TSX Adopts Mandatory Majority Voting For Director Elections

In 2012 the Toronto Stock Exchange adopted rules which required listed issuers to disclose annually whether they had adopted a majority voting policy for the election of directors. At the time, the TSX had published for comment proposed rules which would mandate the adoption of a majority voting policy by each TSX listed issuer. The TSX has now approved final rules which make majority voting mandatory. These rules will come into effect for fiscal years ending on or after June 30, 2014.

In its notice, the TSX commented that it "proposed the Amendments to improve corporate governance standards in Canada by providing a meaningful way for security holders to hold individual directors accountable. TSX believes these Amendments enhance transparency and improve the governance dialogue between issuers, security holders and other stakeholders".