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ARTICLE · 01 AUGUST 2006

TSX To Require Securityholder Approval Of All Amendments To Most Security-Based Compensation Arrangements

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The Toronto Stock Exchange (TSX) issued a Staff Notice dated June 6, 2006, which will require securityholder approval for all amendments to security-based compensation plans and arrangements, including even "housekeeping" or immaterial amendments, for all issuers that have "general" (or no) amendment provisions in their plans.

CanadaCorporate/Commercial Law
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This article was originally published in Blakes Bulletin on Securities Law - June 2006

Article by John Tuzyk, ©2006 Blake, Cassels & Graydon LLP

Amendment Approvals

Change to Require Securityholder Approval for all Amendments to Certain Plans

The Toronto Stock Exchange (TSX) issued a Staff Notice dated June 6, 2006, which will require securityholder approval for all amendments to security-based compensation plans and arrangements, including even "housekeeping" or immaterial amendments, for all issuers that have "general" (or no) amendment provisions in their plans. Most TSX-listed issuers, in compliance with prior TSX rules and common practice, have "general amendment" provisions in their plans.

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