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ARTICLE · 19 JULY 2011

Proposed Amendments To Rules On Communications With Shareholders

The Canadian Securities Administrators (CSA) are proposing the adoption of new rules which would allow reporting issuers to choose to provide securityholders with proxy solicitations and materials through the internet (Notice-and-Access).

CanadaFinance and Banking

The Canadian Securities Administrators (CSA) are proposing the adoption of new rules which would allow reporting issuers to choose to provide securityholders with proxy solicitations and materials through the internet (Notice-and-Access). The proposals (Proposed Amendments) were published for consultation on June 17, 2011, and aim to reduce the substantial printing and mailing costs incurred by reporting issuers under the current regime, while using the internet to improve the efficiency of securityholder engagement.

The Notice-and-Access System

The Proposed Amendments contemplate that reporting issuers who opt for Notice-and-Access would be required to post a document explaining Notice-and-Access (Explanatory Notice) on both their websites and on SEDAR, and to issue a news release directing attention to the website address where the Explanatory Notice is posted. These steps would be required no earlier than six months and no later than three months prior to the

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