Capital Markets & Securities Regulation

The Canadian Securities Administrators (the CSA) have announced that, after reviewing the comments received on Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms, they have concluded that they should address the concerns raised about services provided by proxy advisory firms.

In June 2012, the CSA published for comment Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms. The purpose of the consultation was to provide a forum for discussion of concerns raised about the services provided by proxy advisory firms and the potential impact on Canadian capital markets and to determine if, and how, these concerns should be addressed by the CSA. For details, please access our June 2012 Blakes Bulletin here. Proxy advisory firms review and analyze matters which will be the subject of a vote at shareholders meetings and make voting recommendations on such matters to their clients, which are usually institutional investors. The Consultation