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ARTICLE · 16 FEBRUARY 2014

Capital Markets Bulletin - February 10-14, 2014

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Today the TSX amended its Company Manual to require each director of a TSX listed issuer, other than a listed issuer that is majority controlled (as defined in the amendments), to be elected by a majority of the votes cast.

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Gregory Hogan
Gregory Hogan
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Joyce Lim
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FROM THE REGULATORS

News and Notices

TSX Mandates Majority Voting to Further Enhance Corporate Governance
Today the TSX amended its Company Manual to require each director of a TSX listed issuer, other than a listed issuer that is majority controlled (as defined in the amendments), to be elected by a majority of the votes cast. The requirement would not apply at contested meetings. Issuers will need to adopt a majority voting policy if they do not otherwise satisfy this requirement through another manner acceptable to TSX (statutes, articles, by-laws). The amendments become effective June 30, 2014. Issuers with fiscal years ending on or after June 30, 2014 must comply with the amendments at their first annual meeting following June 30, 2014. The final rules can be found here.

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