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ARTICLE · 10 JANUARY 2017

Shareholder Activism Gets Ugly

Borden Ladner Gervais LLP
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Compared to the record setting year of 2015, shareholder activism in Canada in 2016 returned back to historic levels, with the mining and energy sectors being most frequently targeted by activists.

CanadaCorporate/Commercial Law
Fred Pletcher
Fred Pletcher
Pascal De Guise
Pascal De Guise
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Compared to the record setting year of 2015, shareholder activism in Canada in 2016 returned back to historic levels, with the mining and energy sectors being most frequently targeted by activists. Interestingly, Canadian issuers generally prevailed in proxy contests against shareholder activists in 2016. This contrasts with the general success that activists experienced in prior years in Canada and continue to experience in the United States. Overall, these results suggest that corporate Canada has become more prepared in responding to activists, particularly through the adoption of advance notice bylaws and policies.

So, should Canadian boards and management rest easy when it comes to shareholder activism in 2017? Probably not.

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