Canadian Securities Regulators Review Canada's Proxy Voting Infrastructure For Shareholders

TORONTO, Aug. 15, 2013 /CNW/ - To facilitate discussions among market participants regarding the integrity and reliability of Canada's proxy voting infrastructure, the Canadian Securities Administrators (CSA) today published for comment, Consultation Paper 54-401 Review of the Proxy Voting Infrastructure.

The increase in shareholder engagement over the last few years has imposed greater stress on Canada's proxy voting system, which is why reviewing the proxy voting infrastructure for shareholders is a priority for the CSA.  The Consultation Paper identifies a number of areas for discussion that the CSA has determined may impact the accuracy of the infrastructure.  Among other things, the issues are whether the current infrastructure adequately supports accurate and reliable vote counting, and whether a vote confirmation system should be introduced so that shareholders can be confident their votes have been transmitted, received and counted at a shareholder meeting.

"Shareholder voting gives individual shareholders a voice on important corporate issues and the confidence that they have ultimate control over membership on the board of directors," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.  "It is important that the CSA thoroughly examine the proxy voting infrastructure and ensure the quality, integrity and legitimacy of the shareholder voting process in Canada."

Shareholder voting straddles corporate law and securities legislation, making it an integral component of Canada's capital markets.

Public comment on the Consultation Paper will inform the CSA's next steps, which could include the development of an ad-hoc advisory committee to provide the CSA with different stakeholder perspectives, as well as public consultation sessions.

A copy of the Consultation Paper is available on CSA members' websites.  The comment period is open until November 13, 2013.

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

SOURCE: Canadian Securities Administrators

Carolyn Shaw-Rimmington 
Ontario Securities Commission 
416-593-2361 

Sylvain Théberge
Autorité des marchés financiers
514-940-2176   

Ainsley Cunningham 
The Manitoba Securities Commission 
204-945-4733

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586 

Janice Callbeck 
The Office of the Superintendent of Securities, P.E.I.
902-368-6288 

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466 

Donn MacDougall 
Office of the Superintendent of Securities
Government of the Northwest Territories 
867-920-8984

Mark Dickey
Alberta Securities Commission
403-297-4481 

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Wendy Connors-Beckett
Financial and Consumer Services Commission, New Brunswick
506-643-7745

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan 
306-798-4160

Doug Connolly
Service NL
709-729-4189

Louis Arki
Nunavut Securities Office
867-975-6587