CSA Provides Updated Guidance On Virtual Shareholder Meetings

On February 22, 2024, the Canadian Securities Administrators (the "CSA") published new guidance on virtual shareholder meetings, updating its initial guidance published in February 2022.

Background

Virtual shareholder meetings gained widespread popularity during the COVID-19 pandemic. Although restrictions on in-person gatherings no longer necessitate the format, it continues to be popular among many reporting issuers. Certain corporate statutes in Canada have been amended to expressly permit virtual shareholder meetings, as have many issuers' organizing documents, making it a new normal for proxy season and one which we expect is here to stay.

Virtual meetings may be conducted entirely virtually or through a "hybrid" format held in-person and simultaneously allowing participation via electronic means.