On April 30, 2015, the Canadian Securities Administrators (CSA) adopted National Policy 25-201 Guidance for Proxy Advisory Firms (the Policy). The Policy provides non-prescriptive and non-exhaustive guidance on recommended practices and disclosure for proxy advisory firms. The guidance is intended to promote transparency in the processes leading to vote recommendations and the development of proxy voting guidelines, and to foster understanding among market participants about the activities of proxy advisory firms.
The guidance is a response by the CSA to certain concerns about the services of proxy advisory firms and their potential impact on Canadian capital markets. … Continue Reading