Shareholder activism is often associated with campaigns involving large, high-profile issuers. Yet as the Financial Times reports in a recent article, referencing global data from Activist Insight, there has been a slight upswing this year in activism against relatively small
Board diversity: the latest metrics and government measures
The diversity of boards has become a target of greater scrutiny. This scrutiny has come not only from activist investors seeking higher returns and better governance, but from governments and various interest groups outside the corporation. It has homed in
Majority voting and board diversity trends
As recently highlighted in the Harvard Law School Forum on Corporate Governance and Financial Regulation, a report (the Report) by Institutional Shareholder Services (ISS) found that majority voting practices and annual board elections, along with increases in
Updates to ISS proxy voting guidelines
Institutional Shareholder Services (ISS) is one of the leading proxy advisory firms that makes voting recommendations on public companies’ proxy resolutions. In Canada, ISS’ recommendations on transactions and governance issues can have a significant impact on many shareholders’
Key takeaways from the 2016 proxy season in the US
The EY Centre for Board Matters (EYC) recently published its annual report setting out key takeaways from 2016’s proxy season in the United States. Canadian issuers should take note of the developments in the US as trends south
Litigation Flashpoints
Proxy contests spill over into court for many reasons, but there are certain flashpoints of which both activists and issuers should be mindful. For activists, these are pitfalls to avoid, while for issuers they may represent opportunities to push back
Should companies expect an increase in short-selling activism in Canada?
Success breeds imitation. The persistence of that cliché is good evidence of its accuracy. Its implications, however, may be a warning call with respect to shareholder activism in Canada.
The woes of Valeant Pharmaceuticals International Inc. (“Valeant”) and its share
Policy activists get tough on climate change
As we previously predicted in a 2014 article, The Rise of Policy Activists?, policy activism in Canada is gaining speed. In this year’s upcoming proxy season, a hot topic for policy activists is the potential transition to a global
Making Your Vote Count: New Developments on Proxy Voting in Canada
The majority of shareholders in Canada hold their shares through a broker or other intermediary which in turn holds their shares with the Canadian Depository for Securities Limited (CDS). Most voting at shareholder meetings therefore occurs within a layered, complex
The State of Proxy Access Reforms
With the rise of shareholder activism led by what some refer to as “constructivists”, “reluctavists” or “suggestivists” (and, yet others, those who commit “extortion”), shareholders have become increasingly distrustful of leaving matters of corporate