CSA CONSULTATION PAPER 54-501 – REVIEW OF THE PROXY VOTING INFRASTRUCTURE
On August 15, 2103 the CSA released a consultation paper to facilitate discussions among market participants regarding the integrity and reliability of Canada’s proxy voting infrastructure. Comment period is open until November 13, 2013.
Proposed Amendments to National Instrument 54-101, National Instrument 51-102 and their related Companion Policies
The CSA published revised versions of proposals intended to improve the process by which reporting issuers send proxy-related materials to and solicit voting instructions from registered holders and beneficial owners of their securities (the Shareholder Voting Communication Process). The comment period closed August 15, 2011.
The Ontario Securities Commission's 2010-2011 Statement of Priorities included a commitment to review protections for shareholders' rights and corporate governance. In addition, the Standing Committee on Government Agencies (SCOGA) March 2010 report on the Ontario Securities Commission (the OSC) recommended that the province of Ontario institute a formal review of democracy in corporate governance in Ontario.
National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer
On April 9, 2010, The Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, the related companion policy, and related instruments. The proposed amendments aim to improve procedures for issuer communications with investors who hold securities through intermediaries such as dealers, trust companies or banks.