IR Leader
March 31, 2020

CIRI Continues to Deliver Value to the IR Community

Despite the restrictions imposed by the COVID-19 pandemic, CIRI continues to deliver value to the IR community.

During these unprecedented times, CIRI is adapting to anticipate and meet your needs. Join us today for a free-to-member webinar: Virtualizing Your AGM Amid COVID-19.

In light of COVID-19 and with social distancing measures in effect, issuers may be considering making their Annual General Meeting (AGM) virtual. Join us for this webinar to understand the options available to you, any obstacles that would need to be addressed and potential solutions. Force majeure clauses and the recently released CSA guidance on making changes to AGMs will also be discussed.

Click here to register for today's webinar.

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The Value of CIRI Membership - Advocacy

CIRI members identify four top reasons why they value their membership. One of the top reasons is staying abreast of regulatory changes through CIRI's advocacy initiatives.

On January 9, the Canadian Securities Administrators (CSA) published CSA Consultation Paper 51-405 - Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers. This proposal relates to enhancing electronic delivery of disclosure documents by issuers to stakeholders through an access equals delivery model, which may replace Notice and Access. Today, CIRI made a submission to the CSA supporting the proposed amendments to move to an access equals delivery model in an effort to further reduce the regulatory burden on issuers.

To view the complete submission, click here.
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Top Stories

Governance Considerations for Boards of Directors during the COVID-19 Crisis

We are now weeks into the unfolding COVID-19 crisis and all indications are that it will persist for many more weeks. Companies have activated their business continuity plans and organized themselves to cope with the restrictions issued by governments and public health authorities. Depending on the organization, this will mean everything from shutting down operations to continuing operations with some or all employees working remotely. Does this crisis require the board to approach its role differently?

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COVID-19: Toronto Stock Exchange and TSX Venture Exchange Extend Deadlines and Provide Relief

On March 23, 2020, the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSX-V) granted relief from stock exchange rules that might have proven difficult for listed issuers to comply with in light of COVID-19.

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Canadian Securities Regulators to Provide Blanket Relief for Market Participants Due to COVID-19

In light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020.

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Canada 2020: Tackling Compensation Matters This Proxy Season

In the third of their series on this proxy season's issues facing Canadian public companies, Lisa Culbert and Ramandeep Grewal look at trends and best practices in compensation matters.

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Canadian Securities Regulators Provide Guidance on Conducting Annual General Meetings during COVID-19 Outbreak

With increasing COVID-19 concerns in Canada and proxy season underway, the Canadian Securities Administrators (CSA) are aware that many reporting issuers are considering changes or alternatives to their in-person Annual General Meetings (AGMs). To help address any questions or concerns regarding changes or alternatives to upcoming AGMs, the CSA is providing the following guidance to assist reporting issuers while ensuring they still fulfill their obligations under securities legislation.

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Buy-side Corporate Access Leaders Praise IR Flexibility Amid COVID-19 Disruption

Demand for meetings unchanged as investors praise videoconferencing.

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Activist Hedge Funds Hurt Businesses in the Long Run

"The bump comes early and then after that the market value is lower," a researcher says of targeted companies.

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Will the Coronavirus Spark a New Era of Virtual Shareholder Meetings in Canada?

Concerns over the coronavirus have prompted issuers to examine whether to hold their upcoming shareholder meetings through electronic means, a format that has seen remarkably slow adoption in Canada. While more common in the US, Canadian issuers have lagged behind, with only four virtual meetings held since the first one in 2017. In contrast, Broadridge hosted 326 virtual meetings in the US in 2019.

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ESG Disclosure Requirements and Implications for Canadian Reporting Issuers

On January 14, 2020, BlackRock CEO Larry Fink announced in his annual letter to CEOs of the world's largest companies that BlackRock would make environmental sustainability a key aspect of its investment decision-making process going forward. It also stated BlackRock will be "increasingly disposed" to vote against management and board directors that provide insufficient sustainability-related disclosure. This announcement represents a validation of the surging investor-led movement requiring issuers to provide enhanced disclosure regarding their environmental, social and governance (ESG) practices.

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COVID-19: Public Company Operations, Governance and Disclosure Considerations

Whether the COVID-19 (Coronavirus) outbreak presents a material risk to your business operations or not, there are steps all public companies should be considering given the developments relating to this global outbreak.

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