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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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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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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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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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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Demand for meetings unchanged as investors praise videoconferencing.
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"The bump comes early and then after that the market value is lower," a researcher says of targeted companies.
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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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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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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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