Notice-And-Access Comes To Canada For 2013 Proxy Season

Highlights

• Notice-and-access system for providing proxy materials to beneficial owners approved for meetings held after February 2013
• Record date if using notice-and-access must be at least 40 days before meeting date
• Notice-and-access system may also be used for sending annual financials and MD&A

The Canadian Securities Administrators (CSA) have approved the final changes to rules permitting the use of "notice-and-access" for proxy solicitation. The changes will become effective on February 11, 2013, for meetings held on or after March 1, 2013.

Amendments to National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer (NI 54-101), and related rules were initially published in April 2010, as described in our Blakes Bulletin: Amendments Proposed to Improve Proxy Solicitation for Beneficial Owners. Further amendments were proposed in June 2011, as described in our Blakes Bulletin: Further Changes Proposed