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ARTICLE · 29 JANUARY 2014

The Top 5 Things An Activist Should Know About Canada

Gowling WLG
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Shareholder activism has become mainstream in Canada, as it has in the United States.

CanadaCorporate/Commercial Law
Kathleen Keller-Hobson
Kathleen Keller-Hobson
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Shareholder activism has become mainstream in Canada, as it has in the United States.  Though U.S. funds have not been as active in the Canadian market, in the last two years there have nonetheless been high profile proxy contests initiated by Pershing Square (in obtaining board and management change at CP), by Mason Capital (in attempting to block a share reorganization by TELUS Corporation) and by Jana Partners (in attempting to implement corporate change at Agrium).  Most recently, Icahn Enterprises' acquisition of a 6% interest in Talisman Energy resulted in two of its nominees being added to the board without the need for a proxy contest.

Canadian corporate and securities laws are favourable to activists.  The following discussion highlights five key features of Canadian laws important to an activist in taking a position in a publicly-traded Canadian issuer:

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