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ARTICLE · 19 AUGUST 2013

Every Vote Should Count - But Only Once: CSA Publishes Proxy Voting Consultation Paper

Gowling WLG
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On August 15, 2013, the Canadian Securities Administrators (the "CSA") published CSA Consultation Paper 54-401 – Review of the Proxy Voting Infrastructure (the "Consultation Paper") to facilitate discussion among market participants regarding the integrity and reliability of Canada’s proxy voting infrastructure.

CanadaCorporate/Commercial Law

On August 15, 2013, the Canadian Securities Administrators (the "CSA") published CSA Consultation Paper 54-401 – Review of the Proxy Voting Infrastructure (the "Consultation Paper") to facilitate discussion among market participants regarding the integrity and reliability of Canada's proxy voting infrastructure. The CSA state that it is a priority of the CSA to review the proxy voting infrastructure because the increase in shareholder engagement over the last few years has imposed greater stress on Canada's proxy voting infrastructure.

Proxy voting refers to the regime though which votes of shareholders are solicited, collected, submitted and tabulated for use at a shareholder meeting. Proxy voting infrastructure refers to the network of organizations, systems, legal rules and market practices that support proxy voting. Noting the importance of proxy voting to capital markets in Canada and the challenges faced by public companies and investors with the reliability

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