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 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

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