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ARTICLE · 13 MAY 2015

Issuers' Comments On Proxy Advisory Firm Regulation Fall On Deaf Ears

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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In its Notice of Publication of the Policy (Notice), the CSA acknowledged that proxy advisory firms have already implemented most of the recommendations contained in the Policy.

CanadaCorporate/Commercial Law
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On April 30, 2015, the Canadian Securities Administrators (CSA) adopted National Policy 25-201 Guidance for Proxy Advisory Firms (Policy), effective on that date. A draft Policy was published for comment in April 2014. For further details, please access our May 2014 Blakes Bulletin: CSA's Light Touch Proxy Advisory Firm Proposal May Disappoint Issuers.

During the comment period, the CSA received 58 comment letters on the Policy from various market participants, including individuals, investors, law firms, companies and proxy advisory firms such as Institutional Shareholders Services Inc. (often referred to as ISS) and Glass, Lewis & Co. For market participants' comments on the draft Policy, please access our July 2014 Blakes Bulletin: Horns Locked Between Investors and Issuers Over Proxy Advisory Firm Regulation.

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