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ARTICLE · 14 JUNE 2010

Canadian Securities Regulators Propose Permitting Website Posting of Annual Proxy Materials

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Canada’s securities regulators are proposing changes to National Instrument 54-101, Communication with Beneficial Owners of Securities of a Reporting Issuer.

CanadaCorporate/Commercial Law

Canada's securities regulators are proposing changes to National Instrument 54-101, Communication with Beneficial Owners of Securities of a Reporting Issuer. The most significant proposal is to permit reporting issuers to make their annual proxy materials available by posting them on a website instead of mailing hard copies to securityholders. This proposal, known as "notice-and-access," is summarized below along with the other proposed changes to NI 54-101. The comment period is open until August 31, 2010.

Website Posting of Proxy-Related Materials (Notice-and-Access)

The notice-and-access proposal would permit, but not require, reporting issuers to make their annual proxy-related materials available to securityholders by posting them on a website (either the issuer's or a service provider's) in addition to filing them on SEDAR. To take advantage of notice-and-access, an issuer would have to publish a news release and send a notice to beneficial owners at least

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