Exemption For CBCA Reporting Issuers From Uncontested Director Election Proxy Form Requirements

On January 31, 2023, the Canadian Securities Administrators published an exemption for reporting issuers incorporated under the Canada Business Corporations Act (the "CBCA") from the form of proxy requirement for uncontested election of directors. This relief has been implemented through local blanket orders that are substantively harmonized across Canada (the "Blanket Orders").

National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") requires that a form of proxy sent to shareholders of a reporting issuer, in respect of the uncontested election of directors, must provide an option for shareholders to specify that the securities registered in their name must be voted or withheld from voting (the "NI 51-102 Voting Option Requirements").