Proxy advisory firm Glass Lewis & Co.
("GL") recently released its proxy
voting policy updates for the 2014 proxy season. The new guidelines
address, among other things, corporate governance, shareholder
rights and defences and executive compensation. This update
summarizes the significant changes to the proxy voting guidelines
affecting Canadian issuers for 2014 shareholder meetings.
Corporate Governance
1.Majority Voting for Controlled Companies
GL will no longer require controlled companies (entities where
voting shares are more than 50% owned by a single individual or
entity) that are S&P/TSX Composite Index members to adopt a
majority voting policy. GL will also not make a WITHHOLD
recommendation regarding directors who are members of the corporate
governance committee of these companies.
