TSX Issues Guidance On Annual Director Election Requirement

In our post of May 2, we discussed the Toronto Stock Exchange's December 31, 2012 amendments to the Company Manual to require, among other things, that TSX listed issuers elect all of their directors annually. On July 10, the TSX issued a Staff Notice providing new guidance, and importantly for international listed issuers, setting out a framework for waiver applications.

The TSX will now consider waiver applications from inter-listed international issuers. Applications for waivers must address the following factors in support of the TSX granting the waiver:

• the stock exchange or home market on which the issuer primarily trades as well as its the jurisdiction of incorporation or organization;