TSX Staff Notice - Director Elections

On July 10, 2013, the Toronto Stock Exchange (TSX) issued a Staff Notice on Director Elections (Notice). The Notice provides guidance on director election requirements (Requirements) found in sections 461.1 to 461.4 of the TSX Company Manual. In particular, the Notice provides guidance on:

• applications from interlisted international issuers applying for a waiver from the Requirements;
• the application of the Requirements to interlisted international issuers applying to list on the TSX;
• director recommendation requirements where an amendment is required to the issuer's articles of incorporation to meet annual election requirements;
• the disclosure requirements for press releases disclosing director election results;