TORONTO, Nov. 23, 2011 /CNW/ - The Canadian Society of Corporate Secretaries ("CSCS") and the CSCS Shareholder Democracy Summit organizing committee, announced plans for the continuing work to
improve Canadian shareholder democracy processes, namely the whole
proxy-voting system at general annual meetings.
David Masse, CSCS Chairman of the Board and Chair of the CSCS Shareholder Democracy Summit organizing committee said that
"by any measure, the objective of the Summit to gather key participants, representing major stakeholders, to discuss
openly and share information about shareholder democracy was met."
Delegates representing the most important players with a stake in
shareholder democracy met in Toronto for the Summit at the end of
October. Participants included the Toronto Stock Exchange, federal and
provincial regulators, service providers to issuers and institutional
shareholders and key industry organizations including the Canadian Stock Transfer Association, the Canadian Coalition for Good Governance, the Canadian Investor Relations Institute, as well as US and international experts on American, European and
Australian shareholder democracy processes.
Mr. Masse added that the most important outcome of the Summit, that far exceeded the Society's expectations, was the clear willingness and commitment expressed by
all participants to work towards a robust solution.
Lynn Beauregard, CSCS President, set out the organizing committee's 2012
Publishing the materials gathered to date with an expert analysis by the
organizing committee of the lessons learned.
Mapping the work to be done, setting achievable objectives, milestones,
and the conditions for success that will lead the project to improve
shareholder democracy in Canada to fruition.
Organizing an additional session (Summit 1.01) to take place in 2012 to elicit the views and concerns of investment
managers, pension funds, mutual funds complexesand investment dealers.
Setting up stakeholder working committees to map the current voting
processes in sufficient detail, to seek improvements by re-thinking the
processes, and to define more efficient information flows.
Convening symposium of experts and stakeholders focusing narrowly on OBO
- NOBO status to consider the role it currently plays, the challenges
it poses for voting processes, and possible policy alternatives.
Publishing findings, sharing information and seeking comments on the
part of stakeholders as the work progresses.
Lynn Beauregard went on to add that "this work program will be aimed
squarely at the second installment of the Summit. It is too early to speculate on the shape of that series of plenary
sessions, but it is safe to say that the purpose will be focused on
potential alternative solutions that will have emerged from the
Mr. Masse expressed his appreciation to all Summit participants for their important contribution, and noted that the
Society will be counting on them to lend their personal support, and
that of their organizations, to this important work. In that regard he
said that "we are confident that together we will craft a Canadian
approach to shareholder democracy that will elevate corporate
governance for all Canadians, and serve as an example to be emulated
About the Shareholder Democracy Summit
CSCS initiated a national project to improve shareholder democracy
processes in Canada. The inaugural Shareholder Democracy Summit was held in Toronto on October 24 and 25, 2011. Information on the Summit conference and the objective to reform the shareholder democracy
process in Canada is available on the CSCS website at www.cscs.org/summit.
The Canadian Society of Corporate Secretaries is the voice of governance professionals in Canada. We provide our
members with networking opportunities, information resources, annual
and ongoing professional development options, advocacy and strategic
alliances to support their critical role in the governance of their
SOURCE Canadian Society of Corporate Secretaries
For further information:
Canadian Society of Corporate Secretaries
t. (416) 921-5449, ext.. 303