ISS Publishes 2011 Updates to Corporate Governance Policy

Institutional Shareholder Services Inc. today published the annual updates to its Canadian Corporate Governance Policy. The policy provides proxy voting recommendations, based on corporate governance factors, for securityholder meetings occurring on or after February 1, 2011. Changes to its policy for 2011 include: (i) extending to all TSX companies its recommendation to vote withhold from any insider or affiliated outside director where the board is less than majority independent or the board lacks a separate compensation or nominating committee; (ii) clarifying the circumstances that may lead to an against recommendation with respect to proposals to amend or replace articles/bylaws; and (iii) adding reference to two new unacceptable features in shareholder rights plans that would result in an against vote recommendation.