The Ontario Securities Commission
(OSC) yesterday announced the publication of its 2012 Annual Report. The report
reviews the OSC's activities in 2011-12, including with respect
to policy initiatives and enforcement.
Our readers will recall that,
as we discussed in January of 2011, the OSC
published a staff notice earlier this year advising of its review
of shareholder democracy issues, including director elections,
say-on-pay and the effectiveness of the process voting system. This
was followed by the
TSX's publication of proposed amendments its
rules to, among other things, require issuers listed
on the TSX to elect directors individually, hold annual elections
for all directors, disclose annually whether they have adopted a
majority voting policy and if not, explain why not, and advise the
TSX if a director receives a majority of "withhold"
votes.
