

Top Stories

Is a Higher Valuation Multiple Always Better?

They're great for investment bankers and sellers, but lower valuation multiples are associated with greater shareholder return.

| View Original |

Multilateral CSA Staff Notice 61-302

The Canadian Securities Administrators (CSA) published Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, which reported on the review of material conflict of interest transactions by staff of the applicable CSA members (Staff) and discussed Staff's views on the role of boards of directors and/or special committees, as well as disclosure obligations, in the context of material conflict of interest transactions.

| View Original |

Corporate Governance and Independent Directors' Role in Public Companies With Dual Share Structure

On March 1, 2017, Snap Inc. priced its highly anticipated initial public offering (IPO), marking the largest U.S. tech IPO since Facebook went public in 2012. What made the Snap IPO particularly noteworthy was its dual-class share structure, featuring shares of common stock with no voting rights. The Snap IPO has brought to light the topic of dual-share structured companies and may leave other companies planning to go public wondering whether a dual-class share structure is right for them.

| View Original |

Alberta Securities Commission Weighs In On the Use of Soliciting Dealer Fees in Proxy Contests

Although there has been some public criticism of the use of soliciting dealer fees, particularly in the case of contested director elections, they do not violate securities laws, and, the ASC declined to exercise its public interest jurisdiction to prohibit or reprimand the practice. This decision confirms that a commission will be cautious in wielding its public interest jurisdiction when there has been no breach of securities laws; that it will only act where the transaction is "clearly abusive"; and that it will not be spurred into action based on mere speculation or unsupported inferences, requiring instead, proof of actual or potential harm.

| View Original |

Pursuit of Influence: How Today's Activism Will Change Your Boardroom Dynamic

Shareholders are looking to take an increasingly active role in governance. Whether or not they have a literal seat at the table, they are getting closer to the boardroom than ever before. Boards of directors will have to take notice and change their practices to respond.

| View Original |

Tembec Takeover Could Come Down to 'Empty Voting'

The planned takeover of Quebec-based Tembec Inc. by Florida-based Rayonier Advanced Materials has become highly contentious, in part because of the strong opposition of Oaktree Capital Management, Tembec's largest shareholder.

| View Original |

The Answer to Short-Termism Isn't Asking Investors to Be Patient

Short-term corporate behavior is a major problem in the 21st century firm. Too many companies prioritize quarterly earnings over long-term innovation, human capital investment, and brand development, and many people believe short-term shareholders are to blame.

| View Original |

Where To Go After Head of IR

What are the next steps for IROs once they reach the top of the IR ladder? We hear from General Electric's former Head of IR about how he progressed to various CFO and CEO positions.

| View Original |