On September 19, 2013, the Canadian Securities Administrators
(CSA) provided an update on the potential regulation of proxy
advisory firms. Based on feedback from market participants, the CSA
advised that they will develop a policy-based approach to the
regulation of proxy advisory firms. The proposed regulatory
approach is intended to promote transparency and understanding in
proxy advisory services through recommended practices and
disclosure. The proposed approach is expected to be published for
comment in the first quarter of 2014.
The CSA published, and sought feedback on, Consultation Paper
25-401 Potential Regulation of Proxy Advisory Firms in
June, 2012. The purpose of the consultation was to: (i) provide a
forum for discussion of certain concerns about the services
provided by proxy advisory firms and their impact on Canadian
capital markets, and (ii) to determine if, and how, these concerns
should be addressed by the CSA. Refer to our June 25, 2012
