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ARTICLE · 22 OCTOBER 2012

Changes To Director Elections In Canada

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On October 4, 2012, the Toronto Stock Exchange published notice of approval for certain amendments to its TSX Company Manual.

CanadaCorporate/Commercial Law
Alexandra Iliopoulos
Alexandra Iliopoulos
H. Jane Murdoch
H. Jane Murdoch
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On October 4, 2012, the Toronto Stock Exchange ("TSX") published notice of approval for certain amendments ("Amendments") to its TSX Company Manual. The Amendments, when implemented, will change how future director elections for listed issuers will be conducted.

Background

The Amendments were published for comment on September 9, 2011. In proposing the Amendments, the TSX noted that director election practices in Canada have lagged behind those found in other major jurisdictions. Although in recent years the Canadian Securities Administrators ("the CSA") have assumed jurisdiction over large areas of corporate governance, the TSX continues to play a role in the area and to monitor developments. The TSX also noted that plans to implement similar types of reforms by the CSA, while underway, would not be implemented in the short term.

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