ENHANCED QUORUMS : A Tool To Consider For Mining Corporations Operating In The Plan Nord Territory

In September 2012, we reported that the Supreme Court of British Columbia had rendered a judgment (the Mundoro affair) confirming that a corporate policy imposing an advance nomination process for a shareholders' meeting was reasonable and did not infringe the shareholders' rights relating to the election of the corporation's directors ("Advance Notice Policy"). We concluded at the time that Advance Notice Policies are a tool that can prevent nominations in cases where they might be enforced by ambush or by proxy contest. Nine months later, we notice that Advance Notice Policies have been adopted by numerous Canadian public corporations and that proxy advisory firms such as Institutional Shareholder Services Inc. have widely supported their implementation.