Getting A Seat At The Table: Proxy Access Is Coming To Canada

The topic of proxy access, or the ability of shareholders to nominate directors to the board, has again come to the fore of the Canadian corporate governance debate. The Canadian Coalition for Good Governance (CCGG), an organization whose members include pension funds, mutual funds and other money managers, recently proposed amendments to the Canada Business Corporations Act (CBCA) to strengthen the ability of shareholders to nominate directors of federally incorporated Canadian companies. This proposal comes on the heels of increased U.S. proxy access activity arising from the New York City Comptroller's Boardroom Accountability Project, a campaign to give shareholders more say in how U.S. corporate boards are elected.