Securities In Brief - New Rules For Delivery Of Proxy Materials

On November 29, 2012 the Canadian Securities Administrators (CSA) adopted amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, National Instrument 51-102 Continuous Disclosure Obligations and certain related forms and policies (the Amendments). The Amendments intend to improve shareholder communication by introducing a "notice-and-access" system which will allow issuers to satisfy delivery requirements for shareholder meeting materials by posting such materials online. The Amendments also require reporting issuers to provide enhanced disclosure regarding the beneficial owner voting process and seek to simplify the beneficial owner proxy appointment process. If the necessary ministerial approvals are obtained, the Amendments will take effect February 11, 2013 but reporting issuers will only be permitted to use the notice-and-access process for meetings that are held on or after March 1, 2013.