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ARTICLE · 13 JULY 2010

CSA Propose "Notice and Access" Shareholder Communication Model

Stikeman Elliott LLP
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As we discussed in our post of April 9, the Canadian Securities Administrators (CSA) have recently published much-anticipated proposals to amend National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (NI 54-101), which would give issuers the option to post proxy-related materials on a non-SEDAR website under a "notice-and-access" model.

CanadaFinance and Banking
Stikeman Elliott LLP
Stikeman Elliott LLP
Ramandeep Grewal
Ramandeep Grewal
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As we discussed in our post of April 9, the Canadian Securities Administrators (CSA) have recently published much-anticipated proposals to amend National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (NI 54-101), which would give issuers the option to post proxy-related materials on a non-SEDAR website under a "notice-and-access" model. The proposed amendments aim not only to facilitate communication with shareholders, but also include amendments intended to increase the overall efficiency and equity among key players involved in the securityholder communication process.

Notice-and-access

Specifically, the proposed amendments would allow a reporting issuer to distribute proxy related materials to shareholders in one of three ways: (a) by sending paper copies by prepaid mail, courier or the equivalent; (b) by providing notice-and-access for any meeting that is not a special meeting; or (c) any other delivery method to

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