Canadian securities regulators publish guidance for proxy advisory firms

MONTREAL, April 30, 2015 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today adopted National Policy 25-201 Guidance for Proxy Advisory Firms (the Policy).

"The Policy recommends best practices that are intended to address the concerns of market participants while recognizing that proxy advisory firms play an important role in the voting process," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "We have taken into consideration the points of view of all stakeholders, including institutional investors and issuers, and we are confident that we have reached a good solution."

The Policy provides guidance on recommended practices and disclosure for proxy advisory firms to promote transparency in the services they provide to clients and to foster an understanding among market participants about proxy advisory activities. 

The guidance addresses the identification, management and mitigation of actual or potential conflicts of interest; the transparency and accuracy of vote recommendations; the development of proxy voting guidelines; and communications matters.

The Policy is available on CSA members' websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, coordinate and harmonize regulation for the Canadian capital markets.

For more information:


Sylvain Théberge 
Autorité des marchés financiers


Alison Trollope

Alberta Securities Commission


Richard Gilhooley

British Columbia Securities Commission


Carolyn Shaw-Rimmington

Ontario Securities Commission


Kevan Hannah                        

Manitoba Securities Commission


Andrew Nicholson

Financial and Consumer Services Commission

New Brunswick


Tanya Wiltshire

Nova Scotia Securities Commission


Janice Callbeck        

PEI Securities Office  

Office of the Attorney General


Don Boyles       

Financial Services Regulation Div.         

Newfoundland and Labrador         


Rhonda Horte 

Office of the Yukon Superintendent of



Louis Arki 

Nunavut Securities Office


Gary MacDougall

Northwest Territories

Securities Office


Shannon McMillan

Financial and Consumer Affairs

Authority of Saskatchewan




SOURCE Autorité des marchés financiers

For further information: Sylvain Théberge, Autorité des marchés financiers, 514-940-2176; Alison Trollope, Alberta Securities Commission, 403-297-2664; Richard Gilhooley, British Columbia Securities Commission, 604-899-6713; Carolyn Shaw-Rimmington, Ontario Securities Commission, 416-593-2361; Kevan Hannah, Manitoba Securities Commission, 204-945-1513; Andrew Nicholson, Financial and Consumer Services Commission, New Brunswick, 506-658-3021; Tanya Wiltshire, Nova Scotia Securities Commission, 902-424-8586; Janice Callbeck, PEI Securities Office, Office of the Attorney General, 902-368-6288; Don Boyles, Financial Services Regulation Div., Newfoundland and Labrador, 709-729-4501; Rhonda Horte, Office of the Yukon Superintendent of securities, 867-667-5466; Louis Arki, Nunavut Securities Office, 867-975-6587; Gary MacDougall, Northwest Territories, Securities Office, 867-873-7490; Shannon McMillan, Financial and Consumer Affairs, Authority of Saskatchewan, 306-798-4160

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