New TSX Rules For Director Elections & Majority Voting Effective June 30, 2014

Effective June 30, 2014, issuers listed on the Toronto Stock Exchange (TSX) will be subject to new rules for director elections at uncontested meetings, including:

• New Majority Voting Rules. The new rules introduce majority voting rules for director elections at uncontested meetings.
• Mandatory Majority Voting Policy Requirements. The new rules make a mandatory voting policy mandatory and set out prescribed provisions.  

The new rules give security holders more influence in setting board composition. Boards and management of TSX-listed issuers must carefully consider the nominees put forth for election – or risk losing board members in the wake of a security holder meeting.