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ARTICLE · 29 AUGUST 2013

CSA Conducts Review Of Proxy Voting Infrastructure

McMillan LLP
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The Canadian Securities Administrators (CSA) have issued CSA Consultation Paper 54-401 (the Consultation Paper) to seek input from stakeholders on Canadian proxy voting infrastructure.

CanadaCorporate/Commercial Law

The Canadian Securities Administrators (CSA) have issued CSA Consultation Paper 54-401 (the Consultation Paper) to seek input from stakeholders on Canadian proxy voting infrastructure. In particular, the CSA has identified two issues for further examination:

(1) whether accurate vote reconciliation is occurring within the proxy voting infrastructure, and

(2) determining the type of end-to-end vote confirmation system that should be added to the proxy voting infrastructure.

The Consultation Paper provides a comprehensive overview of the network of organizations, systems, legal rules and market practices that support the solicitation, collection, submission and tabulation of proxy votes for shareholder meetings which comprise the current Canadian proxy voting infrastructure. The Consultation Paper also describes a number of concerns that have been identified with the current system and notes that issuers and investors have expressed a lack of confidence in the

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