One Proxy, One Vote: CSA Provides Update On Review Of Proxy Voting Infrastructure

Fulfillment of the promise of one proxy, one vote remains elusive as the Canadian Securities Administrators ("CSA") continue their review of the integrity and reliability of proxy voting in Canada. In August, 2013, the CSA first outlined its concerns by publishing CSA Consultation Paper 54-401 Review of the Proxy Voting Infrastructure which addressed the integrity and reliability of proxy voting in Canada. The CSA recently provided an update on this initiative in the form of CSA Staff Notice 54-303 Progress Report on Review of the Proxy Voting Infrastructure (the "Notice") that summarized the comments it received, the results from a review of shareholder meetings, insights from a working group and the outcomes of targeted consultations with industry representatives. The Notice concluded with a list of proposed reforms as well suggested improvements for the 2015 proxy season.